Cylindrical CIGS thin-film manufacturer Solyndra has announced that it has suspended its manufacturing operations, immediately laid off its 1100 full-time and temporary employees, and intends to file for Chapter 11 bankruptcy. The Fremont, CA-based company cited "the negative impacts of global economic and solar industry market conditions" as the reason for the actions. The firm also said it is evaluating its options, which could include "a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise."
Hanwha Group has signed an exclusive partnership with Hamburger SV. Under the terms of the two-year exclusive partnership, Hanwha will carry out a wide range of advertising campaigns in Hamburg’s Imtech Arena and was also granted naming rights for the club’s pre-season tournament, the Hanwha Solar Cup.
Applied Materials (AMAT) posted a solid financial outcome upon the release of its third quarter 2011 results. Although the company noted that its overall Q3 orders and net sales were down 25% and 3%, respectively, compared to Q2 2011, AMAT still completed the quarter with US$2.39 billion in generated orders and saw its net sales reach the upper end of its previous guidance at US$2.79 billion. Non-GAAP operating income was US$683 million, with a non-GAAP net income of US$467 million, or US$0.35 per share.
Five of First Solar’s senior executives, using personal funds, purchased a combined total of 5,500 shares of the company stock during one of four annual open trading windows for the company’s directors and Section 16 officers. The purchases have been reported to the Securities and Exchange Commission in Form 4 filings where appropriate.
Trina Solar has posted results of its second-quarter performance, showing a healthy increase in both module shipments and year-on-year net revenue. Logging a gross profit of US$98.3 million for the quarter, which represents a decrease of 35.0% sequentially and 17.3% for the same period last year, the company cited policy changes in Italy and resulting high industry inventory as having had an effect on the company’s sales.
Bolton Wanderers have become the latest European football club to join the solar revolution by signing a one-year partnership with Hanwha Group. The agreement will grant Hanwha billboard and video advertising space during home games at Bolton’s Reebok Stadium.
Moving in the opposite direction to many of its competitors, Yingli Green Energy reported record revenue and shipments in the second quarter of 2011. Yingli posted record revenue of US$680.6 million, up 27.4% compared to the prior quarter. PV module shipment increased by 36.6% from the first quarter, reaching an historical high of approximately 410MW, helped by increased demand in the US and China and gaining 46 new customers, who contributed approximately 90MW of PV module shipments in the quarter.
In a single stroke, LDK Solar has wiped US$1 billion in expected revenue from its 2011 guidance on the back of significant price declines for bare wafers and solar modules. In the second quarter, LDK is planning US$55 to US$60 million of inventory write-downs, the largest so far of any PV manufacturer. Instead of expected 2011 revenue in the range of US$3.5-US$3.7 billion, the company expects full-year revenue to reach US$2.5-US$2.7 billion.
STR Holdings publicized the definitive purchase agreement it had signed with Underwriters Laboratories (UL), where UL will buy STR’s quality assurance (QA) business for US$275 million in cash, plus cash assumed. The acquisition is expected to be finalized no later than September 30 once all traditional closing conditions have been met.
