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.
Thermal processing equipment specialist Despatch Industries has been acquired by Illinois Tool Works for an undisclosed amount. ITW does not have any direct previous involvement in the PV industry. Despatch had posted record revenue in 2010 of US$200 million and is expected to produce revenue above US$200 million this year. ITW's revenues exceeded US$15 billion in 2010.
Bucking the trend for downward revised shipment guidance for the second quarter, Canadian Solar said that it expects module shipments of approximately 295MW, higher than previous guidance of between 245MW-255MW. The company said that increased demand had led to the revision but would also mean gross margin guidance would be at the lower end of its prior guidance range of 13%-15%. Greater reliance on outside purchased solar cells to meet orders was said to be the reason for the lower expected margins.
Citing the “deterioration in the overall industry climate as well as delays in the recognition of sales and earnings for projects currently under way,” Roth & Rau has cut expectations for the second half of 2011 and withdrawn its forecast guidance for the year. “Given the reduction in demand for solar modules,” the company stated, “some customers have reviewed their investment projects intended to expand their production capacities and postponed the agreed delivery dates.”
Imperial Valley Solar Company 1, a subsidiary of SunPeak Solar, received a US$77.4 million loan agreement from the North American Development Bank (NADB), which will go towards the construction of a 23MW solar power plant in Niland, California. Fixed-tilt polycrystalline silicon PV modules will be installed over a 123 acres located in the Imperial Irrigation District (IID). The Border Environment Cooperation Commission (BECC) certified the solar project on June 6.
Sandvika, Norway-based REC ASA has published its second-quarter financials for 2011, which show revenues of NOK 3,391 million, down 17% on the previous quarter. Significant weakening of the solar market led to a slowdown in demand for the company’s products, while polysilicon production operations are also under pressure from Chinese competitors.
EDF Energies Nouvelles unit enXco has bolstered its solar business unit with the addtion of Kristina Peterson as VP, Damien Buie as director of solar innovation, and David Carroll as manager of solar engineering and construction. A former CEO of Mayflower Partners, Peterson joins the firm from Suntech America, where she served as VP of business development and project finance and was a key part of the team building the company's operations in the US over the past few years.
On the heels of awarding a $16 million loan to Azure Power for a solar photovoltaic project in India, the Export-Import Bank of the United States said it is providing a $9.2 million long-term loan to support exports of Colorado-based Abound Solar's CdTe thin-film PV modules to Punj Lloyd Solar Power for a 5MW power plant in Rahjasthan.
The cofounder and former CEO of First Solar has launched a $300 million venture capital firm. Michael Ahearn's True North Venture Partners will invest primarily in early-stage companies in the energy, water, agriculture, and waste sectors, in amounts ranging from $100,000 to $25 million.
