Despite current weakness in solar related equipment spending, due to weak demand for PV modules in the first half of the year and a longer than expected inventory build, GT Solar posted first quarter financial year revenue of US$231.1 million, compared to US$271.6 million last quarter and up 71% from the US$135.2 million of revenue in the first quarter of fiscal 2011. Record order backlog stood at US$2.3 billion.
Independent power developer K Road Power Holdings and Barclays Natural Resource Investments have established a partnership aimed at the development, construction, and operations of K Road’s utility-scale solar power portfolio. The developer has 11 solar projects totaling nearly 2.3GW in various stages of development in the southwestern US.
Having cited weaker-than-expected financial results for the first quarter of 2011, due in part to the halt in PV installations in the key Italian market, Trina Solar has revised its second-quarter guidance, which points to the demand issues in Italy for the company's lower sales expectations.
Meyer Burger Technology has received antitrust clearance from the Ministry of Commerce of the People’s Republic of China, concerning the acquisition of equipment supplier, Roth & Rau. The settlement of the tender offer and the payment of the offer price are expected to take place on 9 August 2011.
The ongoing wafer supply deal dispute between China Sunergy and REC Wafer entered a new phase with a Norwegian court ruling in favour of China Sunergy. REC Wafer is said to appeal the decision made by the Norwegian Court of Appeal.
German football club Bayer 04 Leverkusen has signed a three-year sponsorship contract with solar giants JinkoSolar. The deal provides Jinko with advertising space at the club’s BayArena and also grants it exclusive rights to install solar panels on the stadium itself.
Despite the first-half slump in PV installations and significant inventory build across the PV supply chain, leading polysilicon producer Hemlock Semiconductor would seem to be riding its 50th year in business in style, as Dow Corning management noted that the polysilicon JV arm had remained ‘sold-out’ in the first half of the year and the situation would remain the same for sometime.
Granted, we are dealing with little acorns, but Westinghouse Solar reported revenue for the second quarter of 2011, up 38% q-on-q and expects revenue to accelerate further from the third quarter onwards as its recently announced new modules gain traction in the market.
Plextronics has scored US$15 million during its financing round from Solvay, its largest minority shareholder, which will go towards stepping up the company’s technology development and delivery of its products to customers located worldwide. Plextronics is focused on developing polymer-based materials and technologies for key applications of printed electronics such as organic light emitting diodes (OLED) and organic PV cells (OPV).
eIQ Energy has appointed Jerry Cutini as its new president and chief executive officer. Former board member Cutini will be charged with leading the company into a new stage of growth and preparing it for MW-scale deployment.
