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.
Having noted a 45% price decline for bare wafers from May to June this year, PV Crystalox Solar said it was currently operating below breakeven level and expects further pricing pressure in the second-half of the year could lead to incurring an operating loss in the second half. Despite challenging business environment, the wafer producer posted a 23% increase in wafer shipments in the first-half of the year to 204MW, compared to the same period (165MW) a year ago. PV Crystalox posted revenue of €129.6million, up 16% compared the prior year period. EBIT was up by 161% to €24.3 million. Wafer production capacity also increased, reaching a nameplate capacity of 535MW. The company is expanding capacity to 750MW by early 2012.
Envision Solar International advised of key changes to its executive management staff including its founder, Bob Noble, taking on the role of executive chairman while Desmond Wheatly, current president and Envision COO, will succeed Noble as CEO. Chris Caulson has additionally been named Envision Solar’s CFO with all changes effective August 10. Both Wheatley and Caulson have worked together for over ten years in publically traded and privately held international and domestic companies.
Andreas Kriegler has been appointed the new Head of Business Unit Photovoltaics at Robert Bürkle. Kriegler will be responsible for development, project planning and sales of photovoltaic laminators for the entire company. He previously worked at automation experts, teamtechnik for 12 years.
Margin pressure would seem to be the only negative force of a weak PV market on Canadian Solar’s financial performance. In the second quarter of 2011, the PV module manufacturer reported increased revenue and shipments that have continued to rise over 2010. Solar module shipments were 287MW, up from 244MW in the first quarter 2011 and 181MW in the second quarter of 2010. Net revenue was US$481.8 million, up 8.7% from US$443.4 million in the first quarter of 2011 and up US46.6% from US$328.7 million in the second quarter of 2010.
The International Photovoltaic Equipment Association has finalized the participants for the fab manager panel discussion to be held as part of the organization’s PV Production Forum 2011, which convenes during the upcoming 26th EU PVSEC, taking place Sept. 5-8 at the International Fair, Hamburg, Germany.
One of the prime movers in First Solar’s rapid transformation into a leading vertically integrated PV company is moving on. Jens Meyerhoff, current president of the utility systems business group and former CFO, will be leaving the firm effective Sept. 30.
Day4 Energy reported revenues of US$23.3 million, a decline from its reported earnings for the Q2 2010, but a US$4.4 million increase from Q1 2011. While the company noted sales of US$2.6 million, which it accredits to its acquisition of ACI ecoTec, it notes that sales numbers did decrease when compared to previous years due to the overall instability that the solar industry has been going through over the past few months. However, Day4 acknowledged that its sales increased over Q1 2011, mainly because of the Italian government’s FiT resolution.
As a consequence of Evergreen Solar’s Chapter 11 bankruptcy filing, Nasdaq has notified the company that it will be suspended at the opening of business on August 24. Based on Nasdaq rules, Evergreen Solar’s common stock will be delisted but the company may trade on the OTC Bulletin Board or the Pink OTC Markets. However, this will require at least one market maker to quote Evergreen Solar’s common stock, though this is not given, it normally happens.
