Bulgaria’s solar industry is facing the threat of stagnation, after the Government unveiled a new renewable energy bill that could cut industry subsidies by as much as 30%. The feed-in tariff (FiT) reductions were part of a wider set of cuts to the renewable sector, which have been introduced to help the country meet its EU 2020 targets.
After losing out to the tune of US$6.1 million or US$1.61 per share in the first quarter of 2010, DayStar Technologies has reported more positive financial results for the first quarter ended March 31, 2011. Recording net loss of US$0.4 million or US$0.05 per share, the company says it is now well positioned to capitalize on the increasing market opportunities within the renewable energy industry.
Roth & Rau’s management and supervisory boards have published a statement that publicises the company’s agreement with the proposed €22.00 per Roth & Rau share. This approval, required in order for the takeover by Meyer Burger to go ahead, signifies the support on the part of Roth & Rau’s management and supervisory boards of the takeover and their recommendation for other shareholders to accept the offer also.
Mixed results were seen by Conergy for the first quarter as international sales took the sting out of very weak demand in Germany. Conergy reported sales of €163.3 million in the first quarter 2011, up 8.6% compared to the same quarter in the previous year. However, sales were down significantly from the fourth-quarter 2010, when sales reached €248.5 million.
The board of Satcon Technology has named Aaron Gomolak to be its executive VP, CFO, and treasurer, replacing replacing Donald Peck. Gomolak joined the PV inverter and power conversion company in May 2008, most recently serving as the senior VP of global operations.
SunPower released its first quarter 2011 financial results today confirming its earlier suspicion that Q1 revenue would be affected by Italy’s project delays. Revenue for Q1 2011 came in at US$451.4 million, a 30% year-over-year increase, but a 52% drop from Q4 2010’s US$937.1 million. Gross margin was finalized at 19.6% GAAP, compared to Q4’s 25.4%.
SolarWorld has posted impressive Q1 financial figures, with shipments, revenue and earnings before interest all rising. These numbers are in stark contrast to those of many of SolarWorld’s peers and have been attributed to its strong performance in North America.
Spire has reported its revenues from its first quarter 2011, posting revenue for Q1 at US$18.4 million. The result is 2% below Q1 2010, which reported revenue of US$18.9 million. Net loss for Q1 2011, was US$2 million, or US$0.24 per share, contrasted against Q1 2010’s US$0.7 million, or US$0.08 per share.
Sales at Q-Cells fell by approximately 46% in the first quarter of 2011 to €125.1 million, compared to €232.3 million in the first quarter of 2010. The company cited a string of market issues that were responsible for the crash in sales, held higher by the sale of a utility-scale project in Strasskirchen, Germany, that provided proceeds of €72.5 million and the €20 million sale of electricity trading company QCCS at the end of 2010.
Energy Conversion Devices (ECD) is looking to put its third fiscal quarter of 2011 and its rather dreary financial results behind it. The company has decided upon a strategic corporate restructuring process that it hopes will lead it to better future financial results. The company saw its consolidated revenue slide 69% from Q2 2011 and 70% from its Q3 2010 results by only posting US$21.5 million in Q3 2011, pinpointing “industry-wide disruptions” in key European solar markets as the leading factor in its final Q3 revenue.
