LDK Solar released its unaudited financial results for its first quarter, which ended March 31. While the company did see its gross margin increase both year-over-year and sequentially, revenue and sales were lower in comparison to its fourth quarter 2010 results. Q1 2011 revenue reached US$766.3 million, a 16.8% sequential drop from Q4 2010’s US$920.9 million. However, in a year-to-year comparison, sales grew 120.5% from US$347.6 million in Q1 2010.
Belectric and Smart Energy Capital said that they have created a joint venture to develop and finance utility-grade photovoltaic power plants. The partnership will focus on multimegawatt sites in the United States, and will develop projects on a greenfield basis as well as through acquisitions from qualified developers.
PvXchange has named Michael Mueller as CEO and Olaf Emmerich as CMO after the recent investment round from WHEB Partners. Mueller will oversee the company’s new international unit, pvXchange, in Zug, Switzerland. The company intends to continue recruiting and expanding its international reach while further developing its trading technology.
GT Solar International has appointed John Granara as its new vice of president finance, chief accounting officer and corporate controller. Granara succeeds Richard Johnson, who resigned last week to pursue other interests, and will start the role immediately.
SolarBridge Technologies has appointed Bill Mulligan as its newest board member and Bill Paape as its CFO. Over fifty years of professional experience lies between the two men and the company looks forward to SolarBridge growing under their leadership.
A dramatic u-turn by German Chancellor Angela Merkel has been officially proclaimed with the announcement that all nuclear plants in the country will be shut down permanently by 2021. Initially, eight of Germany’s oldest nuclear plants will shut down immediately and the remaining plants will be phased out over the next 10 years. However, three plants could remain operational until 2022 to allow for the possibility of delays occurring in the addition of new energy sources - mainly renewables - as a replacement.
The nascent solar arm of electronics giant, Samsung has been shuffled into subsidiary, Samsung SDI, known originally for flat panel display manufacturing but more recently for lithium ion battery manufacturing. Samsung said that the transaction, valued at approximately US$148 million was to ‘manage the company’s resources more efficiently and focus more on its key businesses.’Samsung SDI will take over the solar cell business on July 1, 2011.
Morgan Solar has closed the first installment of its Series B funding round with US$16.5 million. The funding will enable the company to increase its manufacturing and deployment for its Sun Simba concentrated PV module. Existing investors Inversiones Financieras Perseo, of the Iberdrola Group, and Nypro were joined by new investor, The Frost Group. Morgan Solar is in talks with strategic investors to close the remainder of the funding round.
Updated: There were no obvious surprises in Suntech’s first-quarter financial results. Total net revenues were US$877.0 million, a decline of 7.2%, while shipments were only down 3.1% sequentially, but increased 62.9% year-over-year. In line with other major PV module manufacturers, Suntech noted the weak demand scenario in Italy due to the FiT review and overall challenging environment and pricing pressure. Suntech reiterated that it expected to ship 2.2GW of modules in 2011, but due to pricing pressure, the top end of its revenue guidance was reduced by US$100 million to a range of US$3.3 billion to US$3.5 billion.
First quarter revenue and shipments at Hanwha SolarOne increased sequentially, adding to a growing theme that low-cost PV manufacturers can still find customers, despite weak demand. Total net revenues were US$335.2 million, an increase of 3.9% from 4Q10 and an increase of 48.7% from 1Q10. PV module shipments, including module processing services, reached 248.5 MW, an increase of 13.6% from 218.8 MW in 4Q10 and an increase of 65.0% from 1Q10. However, ASP declines and slightly higher material costs resulted in gross margins falling to 16.3% down from 20.3% in 4Q10.
