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    United States Renewable Energy 8 Jun 22 - INDUSTRY SNAPSHOTS


    June 8, 2022 - Acquisdata Industry Snapshot

     

      LATEST COMPANY NEWS

      Renewables Now - rPlus Hydro seeks nod for 900-MW pumped storage project in Wyoming - 7/6/2022

      rPlus Hydro LLLP, a subsidiary of US renewables developer rPlus Energies, has submitted a draft license application for an up to 900-MW pumped storage project in Wyoming.

      For the complete story see:

      https://renewablesnow.com/news/rplus-hydro-seeks-nod-for-900-mw-pumped-storage-project-in-wyoming-787250/

      PV Tech - C&I solar investor True Green Capital raises US$660m for new fund - 7/6/2022

      Commercial and industrial (C&I) solar investor True Green Capital Management (TGC) has closed a US$660 million fundraiser for its latest fund.

      For the complete story see:

      https://www.pv-tech.org/ci-solar-investor-true-green-capital-raises-us660m-for-new-fund/

      Offshore WIND - Maryland's First Offshore Wind Project Enters Permitting Process - 7/6/2022

      The US Bureau of Ocean Energy Management (BOEM) will conduct an environmental review of US Wind's offshore wind project in Maryland, the first proposed wind energy project offshore the state's coast and the tenth offshore wind review of this kind initiated under the Biden-Harris administration.

      For the complete story see:

      https://www.offshorewind.biz/2022/06/07/marylands-first-offshore-wind-pr...

      Other Stories

      The Baltimore Sun - Federal agency to hold public meetings on US Wind project off Ocean City coast as it begins to examine impacts - 7/6/2022

      AP News - Biden orders emergency steps to boost U.S. solar production - 6/6/2022

      PV Magazine USA - Solaria settles patent claims against Canadian Solar - 6/6/2022

      EIN News - US-funded project to boost Vi?t Nam's renewable energy development - 5/6/2022

      PV Magazine USA - California solar bill would create one of the most equitable community solar programs in the US - 3/6/2022

      Media Releases

      Ormat Technologies Inc. (NYSE: ORA) - Ormat Technologies Appoints Two New Independent Directors to the Company's Board - 3/6/2022

      Enphase Energy (NASDAQ: ENPH) - Enphase Energy Expands Battery Storage in Florida - 2/6/2022

      Latest Research

      Renewable, non-renewable energy consumption and income in top ten renewable energy-consuming countries: Advanced Fourier based panel data approaches - By Zeeshan Fareed, Ugur Korkut Pata

      Industry Overview

      United States Renewable Energy Industry

      Overviews of Leading Companies

      Ascent Solar Technologies, Inc (OTCMKTS: ASTI)

      Alto Ingredients Inc . (NASDAQ: ALTO) formerly Pacific Ethanol (NASDAQ: PEIX)

      Ballard Power Systems (NASDAQ: BLDP)

      Brookfield Renewable Energy Partners LP (NYSE: BEP)

      Enphase Energy (NASDAQ: ENPH)

      First Solar Holding, LLC (NASDAQ: FSLR)

      Green Plains (Renewable Energy) Inc (NASDAQ: GPRE)

      Mass Megawatts Wind Power, Inc. (OTCMKTS: MMMW)

      Ocean Power Technologies, Inc (NASDAQ: OPTT)

      Ormat Technologies Inc. (NYSE: ORA)

      ReneSola, Ltd (NYSE: SOL)

      Sunworks Inc (NASDAQ: SUNW)

      SunPower Corporation (NASDAQ: SPWR)

      Sunrun (NASDAQ: RUN)

      Associate: Danny Cliffson Crispin Benos

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      News and Commentary

      Renewables Now - rPlus Hydro seeks nod for 900-MW pumped storage project in Wyoming - 7/6/2022

      rPlus Hydro LLLP, a subsidiary of US renewables developer rPlus Energies, has submitted a draft license application for an up to 900-MW pumped storage project in Wyoming.

      For the complete story see:

      https://renewablesnow.com/news/rplus-hydro-seeks-nod-for-900-mw-pumped-storage-project-in-wyoming-787250/

      PV Tech - C&I solar investor True Green Capital raises US$660m for new fund - 7/6/2022

      Commercial and industrial (C&I) solar investor True Green Capital Management (TGC) has closed a US$660 million fundraiser for its latest fund.

      For the complete story see:

      https://www.pv-tech.org/ci-solar-investor-true-green-capital-raises-us660m-for-new-fund/

      Offshore WIND - Maryland's First Offshore Wind Project Enters Permitting Process - 7/6/2022

      The US Bureau of Ocean Energy Management (BOEM) will conduct an environmental review of US Wind's offshore wind project in Maryland, the first proposed wind energy project offshore the state's coast and the tenth offshore wind review of this kind initiated under the Biden-Harris administration.

      For the complete story see:

      https://www.offshorewind.biz/2022/06/07/marylands-first-offshore-wind-pr...

      The Baltimore Sun - Federal agency to hold public meetings on US Wind project off Ocean City coast as it begins to examine impacts - 7/6/2022

      The federal agency responsible for reviewing offshore wind projects will hold a series of virtual public meetings later this month as it begins the process of evaluating a planned wind farm off the coast of Ocean City and southern Delaware.

      For the complete story see:

      https://www.baltimoresun.com/news/environment/bs-md-us-wind-boem-hearings-20220606-pzot7g3t5rc35dfnhuho24tpvu-story.html

      AP News - Biden orders emergency steps to boost U.S. solar production - 6/6/2022

      President Joe Biden ordered emergency measures to boost crucial supplies to U.S. solar manufacturers and declared a two-year tariff exemption on solar panels from Southeast Asia as he attempted to jumpstart progress toward his climate change-fighting goals.

      For the complete story see:

      https://apnews.com/article/biden-technology-environment-global-trade-ca939bfc5a428c6692beb3e7b4bf715b

      PV Magazine USA - Solaria settles patent claims against Canadian Solar - 6/6/2022

      Solaria Corporation settled its patent infringement claims against Canadian Solar and under terms of the agreement, Solaria agreed to stop the litigations in exchange for Canadian Solar stopping the importation of shingled solar modules into the US for seven years.

      For the complete story see:

      https://pv-magazine-usa.com/2022/06/06/solaria-settles-patent-claims-against-canadian-solar/

      EIN News - US-funded project to boost Vi?t Nam's renewable energy development - 5/6/2022

      The Vietnam Low Emission Energy Programme II (V-LEEP II), which is worth US$36 million and funded by the US Agency for International Development (USAID), was kicked off in Hà N?i late last week.

      For the complete story see:

      https://www.einnews.com/pr_news/575419298/us-funded-project-to-boost-vi-t-nam-s-renewable-energy-development

      PV Magazine USA - California solar bill would create one of the most equitable community solar programs in the US - 3/6/2022

      California's State Assembly recently passed AB 2316, which calls for 51% of the power generated by the new community solar program to benefit low-income customers or service organizations.

      For the complete story see:

      https://pv-magazine-usa.com/2022/06/03/california-solar-bill-would-create-one-of-the-most-equitable-community-solar-programs-in-the-us/

      https://www.facebook.com/acquisdata/

      Media Releases

      Ormat Technologies Inc. (NYSE: ORA) - Ormat Technologies Appoints Two New Independent Directors to the Company's Board - 3/6/2022

      RENO, Nev., June 03, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) ("Ormat," the "Company," "we" or "us") today announced the election at its annual meeting of stockholders, held on June 2, 2022, of Michal Marom and Karin Corfee to the Company's Board of Directors, effective immediately. Ms. Marom will also serve as the Chair of the Audit Committee and a member of the Compensation Committee. Ms. Marom and Ms. Corfee will replace the departing Board members Dan Falk and Albertus Bruggink, respectively. With these new additions, one third of Ormat's Board of Directors will be represented by women.

      Ms. Marom joins Ormat's Board of Directors having served in numerous senior executive leadership roles. Ms. Marom currently serves on the Board of Directors and the audit and compensation committees of several publicly traded companies in the U.S. and Israel. From 2011 to 2015, Ms. Marom served as the Chief Financial Officer of Linkury Ltd., an Israeli high-tech company she co-founded. Ms. Marom is a Certified Public Accountant in Israel and acts as a consultant providing strategic advice on business models and financial transactions.

      Ms. Corfee brings to Ormat's Board of Directors over 30 years of experience in the energy industry. Ms. Corfee currently serves as Vice President, Professional & Advisory Services at Kevala LLC, a power grid analytics company, a position she has held since October 2021. Ms. Corfee is also the founder and CEO of KC Strategies LLC, a business consultancy firm specializing in climate and sustainability services, which she has held since the company's founding in April 2021. Most recently, she served as Partner and Western Team Leader at Guidehouse from October 2019 to April 2021. Ms. Corfee served as Managing Director and Leader of Clean Energy Programs and Sustainability at Navigant Consulting, Inc. Prior to Navigant, Ms. Corfee was the Vice President and West Coast DSM Manager at KEMA Inc., a global energy consultancy company. Ms. Corfee was nominated to Ormat's Board of Directors by ORIX Corporation pursuant to its board nomination right under its previously disclosed agreement with the Company.

      Doron Blachar, CEO of Ormat, said, "We are very pleased to announce the addition of Michal and Karin to Ormat's Board of Directors and we look forward to the contributions that both directors will bring to Ormat. Michal brings significant board experience through her time serving as a director for publicly traded corporations, and Karin's deep energy industry knowledge and advisory experience, particularly in the field of sustainability, will help guide Ormat as it continues to pursue its growth goals and emerge as the dominant renewable energy player in the United States. We would also like to thank both Dan Falk and Albertus Bruggink for their time as directors and their dedication to the ongoing success of Ormat. We remain excited for the future of our Company under the direction of the new members of the Board of Directors."

      https://investor.ormat.com/news-events/news/news-details/2022/Ormat-Technologies-Appoints-Two-New-Independent-Directors-to-the-Companys-Board/default.aspx

      Enphase Energy (NASDAQ: ENPH) - Enphase Energy Expands Battery Storage in Florida - 2/6/2022

      FREMONT, Calif., June 02, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, announced today that installers of Enphase® products in Florida have seen growing deployments of Enphase Energy Systems powered by IQ® Microinverters and IQ™ Batteries, as Florida homeowners prepare for power outages this hurricane season.

      Residential battery capacity in Florida is increasing steadily year-over-year with forecasts estimating deployments will grow nearly seven-fold by the end of 2026, according to the most recent U.S. Energy Storage Monitor report from the Energy Storage Association and Wood Mackenzie.

      "Florida homeowners understand all too well the threat severe weather like hurricanes pose to the electric grid and the immeasurable value of a resilient home battery storage system," said Raul Vergara, owner at Cutler Bay Solar, an Enphase Platinum level installer. "IQ8 Microinverters and IQ Batteries enable our customers to build a system that meets their unique household needs and provide reliable backup power to their homes when they need it most."

      Homeowners in Florida can now also choose to install Enphase's revolutionary IQ8™ Microinverters. IQ8-based systems can provide Sunlight Backup™ during an outage, even without a battery. For homeowners who want battery backup, there are no sizing restrictions on pairing an Enphase IQ Battery with IQ8 Microinverters. In addition, with the Sunlight Jump Start™ feature, IQ8 Microinverters can restart a home energy system using sunlight only after prolonged grid outages that may result in a fully depleted battery. This eliminates the need for a manual restart of the system and gives homeowners even greater resilience.

      "Several years ago, Hurricane Irma triggered one of the nation's largest natural disaster-related power outages ever measured, leaving nearly 5 million households without power," said Billy May, owner at May Electric Solar, an Enphase Platinum level installer. "Since then, customer demand for reliable backup power has grown. Enphase solar and battery products offer a resilient solution to meet just about every homeowner need. The seamless power transfer with no fuel costs to operate are just a few on many benefits of an Enphase solar and battery system."

      "Having solar panels in the Sunshine State is a no-brainer to save money and reduce a household's reliance on traditional grid power," said Brian Miller, owner at PES Solar, an Enphase Platinum level installer. "Floridians who add Enphase IQ8 Microinverters and IQ Batteries to their residential energy systems can also reap the benefits of being able to continue to generate, store, and use energy when they need it, even when the grid is down."

      "We're seeing increased demand in Enphase Energy Systems from homeowners looking to secure their power supply and maximize the benefits of clean solar energy," said Brandon Bing, owner at All American Solar, an Enphase Platinum level installer. "We're proud to offer our residential customers the comfort of knowing the Enphase system will keep the lights on whether the grid is available or not."

      Enphase delivers a safer solar-plus-battery solution that does not expose installers or homeowners to high-voltage direct current (DC). Enphase IQ Batteries feature Lithium Iron Phosphate (LFP) battery chemistry, which provides a long cycle life and safer operation through excellent thermal stability. The batteries are equipped with Enphase Power Start™ technology, which helps seamlessly power-up air conditioners and well-pumps. The Enphase IQ Batteries accommodate over-the-air software upgrades and come with a 10-year limited warranty, while Enphase IQ8 solar microinverters come with a 25-year limited warranty.

      "Enphase is pleased to work with Florida installers to provide homeowners with industry-leading and comprehensive home energy solutions to help power their essentials during outages and stay safe from natural disasters," said Dave Ranhoff, chief commercial officer at Enphase Energy. "High-quality products and a focus on customer service make Enphase Energy Systems a smart choice for homeowners looking to take control of their energy future."

      https://newsroom.enphase.com/news-releases/news-release-details/enphase-energy-expands-battery-storage-florida

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Latest Research

      Renewable, non-renewable energy consumption and income in top ten renewable energy-consuming countries: Advanced Fourier based panel data approaches

      Zeeshan Fareed, Ugur Korkut Pata

      Abstract

      This study investigates the impact of renewable and non-renewable energy consumption on economic growth in the top ten renewable energy-consuming countries over the period 1970-2019 using newly developed Fourier panel cointegration and causality tests. The negligence of structural breaks can significantly alter causal relationships, leading to misinterpretation of renewable energy policies. This study eliminates the problem using Fourier-based techniques. The long-run estimates show that non-renewable energy supports economic growth in eight out of the ten countries, while renewable energy has a positive effect on economic growth in Brazil, the United Kingdom, and France. The Fourier causality test indicates that the energy-led growth hypothesis is valid for both types of energy in the United States, India, the United Kingdom, and Spain. While the non-renewable energy-led growth hypothesis is valid for Italy, the conservation hypothesis is valid for both energy variables for Germany and for renewable energy for China. The overall results show that renewable energy can also be an important driver of economic growth, although not as strong as non-renewable energy. Therefore, countries need to closely monitor economic development while pursuing policies to reduce fossil fuels and deploy renewables in a way that enables higher economic growth.

      https://www.sciencedirect.com/science/article/abs/pii/S0960148122008163

      The Industry

      According to the U.S. Energy Information Administration's (EIA) latest inventory of electricity generators, developers and power plant owners plan for 39.7 gigawatts (GW) of new electricity generating capacity to start commercial operation in 2021. Solar will account for the largest share of new capacity at 39%, followed by wind at 31%. About 3% of the new capacity will come from the new nuclear reactor at the Vogtle power plant in Georgia.

      Solar photovoltaics. Developers and plant owners expect the addition of utility-scale solar capacity to set a new record by adding 15.4 GW of capacity to the grid in 2021. This new capacity will surpass last year's nearly 12 GW increase, based on reported additions through October (6.0 GW) and scheduled additions for the last two months of 2020 (5.7 GW). More than half of the new utility-scale solar photovoltaic (PV) capacity is planned for four states: Texas (28%), Nevada (9%), California (9%), and North Carolina (7%). EIA's Short-Term Energy Outlook forecasts an additional 4.1 GW of small-scale solar PV capacity to enter service by the end of 2021.

      Wind. Another 12.2 GW of wind capacity is scheduled to come online in 2021. Last year, 21 GW of wind came online, based on reported additions through October (6.0 GW) and planned additions in November and December (14.9 GW). Texas and Oklahoma account for more than half of the 2021 wind capacity additions. The largest wind project coming online in 2021 will be the 999-megawatt (MW) Traverse wind farm in Oklahoma. The 12-MW Coastal Virginia Offshore Wind (CVOW) pilot project, located 27 miles off the coast of Virginia Beach, is also scheduled to start commercial operation in early 2021.

      Natural gas. For 2021, planned natural gas capacity additions are reported at 6.6 GW. Combined-cycle generators account for 3.9 GW, and combustion-turbine generators account for 2.6 GW. More than 70% of these planned additions are in Texas, Ohio, and Pennsylvania.

      Battery storage. EIA expects the capacity of utility-scale battery storage to more than quadruple; 4.3 GW of battery power capacity additions are slated to come online by the end of 2021. The rapid growth of renewables, such as wind and solar, is a major driver in the expansion of battery capacity because battery storage systems are increasingly paired with renewables. The world's largest solar-powered battery (409 MW) is under construction at Manatee Solar Energy Center in Florida; the battery is scheduled to be operational by late 2021.

      Source:U.S. Energy Information Administration (EIA)

      https://www.eia.gov/todayinenergy/detail.php?id=46416

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Leading Companies

      Ascent Solar Technologies, Inc. (OTCMKTS : ASTI)

      After two decades of research and development, Ascent Solar was formed in 2005, to commercialize leading-edge CIGS photovoltaic technology on flexible, plastic substrate. Ascent's unique monolithic integration process enables the highest level of efficiency, durability & weight savings representing the potential to transform the way solar power can be used in everyday life. Ascent Solar's Research and Development and its 30 MW nameplate production facility is in Thornton, Colorado.

      By pioneering a technology that is recognized as the future of the solar industry, Ascent has cemented itself as the leader in the manufacturing of innovative, high performance, flexible thin-film solar panels for both existing and emerging defense, consumer electronic, space, and aerospace applications.

      Ascent's results-oriented team is focused on continued technical innovation while effectively developing current market opportunities and enabling customers to create transformational applications using solar power.

      https://www.ascentsolar.com/ir-company-overview.html

      13 May 2022

      Ascent Solar Announces First Quarter 2022 Financial Results

      THORNTON, CO, May 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire - Ascent Solar Technologies, Inc. ("Ascent Solar" or the "Company") (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended March 31, 2022.

      First Quarter 2022 Financial Summary:

      Net revenue for the first quarter 2022 was $566k, an increase of $401k, or 243%, from the corresponding quarter in 2021. Net revenue included non-recurring engineering fees of $512k.

      Costs and expenses increased 102% to $2.8M in the first quarter of 2022 compared to $1.4M in the corresponding quarter last year, when the company was continuing to re-emerge from its dormant period. The Company continues to add headcount and expand operations, and saw a first quarter 2022 loss from operations of $2.2M, or an 83% increase from the same period in the prior year.

      Net loss for the quarter ended March 31, 2022 was $4.3M, and included a substantial non-cash interest expense of approximately $2.1M, booked as a result of the conversion of $9.2M of zero-coupon convertible notes.

      Cash and cash equivalents as of the quarter ended March 31, 2022 was $3M, with net working capital of $1.5M. Notably, the Company continues to reduce its total liabilities, seeing an improvement of $7.5M, down from $16.3M in the first quarter of 2021, to $8.8M at the close of this reporting period.

      Management Comments:

      "I am pleased with the results, both financially and operationally," said Mr. Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "After being dormant for the most part of 2020, the Ascent team has been working tirelessly to restart and ramp up our operations, as well as to get caught up with the required SEC filings in 2021. Despite setbacks caused by various challenges including the lack of financial resources and the impact of COVID-19 in 2020 and 2021, we have demonstrated great resiliency in getting back to regular production mode and have been current in our SEC filing status since May 2021," continued Mr. Lee.

      Mr. Lee concluded, "We will build on the strength of our 2021 and first quarter of 2022, and continue to deliver improved results going forward. We are optimistic and certainly look forward to stronger years ahead, as we begin to execute our focused strategy in the high-value PV market. We will update our shareholders as we make continued progress."

      For full release see:

      https://www.globenewswire.com/news-release/2022/05/13/2442814/0/en/Ascen... .

      Alto Ingredients Inc. (NASDAQ: ALTO) formerly Pacific Ethanol (NASDAQ: PEIX)

      Alto Ingredients, Inc., formerly known as Pacific Ethanol, Inc., is a leading producer of specialty alcohols and essential ingredients. Alto Ingredients is a leading manufacturer and supplier of essential ingredients such as industrial and beverage alcohols, premium feed and food products, and renewable fuel.

      Alto Ingredients manufactures and supplies:

      Specialty alcohols

      USP and FCC certified industrial and beverage grade alcohols used in health and industrial applications, cosmetics, pharmaceutical and other consumer products.

      Premium feed and food products

      Alto Yeast, a refined distiller's yeast used in pet and human food applications. Alto Yeast is produced in an AIB inspected facility and is Kosher and Chametz-free certified.

      Corn gluten, a high protein meal used in pet food, poultry and aquaculture, and as a high protein additive to cattle feed rations.

      Corn Condensed Distillers Solubles, a high energy and protein syrup used in cattle feed rations.

      Corn oil and corn germ, used in feed markets, biodiesel production, and for refinement into oils used in human food.

      Distillers grains, a protein and energy feed used as animal feed and shipped to domestic and foreign markets.

      Low carbon renewable fuels

      Renewable Fuel produced from corn is a low carbon fuel and a major contributor to a sustainable energy economy. Fuel ethanol burns cleanly and increases the octane of gasoline, which in turn allows internal combustion engines to operate more efficiently.

      Our Pekin Illinois Campus encompasses three mills, a wet mill and two dry mills, plus a specialty yeast production plant. Our Western US Facilities comprises four dry mills and distilleries in California, Oregon and Idaho. All of our facilities have superior logistical attributes allowing for efficient delivery to domestic and international markets.

      https://www.pacificethanol.com/our-company

      9 May 2022

      Alto Ingredients, Inc. Reports First Quarter 2022 Results

      Increased Net Sales 41% to $308 Million vs. Q1 2021

      Integrated Acquisition of Specialty Alcohol Distributor, Eagle Alcohol

      Launched Quality and ESG Initiatives

      SACRAMENTO, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, reported its financial results for the quarter ended March 31, 2022.

      "Our first quarter results validated our strategy to invest in specialty alcohols and essential ingredients," said Mike Kandris CEO of Alto Ingredients. "Product diversification, with increased sales from higher margin products combined with operational improvements, partially offset the impact of the challenging commodities market. To further our strategy, we acquired a small-package distributor serving premium spirits markets in January and qualified for additional certifications valuable to pharmaceutical customers in February. These initiatives broadened our opportunities and enhanced our position in the marketplace. We are evaluating new capital expenditure programs to create additional long-term stakeholder value. We remain focused on executing on our strategic goals, investing for future growth and diversifying our product portfolio."

      Financial Results for the Three Months Ended March 31, 2022 Compared to 2021

      Net sales were $308.1 million, compared to $218.7 million.

      Cost of goods sold was $303.3 million, compared to $204.9 million.

      Gross profit was $4.8 million, compared to $13.8 million.

      Selling, general and administrative expenses were $7.6 million, compared to $7.0 million.

      Operating loss was $2.9 million, compared to operating income of $5.6 million.

      Net loss available to common stockholders was $2.9 million, or $0.04 per share, compared to net income of $4.4 million, or $0.06 per diluted share.

      Adjusted EBITDA was $4.4 million, compared to $13.4 million.

      Cash and cash equivalents were $36.2 million at March 31, 2022, compared to $50.6 million at December 31, 2021.

      Use of Non-GAAP Measures

      Management believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations. The company defines Adjusted EBITDA as unaudited net income (loss) attributed to Alto Ingredients, Inc. before interest expense, interest income, provision (benefit) for income taxes, asset impairments, loss on extinguishment of debt, acquisition-related expense, fair value adjustments, and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss) attributed to Alto Ingredients, Inc. Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) attributed to Alto Ingredients, Inc. or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and you should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.

      For full release see:

      https://ir.altoingredients.com/news-events/press-releases/detail/589/alto-ingredients-inc-reports-first-quarter-2022-results

      Ballard Power Systems (NASDAQ: BLDP)

      Zero emission fuel cell vehicles will positively change the lives of the next generation. By relentlessly developing and improving our technology, we will make a real difference. This makes us extremely proud to work at Ballard.

      Our Vision:

      We deliver fuel cell power for a sustainable planet.

      Our Mission:

      We use our fuel cell expertise to deliver valuable and innovative solutions to our customers globally, create rewarding opportunities for our team, provide extraordinary value to our shareholders and power the hydrogen society.

      Our Values:

      Listen and Deliver - We listen to our customers, understand their business and deliver valuable and innovative solutions for lasting partnerships.

      Quality Always -We deliver quality in everything we do

      Inspire Excellence - We live with integrity, passion, urgency, agility and humility.

      Row Together - We achieve success through respect, trust and collaboration

      Own It - We step up, take ownership for our results and trust others to do the same

      Our Strategy:

      Our business strategy is a two-pronged approach to build shareholder value through the sale and service of power products and the delivery of technology solutions.

      In Power Product sales, our focus is on meeting the power needs of our customers by delivering high value, high reliability, high quality and clean energy power products that reduce customer costs and risks.

      Through Technology Solutions, our focus is on enabling our customers to solve their technical and business challenges and accelerate their fuel cell programs by delivering customized, high value, bundled technology solutions.

      https://www.ballard.com/about-ballard/our-vision

      9 May 2022

      Ballard Reports Q1 2022 Results

      VANCOUVER, CANADA - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

      "The converging macro drivers of energy security and climate crisis have irreversibly shifted global views on the need to accelerate our energy transition," said Mr. Randy MacEwen, President and CEO. "This is the context as Ballard continues to build a valuable business that will help to decarbonize medium- and heavy-duty motive applications, including certain bus, truck, rail and marine market segments. We continue to focus on our customer relationships and achieve platform wins where Ballard's leading fuel cell technology offers a future zero-emission value proposition based on range, payload, rapid refueling, and attractive total cost of ownership."

      Mr. MacEwen remarked, "In the first quarter, we achieved revenue of $21.0 million, a 19% increase from Q1 2021, while also securing new orders totaling $27.8 million, driven primarily by European customers. Our gross margin compression is consistent with our 2022 plan, reflecting expected changes in our revenue mix, selling prices, and cost structure. On revenue mix, we have a heavier weighting of module product sales, including new modules in early volume production. On selling prices, we have been pricing certain low-volume customer pilot projects to secure platform wins with strategic accounts. On costs, fixed overhead costs are elevated as we invested in advanced manufacturing and production capacity expansion. Like others, we have also seen some inflationary cost pressures in our supply chain and freight. While we expect compressed gross margin in the near term, we are confident in margin expansion in the mid- to long-term driven by higher production volumes as customers transition from pilot projects to commercial deployment and as we continue to progress on our product cost reduction program."

      "We ended the quarter with strong cash reserves of $1.1 billion, which enables us to execute our growth strategy. Our escalated investment is consistent with our outlook as we increase our spending on talent, technology, products, capabilities, and customer experience. We are confident investing ahead of the curve will position the company for significant market share as the adoption of hydrogen accelerates over the coming years," Mr. MacEwen added.

      Q1 2022 Financial Highlights

      (all comparisons are to Q1 2021 unless otherwise noted)

      Total revenue was $21.0 million in the quarter, up 19% year-over-year. This increase was driven by growth in Power Product sales, more than offsetting the decline in Technology Solutions revenue.

      Power Products generated revenue of $13.3 million in the quarter, an increase of 41%, driven by higher shipments of fuel cell products.

      Stationary Power Generation revenues of $4.1 million increased 447%, supported by an increase in sales of stationary power generation fuel cell modules, stacks, products and service revenues.

      Heavy-Duty revenues of $6.9 million increased by a nominal amount.

      Material Handling revenues of $2.2 million increased 28%, primarily as a result of higher shipments to Plug Power.

      Technology Solutions generated revenue of $7.8 million in the quarter, a decrease of 5% due primarily to variance in timing of underlying program requirements.

      Gross margin was (1)% in the quarter, a decrease of 16-points, driven by a combination of higher fixed overhead costs, a shift in revenue mix, and increased labor, supply, and freight expenses.

      Operating Expenses and Cash Operating Costs were $30.3 million and $26.1 million in the quarter, respectively, an increase of 69% and 82%, respectively. Increases were driven primarily by higher expenditure on research, technology and product development activities, including the development of next-generation fuel cell stacks and engines for target markets, as well as increased continuation engineering investments in existing fuel cell products. Costs were also higher as a result of increased general and administrative expenses and sales and marketing expenses.

      Adjusted EBITDA was ($27.5) million, compared to ($14.0) million in Q1 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.

      Ballard received approximately $27.8 million of new orders in Q1, and delivered orders valued at $21.0 million, resulting in an Order Backlog of approximately $99.8 million at end-Q1.

      The 12-month Order Book was $65.8 million at end-Q1, a decrease of $1.6 million from the end of Q4 2021.

      Post-Quarter Commercial Update

      On April 6, 2022, Ballard announced it received Europe's industry first Type Approval by DNV, one of the world's leading classification and certification bodies, for its marine fuel cell module FCwaveTM. The Type Approval marks an important step in commercializing Ballard's fuel cell technology for marine applications and is key to including fuel cells as part of zero-emission solutions for the marine industry.

      2022 Outlook

      Ballard's 2022 outlook remains in line with previously stated 2022 guidance of Total Operating Expense4 between $140 - $160 million and Capital Expenditure5 between $40 - $60 million.

      For full release see:

      https://www.ballard.com/about-ballard/newsroom/news-releases/2022/05/09/ballard-reports-q1-2022-results

      Brookfield Renewable Energy Partners LP (NYSE: BEP)

      Brookfield Renewable Energy Partners LP are one of the world's largest investors in renewable power, with 18,100 megawatts of generating capacity. Our assets, located in North and South America, Europe, India and China, comprised a diverse technology base of hydro, wind, utility-scale solar, distributed generation, storage and other renewable technologies.

      We utilize our fully integrated global operating platform and in-house expertise to maintain facilities, organically add value and efficiently integrate new assets, realizing cost synergies in the process. Our business is underpinned by stable cash flows, with the majority of our power contracted under long-term, inflation-linked contracts.

      Renewable power for a cleaner, brighter tomorrow

      The TerraForm companies strengthen Brookfield's position as a global leader in renewable power, adding significant wind and solar assets as well as operating platforms in India and China.

      Renewable Power sectors

      Our hydro power assets are characterized by a perpetual asset life, high cash margins, and storage capacity.

      Isagen — In 2016, we acquired Colombia's third-largest power generation portfolio, based primarily on hydro and accounting for roughly 20% of the country's generation, with 3,000 megawatts of capacity. This investment was possible because of our ability to be patient over a lengthy sale process, along with our underwriting capabilities and hydro expertise.

      Invest with Brookfield

      Our pure-play global renewables portfolio is available to investors through our publicly listed vehicle, Brookfield Renewable Partners. Investors can also participate in the growth of our assets through our private funds.

      https://www.brookfield.com/our-businesses/renewable-power

      6 May 2022

      Brookfield Renewable Announces Strong First Quarter Results

      BROOKFIELD, News, May 06, 2022 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) ("Brookfield Renewable Partners", "BEP") today reported financial results for the three months ended March 31, 2022.

      "Our business performed well in the quarter as we delivered solid financial results and executed on several key strategic initiatives, including entering a new decarbonization asset class with an investment in carbon capture solutions," said Connor Teskey, CEO of Brookfield Renewable. "With decarbonization and energy security firmly established as a priority of global leaders, we are well positioned to deploy capital at accretive returns, leveraging our global reach, operating capabilities and development pipeline to accelerate the build-out of clean energy at scale and drive decarbonization across a growing opportunity set."

      Financial Results

      Millions (except per unit or otherwise noted) For the three months ended March 31 Unaudited 2022 2021 Select Financial Information Net loss attributable to Unitholders $ (78) (133) Per LP unit (1) (0.16) (0.24) Funds From Operations (FFO) (2) 243 242 Per Unit (2)(3) 0.38 0.38 Normalized Funds From Operations (FFO) (2)(4) 292 245 Per Unit (2)(3)(4) 0.45 0.38 Operational Information Total generation (GWh) - Long-term average generation 15,097 14,099 - Actual generation 15,196 13,828 Brookfield Renewable Partner's share (GWh) - Long-term average generation 7,414 7,602 - Actual generation

      Brookfield Renewable reported FFO of $243 million or $0.38 per Unit for the three months ended March 31, 2022, an 18% increase on a normalized basis over the same period prior year. After deducting non-cash depreciation and other non-cash charges, our Net loss attributable to Unitholders for the three months ended March 31, 2022 was $78 million or $0.16 per LP unit.

      Highlights

      We generated funds from operations (FFO) of $243 million or $0.38 per unit, an 18% increase on a normalized basis over the same period in 2021.

      We advanced key commercial priorities, securing contracts to deliver over 1,400 gigawatt hours of clean energy annually including 500 gigawatt hours to corporate offtakers.

      We continued to accelerate our development activities, executing on our 15,000-megawatt under-construction and advanced-stage pipeline and expanding our development pipeline to 69,000 megawatts, as well as plans to submit joint-bids with a European partner to build two 750-megawatt offshore wind projects in the upcoming Dutch subsidy-free tender process.

      We closed or agreed to invest over $1.6 billion (~$340 million net to Brookfield Renewable) of capital across multiple transaction and regions, including our first investment in carbon capture solutions.

      We are progressing on ~$560 million (~$90 million net to Brookfield Renewable) of asset recycling activities, selling non-core and mature assets at strong returns. We also continued to accelerate our financing activities, maintain our robust financial capacity with close to $4 billion of available liquidity, no material near-term maturities and limited floating rate exposure.

      Update On Growth Initiatives

      To date in 2022, we have invested or agreed to invest over $1.6 billion (~$340 million net to Brookfield Renewable) of capital across various investments, all of which should meet or exceed our target returns of 12-15%.

      During the quarter, we closed the previously announced acquisition of both a U.S. and a German utility-scale solar development business that together have a 22,000-megawatt development pipeline in high-value markets. Since announcing these investments, we have seen strong inbound PPA demand from several high-quality buyers of clean energy, driving upside to our initial business plans.

      We entered a new decarbonization asset class with our investment in a leading North American modular carbon capture solutions provider. Given the trillions of dollars required to decarbonize hard to abate industrial sectors over the coming decades, we see significant potential to grow our carbon capture footprint over time, and we believe we are well positioned to do so given our strong expertise in decarbonization and experience as an operating partner and capital provider to our global network of like-minded customers.

      Our investment, through a convertible security, provides an attractive entry point into carbon capture solutions with a strong partner, a proven and cost-effective product and a sizeable development pipeline. We have committed funding of up to C$300 million for projects meeting pre-agreed return thresholds and have already begun funding the build-out of our first project. The structure of the investment provides strong downside protection, and the securities, which earn an annual coupon of 8%, are convertible into the common equity of the company at our option at any time. If 100% of our commitment is invested, which we expect given the escalating carbon price and proposed investment tax credit for carbon capture in Canada, upon conversion, we will own a majority of the common equity of the business.

      Our distributed generation business continued to exceed expectations, as the trends of decentralized power generation and direct customer interaction accelerate. In fact, following the one-year anniversary of our most recent acquisition in the U.S., we are now originating several hundred megawatts of new projects annually, almost 10 times the volume prior to our ownership. Our global distributed generation operating assets have grown to over 1,500 megawatts and our development pipeline has increased to over 8,600 megawatts, including significant potential capacity to provide distributed generation solutions across Brookfield's broader business. With our leading capabilities in North America, South America, Europe and Asia, and our ability to offer a global solution for our clients, we are well positioned to continue this strong execution.

      In Asia, we agreed to acquire a 235 megawatt fully contracted wind portfolio consisting of 155 megawatts of operating and 80 megawatts of ready-to-build projects for $90 million from a large and reputable local developer that will tuck-in to our existing operations. The portfolio is part of a larger opportunity of almost 700 megawatts of operating and construction-ready projects that we have secured exclusivity on.

      We made significant progress delivering our construction pipeline. We commissioned 536 megawatts of capacity and continued to advance our U.S. repowering program, including the 845-megawatt Shepherds Flat project, and our 1,200-megawatt Janauba solar development project in Brazil.

      We finished the quarter with 15,000 megawatts of construction and advanced-stage projects. These projects are diversified across distributed and utility-scale solar, wind, storage, hydro and green hydrogen in 15 different countries, and in total, we expect them to contribute almost $150 million in additional annual FFO to our business once completed.

      For full release see:

      https://bep.brookfield.com/press-releases/bep/brookfield-renewable-announces-strong-first-quarter-results-3

      Enphase Energy (NASDAQ: ENPH)

      Enphase Energy, Inc. is a global energy technology company and the world's leading supplier of microinverter-based solar-plus-storage systems. The Company delivers smart, easy-to-use solutions that connect solar generation, storage, and energy management on one intelligent platform. Its semiconductor-based microinverter system converts energy at the individual solar module level and brings a system-based high-technology approach to solar energy generation, storage, control, and management.

      http://investor.enphase.com/

      26 April 2022

      Enphase Energy Reports Financial Results for the First Quarter of 2022

      FREMONT, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman.

      We reported record quarterly revenue of $441.3 million in the first quarter of 2022, along with 41.0% for non-GAAP gross margin. We shipped approximately 2,838,693 microinverters, or 1,029 megawatts DC, and 120.4 megawatt hours of Enphase IQ™ Batteries.

      Financial highlights for the first quarter of 2022 are listed below.

      Record quarterly revenue of $441.3 million

      GAAP gross margin of 40.1%; non-GAAP gross margin of 41.0%

      GAAP operating income of $61.8 million; non-GAAP operating income of $114.5 million

      GAAP net income of $51.8 million; non-GAAP net income of $109.7 million

      GAAP diluted earnings per share of $0.37; non-GAAP diluted earnings per share of $0.79

      Cash flow from operations of $102.4 million

      Ending cash, cash equivalents, and marketable securities balance of $1.1 billion

      Our revenue and earnings for the first quarter of 2022 are provided below, compared with those of the prior quarter and the year ago quarter:

      (In thousands, except p

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