Energy Conversion Devices (ECD) is looking to put its third fiscal quarter of 2011 and its rather dreary financial results behind it. The company has decided upon a strategic corporate restructuring process that it hopes will lead it to better future financial results. The company saw its consolidated revenue slide 69% from Q2 2011 and 70% from its Q3 2010 results by only posting US$21.5 million in Q3 2011, pinpointing “industry-wide disruptions” in key European solar markets as the leading factor in its final Q3 revenue.
JA Solar Holdings’ financial results for its first quarter 2011 have revealed a profitable quarter that even surpassed some Wall Street analysts’ expectations. The company posted total revenue for the quarter of US$556.4 million, which, although shows a 5.5% sequential decrease from 2010’s fourth quarter results of US$588.9 million, still comes in 91.2% higher in a year-over-year comparison with 2010’s first quarter US$290.9 million result.
Trina Solar has revised its Q1 guidance figure ahead of the release of its Q1 financial results. The most significant of the changes was a downward adjustment in module shipments from around 351MW to between 320 and 322MW, which came in response to the fall in module demand caused by the uncertainty surrounding Italy’s feed-in tariff.
PV module shipments have declined for the first time in two years, according to the latest figures released by IMS Research. The quarter-to-quarter shipment figure fell by nearly 10%, a drop attributed to the uncertainty surrounding the announcement of Italy's new feed-in tariff.
QSolar has shipped 56 of its 230W Spraytek79 panels to Morocco to help complete the final testing phase of the country’s three latest solar projects. Testing of the systems, which have capacities of 30MW, 6MW and 1MW and a total value of US$51.21 million, is being carried out by the Moroccan branch of Allied Solwin, Solwin Maroc Sarl.
Innotech Solar has signed a US$8.18 million (NOK 45 million) deal to provide 4.3MWp of its PV modules and engineering services to an undisclosed Spanish customer. The PV modules will be part of a roof mounted solar project near Grenada, Spain and use over 20,000 of Innotech’s PV modules. Delivery is scheduled to begin this month and conclude in September. The Spanish PV plant has an estimated 6GWh of electricity output per year.
The Cincinnati Zoo & Botanical Garden is home to a new 1.56MW parking lot canopy solar system, which uses 6,400 solar panels from SolarWorld. The fifteen solar arrays cover 800 of the 1,000 parking spaces in the zoo’s primary parking lot and are expected to deliver 20% of the zoo’s power needs. The four-acre solar installation was developed, engineered and installed by Melink.
Daqo New Energy’s first quarter 2011 financials show the company increasing their revenues, income and polysilicon shipments over 2010’s fourth quarter results, but the company still holds a conservative outlook for its second quarter 2011. Revenues for Q1 amounted to US$87.3 million, a 6.6% increase over Q4 2010. The company acknowledges that its revenue growth can be credited to an escalation in its polysilicon sales, which amounted to 1,089MT during Q1.
SolarBridge Technologies’ plans to increase the production capacity to over 70MW for its Pantheon microinverter have reached a promising new level with the beginning of the microinverter’s volume production at Celestica’s facility in Dongguan, China. SolarBridge further reveled that it has opened an office in Shenzen, China to support manufacturing and operations with a staff that specializes in manufacturing, test engineering and logistics.
The Solar Trust of America has formed a joint venture with SolarHybrid as it looks to establish itself in the solar industry. The new company, SolarHybrid of America, has already signed a letter of intent to establish a range of utility-scale projects in North America. This portfolio will include stand-alone systems, as well as projects incorporating concentrated solar power (CSP).
