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    United States Renewable Energy 10 Aug 22 - INDUSTRY SNAPSHOTS


    August 10, 2022 - Acquisdata Industry Snapshot

     

      LATEST COMPANY NEWS

      Offshore Technology - Virginia regulators approve $10B plan for nation's largest offshore wind farm - 9/8/2022

      Dominion Energy has reached a major milestone in the development of the 2.6-GW Coastal Virginia Offshore Wind (CVOW) project by receiving approval from the Virginia State Corporation Commission for the project to be constructed 27 miles off the coast of Virginia Beach.

      For the complete story see:

      https://www.offshore-mag.com/renewable-energy/article/14280993/virginia-regulators-approve-10b-plan-for-nations-largest-offshore-wind-farm

      reNEWS - US hydrogen firm signs Greek MoU - 8/8/2022

      Advent Technologies Holdings has signed a memorandum of understanding (MoU) with Greek gas company DEPA Commercial to collaborate on green hydrogen projects.

      For the complete story see:

      https://renews.biz/79696/us-hydrogen-firm-signs-greek-mou/

      Solar Industry - Leeward Starts Construction on 196 MW Big Plain Solar Project in Ohio - 8/8/2022

      Leeward Renewable Energy (LRE) has commenced on-site construction on the 196 MW Big Plain Solar project located near London, Ohio.

      For the complete story see:

      https://solarindustrymag.com/leeward-starts-construction-on-196-mw-big-plain-solar-project-in-ohio

      Other Stories

      Renewables Now - Duke Energy starts strategic review of commercial renewables business - 8/8/2022

      Offshore Wind - US Backs Philippines Offshore Wind Development - 8/8/2022

      Politico - Historic climate bill to supercharge clean energy industry - 7/8/2022

      PV Tech - US community solar to grow 7GW by 2027 as more states look to expand access - 5/8/2022

      reNEWS - BASF signs 250MW of US wind, solar PPAs - 3/8/2022

      PV Magazine USA - US added 15 GW generating capacity, 4.2 GW solar in first half 2022 - 3/8/2022

      Media Releases

      Sunrun (NASDAQ: RUN) - Sunrun Launches Electric Vehicle Charger As Part Of Customer Whole-Home Energy Offering - 3/8/2022

      Latest Research

      Optimal renewable integrated rural energy planning for sustainable energy development - By Md Mustafa Kamal, Imtiaz Asharaf, Eugene Fernandez

      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

      Offshore Technology - Virginia regulators approve $10B plan for nation's largest offshore wind farm - 9/8/2022

      Dominion Energy has reached a major milestone in the development of the 2.6-GW Coastal Virginia Offshore Wind (CVOW) project by receiving approval from the Virginia State Corporation Commission for the project to be constructed 27 miles off the coast of Virginia Beach.

      For the complete story see:

      https://www.offshore-mag.com/renewable-energy/article/14280993/virginia-regulators-approve-10b-plan-for-nations-largest-offshore-wind-farm

      reNEWS - US hydrogen firm signs Greek MoU - 8/8/2022

      Advent Technologies Holdings has signed a memorandum of understanding (MoU) with Greek gas company DEPA Commercial to collaborate on green hydrogen projects.

      For the complete story see:

      https://renews.biz/79696/us-hydrogen-firm-signs-greek-mou/

      Solar Industry - Leeward Starts Construction on 196 MW Big Plain Solar Project in Ohio - 8/8/2022

      Leeward Renewable Energy (LRE) has commenced on-site construction on the 196 MW Big Plain Solar project located near London, Ohio.

      For the complete story see:

      https://solarindustrymag.com/leeward-starts-construction-on-196-mw-big-plain-solar-project-in-ohio

      Renewables Now - Duke Energy starts strategic review of commercial renewables business - 8/8/2022

      Duke Energy announced a strategic review of its commercial renewables business as it reported second-quarter results last week.

      For the complete story see:

      https://renewablesnow.com/news/duke-energy-starts-strategic-review-of-commercial-renewables-business-794241/

      Offshore Wind - US Backs Philippines Offshore Wind Development - 8/8/2022

      The United States Trade and Development Agency (USTDA) has awarded a grant to the Philippines' Aboitiz Renewables, a subsidiary of Aboitiz Power Corporation, for a feasibility study to develop up to 3 GW of offshore wind projects in the Philippines.

      For the complete story see:

      https://www.offshorewind.biz/2022/08/08/us-backs-philippines-offshore-wi...

      Politico - Historic climate bill to supercharge clean energy industry - 7/8/2022

      Senate Democrats delivered a dramatic win for President Joe Biden's effort to fight climate change, passing a bill that will devote hundreds of billions of dollars to clean energy sources and speed the U.S. transition away from fossil fuels.

      For the complete story see:

      https://www.politico.com/news/2022/08/07/inflation-reduction-act-climate-biden-00050230

      PV Tech - US community solar to grow 7GW by 2027 as more states look to expand access - 5/8/2022

      At least 7GW of US community solar is expected to come online in the next five years.

      For the complete story see:

      https://www.pv-tech.org/us-community-solar-to-grow-7gw-by-2027-as-more-states-look-to-expand-access/

      reNEWS - BASF signs 250MW of US wind, solar PPAs - 3/8/2022

      BASF has signed solar and wind PPAs for more than 20 production sites in the United States with a total capacity of 250MW.

      For the complete story see:

      https://renews.biz/79613/basf-signs-250mw-of-us-wind-solar-ppas/

      PV Magazine USA - US added 15 GW generating capacity, 4.2 GW solar in first half 2022 - 3/8/2022

      The Energy Information Administration (EIA) reports that the United States added 15 GW of generating capacity in the first six months of 2022.

      For the complete story see:

      https://pv-magazine-usa.com/2022/08/03/us-added-15-gw-generating-capacity-4-2-gw-solar-in-first-half-2022/

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

      Media Releases

      Sunrun (NASDAQ: RUN) - Sunrun Launches Electric Vehicle Charger As Part Of Customer Whole-Home Energy Offering - 3/8/2022

      SAN FRANCISCO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation's leading home solar, battery storage and energy services provider, today announced the launch of its new Level 2 electric vehicle (EV) charger. The new product complements the company's suite of home energy management solutions and supports growing demand for electric vehicles nationwide.

      With the new EV charger, Sunrun is advancing its mission to deliver energy independence, cost savings and energy stability to all Americans by enabling customers to power their vehicles at home with abundant and affordable solar energy.

      EV sales in the United States more than doubled in 2021, accounting for 5% of all new car sales. This trend creates a significant opportunity for Sunrun to help EV owners charge their vehicles quickly and safely while also providing solutions to manage increasing home energy consumption. Adding an EV can increase a home's electricity usage by 50% or more per year, depending on driving and charging behavior. With 80% of EV charging done at home, and utility prices jumping nearly 14% across the nation, Sunrun customers will be able to charge their EVs with clean, solar power while also reaping the benefits of cheaper, more predictable energy rates.

      "Home solar and electric vehicle charging go hand in hand," said Mary Powell, Chief Executive Officer of Sunrun. "There is a strong correlation between EV ownership and solar adoption. People want to charge their vehicles with a clean, reliable energy source that's cheaper than what they're used to paying. As we work with customers to understand their energy needs, our new EV charger, coupled with our ability to potentially upsize home solar systems to meet those needs, position us nicely to help them future-proof their homes and provide peace of mind."

      Sunrun's new 40-amp Level 2 EV charger is a convenient solution that can charge an EV overnight and is compatible with all EV models. The charger also offers smart features, allowing customers to configure charger settings and control charging.

      Available this September in select California, New Jersey, and Vermont markets, the charger will be rolled out nationwide by year end as an optional add-on with options for bundling together with a Sunrun home solar-plus-battery system for significant savings.

      https://investors.sunrun.com/news-events/press-releases/detail/265/sunrun-launches-electric-vehicle-charger-as-part-of

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

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      Latest Research

      Optimal renewable integrated rural energy planning for sustainable energy development

      Md Mustafa Kamal, Imtiaz Asharaf, Eugene Fernandez

      Abstract

      The renewable energy sources substitute traditional generation systems that can supply more reliable, environmentally friendly, and high-quality power. The off-grid electrification utilizing the integration of renewable energy systems is widely used to satisfy the energy need of remote rural areas. Due to intermittency in renewable production, energy storage balances the power demand against variable generation. The present study investigates the economic viability of a standalone hybrid energy system for a remote village in Uttarakhand (India). The suggested system consists of a Photovoltaic system, diesel generators, biogas generators, wind turbines, and batteries to meet the load demand of the area. The proposed microgrid utilized differential evolution (DE) to optimize the hybrid microgrid's sizing and economic analysis. The effectiveness of the proposed DE optimization results is compared with HOMER (Hybrid optimization of multi-energy resources), PSO (particle swarm optimization), and GA (Genetic algorithm). In addition, a sensitivity analysis is performed on the cost of energy for varying sensory inputs. The results indicate that DE can optimally size the system compared to its counterpart, HOMER, PSO, and GA. The decrement of 3.34%, 5.5%, and 7 % are achieved respectively in the total net present cost of the optimal configuration. However, it has been established that the suggested system is a more cost-effective and feasible system for rural area electrification.

      https://www.sciencedirect.com/science/article/abs/pii/S2213138822006312

      The Industry

      Latest Publish date: May 2022

      Renewable electricity capacity additions broke another record in 2021 and biofuels demand almost recovered to pre-Covid levels, despite the continuation of logistical challenges and increasing prices. However, the Russian Federation's (hereafter, "Russia") invasion of Ukraine is sending shock waves through energy and agriculture markets, resulting in an unprecedented global energy crisis. In many countries, governments are trying to shelter consumers from higher energy prices, reduce dependence on Russian supplies and are proposing policies to accelerate the transition to clean energy technologies.

      Renewable energy has great potential to reduce prices and dependence on fossil fuels in short and long term. Although costs for new solar PV and wind installations have increased, reversing a decade-long cost reduction trend, natural gas, oil and coal prices have risen much faster, therefore actually further improving the competitiveness of renewable electricity. However, how rapidly renewables can substitute fossil fuels hinges on several uncertainties and will depend on many factors. Will renewable electricity sources defy this global energy crisis and continue to expand quickly despite emerging political and macroeconomic challenges? At the same time, growth in biofuels demand faces significant headwinds from both lower transport demand growth and high biofuel prices. Will demand growth resume at historical rates?

      In exploring the most recent market and policy developments as of April 2022, our Renewable Energy Market Update forecasts new global renewable power capacity additions and biofuel demand for 2022 and 2023. It also discusses key uncertainties and policy-related implications that may affect projections for 2023 and beyond.

      https://www.iea.org/reports/renewable-energy-market-update-may-2022

      Renewable energy is energy produced from sources like the sun and wind that are naturally replenished and do not run out. Renewable energy can be used for electricity generation, space and water heating and cooling, and transportation.

      Non-renewable energy, in contrast, comes from finite sources that could get used up, such as fossil fuels like coal and oil.

      Types of Renewable Energy

      Renewable energy sources, such as biomass, geothermal resources, sunlight, water, and wind, are natural resources that can be converted into these types of clean, usable energy:

      Bioenergy

      Geothermal Energy

      Hydrogen

      Hydropower

      Marine Energy

      Solar Energy

      Wind Energy

      Benefits of Renewable Energy

      The advantages of renewable energy are numerous and affect the economy, environment, national security, and human health. Here are some of the benefits of using renewable energy in the United States:

      Enhanced reliability, security, and resilience of the nation's power grid

      Job creation throughout renewable energy industries

      Reduced carbon emissions and air pollution from energy production

      Increased U.S. energy independence

      Increased affordability, as many types of renewable energy are cost-competitive with traditional energy sources

      Expanded clean energy access for non-grid-connected or remote, coastal, or islanded communities.

      Renewable Energy in the United States

      Renewable energy generates about 20% of all U.S. electricity, and that percentage continues to grow. The following graphic breaks down the shares of total electricity production in 2021 among the types of renewable power:

      In 2022, solar and wind are expected to add more than 60% of the utility-scale generating capacity to the U.S. power grid (46% from solar, 17% from wind).

      The United States is a resource-rich country with abundant renewable energy resources. The amount available is 100 times that of the nation's annual electricity need.

      https://www.energy.gov/eere/renewable-energy

      # 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)

      Founded in 2003, Alto Ingredients, Inc. is proud to be a leading producer of a wide range of premium products, which our customers incorporate into a myriad of vital finished goods that touch people's lives, from cleaning solutions to pharmaceuticals.

      Exploring new ways to capitalize on our unique capability

      We are continually exploring new ways to capitalize on our unique capability to manufacture high-grade alcohols for the food, beverage, health, and ingredients markets, and process corn into high protein feed, pet food, and renewable fuel.

      Our values are rooted deep within the foundation of our company. Our ethos is built on trust, and an unwavering commitment to our employees, investors, partners, consumers, and the planet we all share. From integrating innovative practices at our facilities that ensure optimal efficiency to contributing to a lower carbon footprint with our ethanol fuel to giving back to the community through food drives and participation in charitable organizations, Alto has — and always will — represent responsibility, honesty, and a commitment to quality.

      https://www.altoingredients.com/company/

      8 August 2022

      Alto Ingredients, Inc. Reports Second Quarter 2022 Results

      Grew Net Sales to $362.2 Million, Up 21% from Q2 2021

      Generated Net Income of $21.5 Million, $0.29 per Diluted Share, Up from $8.0 Million, $0.11 per Diluted Share in Q2 2021

      Increased Adjusted EBITDA to $29.9 Million, Up from $17.0 Million in Q2 2021

      SACRAMENTO, Calif., Aug. 08, 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 June 30, 2022.

      "Our strategy to diversify into specialty alcohols and essential ingredients continues to serve us well. Sales of these products, combined with a cash grant from the USDA, delivered solid performance and offset higher than usual freight expenses and repair and maintenance costs, resulting in positive gross profit, net income and Adjusted EBITDA in the second quarter," said Mike Kandris, CEO of Alto Ingredients. "Anticipating the cash grant, we accelerated the timing of some of our infrastructure improvements. We are upgrading equipment and operating systems to increase efficiency and plant reliability, expanding our corn storage capacity, enhancing our specialty alcohol production and broadening its distribution, and reinvesting in essential ingredients capabilities. Building for the future, we are improving our position to capture a variety of opportunities, and our near- and long-term outlook is promising."

      Financial Results for the Three Months Ended June 30, 2022 Compared to 2021

      Net sales were $362.2 million, compared to $298.1 million.

      Cost of goods sold was $353.3 million, compared to $282.9 million.

      Gross profit was $8.8 million, compared to $15.2 million.

      Selling, general and administrative expenses were $9.0 million, compared to $7.2 million, reflecting Eagle Alcohol acquisition-related expenses and higher stock-compensation expenses

      Income from a cash grant from the USDA's Biofuel Producer Program was $22.7 million.

      Net income available to common stockholders was $21.5 million, or $0.29 per diluted share, compared to $8.0 million, or $0.11 per diluted share.

      Adjusted EBITDA was $29.9 million, compared to $17.0 million.

      Cash and cash equivalents were $57.4 million at June 30, 2022, compared to $50.6 million at December 31, 2021.

      Working capital was $178.4 million at June 30, 2022, compared to $159.9 million at December 31, 2021.

      For full release see:

      https://ir.altoingredients.com/news-events/press-releases/detail/594/alto-ingredients-inc-reports-second-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

      5 August 2022

      Brookfield Renewable Announces Strong Second Quarter Results

      BROOKFIELD, News, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) ("Brookfield Renewable Partners", "BEP") today reported financial results for the three and six months ended June 30, 2022.

      "The business performed well this quarter, as we delivered strong financial results, commissioned 1,000 megawatts of development, and deployed and committed $3 billion into growth initiatives," said Connor Teskey, CEO of Brookfield Renewable. "Given the depth of our operating capabilities, globally diverse asset base, and strong access to capital, we are well positioned in all market environments to be a partner of choice in helping governments and businesses achieve their goals of low-cost energy, net-zero, and energy security."

      Financial Results Millions (except per unit or otherwise noted) For the three months ended June 30 For the six months ended June 30 Unaudited 2022 2021 2022 2021 Select Financial Information Net income (loss) attributable to Unitholders $ 1 $ (63) $ (77) (196) Per LP unit (1) (0.03) (0.13) (0.19) (0.37) Funds From Operations (FFO) (2) 294 268 537 510 Per Unit (2)(3) 0.46 0.42 0.83 0.79

      Brookfield Renewable reported FFO of $294 million or $0.46 per Unit for the three months ended June 30, 2022, a 10% increase on a per Unit basis over the same period in the prior year. After deducting non-cash depreciation, our Net income attributable to Unitholders for the three months ended June 30, 2022 was $1 million.

      Highlights

      We closed or agreed to invest $3 billion ($650 million net to Brookfield Renewable) of capital across various transactions and regions.

      We advanced key commercial priorities, securing contracts to deliver an incremental 3,000,000-megawatt hours of clean energy annually including 600,000 megawatt hours to corporate offtakers. This includes securing a contract to provide clean energy to one of BASF's largest production facilities globally.

      We continued to accelerate our development activities, commissioning approximately 1,000 megawatts of new projects. These are expected to contribute approximately $11 million of FFO annually to Brookfield Renewable. We also continue to execute on our 17,000-megawatt under-construction and advanced-stage pipeline and have expanded our development pipeline to 75,000 megawatts and approximately 8 million metric tons per annum of carbon capture and storage ("CCS").

      We are advancing approximately $560 million ($90 million net to Brookfield Renewable) of asset recycling activities and continue to maintain robust financial capacity with $4 billion of available liquidity, no material near-term maturities, and limited floating interest rate exposure.

      Growth Initiatives

      So far this year, we have deployed or agreed to deploy $4.5 billion ($1 billion net to Brookfield Renewable) of capital across a wide range of investments, including battery storage, carbon capture, distributed generation, and utility-scale wind and solar. To date, our investments into new transition opportunities comprise only a small portion of our capital deployment, but mark entry points into segments that we feel have the potential to grow significantly over time. These investments represent new and incremental growth levers for our business, beyond our continued growth in renewables.

      Our approach to investing in new transition opportunities is similar to how we look at renewable investments. We look for opportunities that are economic without government subsidy, technologically proven, and underpinned by strong macro tailwinds. We focus on situations where our key advantages of access to capital, knowledge of power markets, operating and development capabilities, extensive customer relationships, and global reach can differentiate us as investors and operators. Over time, as more decarbonization products and services scale, we expect transition investments to grow within our portfolio. However, investment in clean power generation remains the largest decarbonization investment opportunity today, and we therefore expect it to represent the majority of our deployment for the foreseeable future.

      Our global distributed generation business continues to be a significant area of growth, as the trends of decentralized power generation and direct customer interaction accelerate. In the past twelve months, we have grown our U.S. distributed generation business by three times to 6,500 megawatts through various organic initiatives. These include our channel partnerships, joint development agreements, and strategic partnerships, like our cooperation agreement with Trane Technologies, which enables us to leverage our respective capabilities to create decarbonization solutions for customers.

      We recently agreed to acquire a leading integrated distributed generation developer in the U.S. with a proven track record of developing and operating projects, for $700 million ($140 million net to Brookfield Renewable), representing our equity purchase price and additional equity deployment to fund future growth. The business has in-house expertise across all stages of the development lifecycle, with 500 megawatts of contracted operating and under construction assets located primarily in the U.S. northeast and an 1,800-megawatt identified development pipeline, of which almost 200 megawatts are de-risked with long-term, creditworthy counterparties.

      With this investment, we further enhanced our position as the global leader in distributed generation with 10,300 megawatts of operating and development assets. With capabilities and scale across all our core regions, we are well positioned to keep growing and provide our customers with innovative decarbonization solutions across multiple markets. This will help our partners meet their sustainability targets while reducing operating costs through onsite renewable energy and other decarbonization services.

      We also expanded our North American CCS platform through a recently announced joint venture to establish a new carbon management business. Under an arrangement with California Resource Corporation ("CRC"), an independent oil and natural gas company committed to the energy transition, we will partner to fund the development and construction of identified CCS projects in California, with an initial goal of deploying up to $500 million of capital ($100 million net to Brookfield Renewable). We expect that the joint venture, where we will retain the option to fund projects meeting our objectives, will benefit from a first mover advantage through CRC's ownership of prospective CO2 storage reservoirs that are a critical asset for carbon capture and storage in California, one of the most desirable jurisdictions globally given the state's Low Carbon Fuel Standards credit system. The joint venture is targeting the injection of 5 million metric tons per annum and 200 million metric tons of total carbon dioxide storage development, which if reached, could result in an additional investment of approximately $1 billion ($200 million net to Brookfield Renewable).

      During the quarter, we invested in a leading private owner and operator of long-term, U.S. dollar-denominated, contracted critical power and utility assets across the Americas with 1,200 megawatts of installed capacity. Our investment will be used to fund both growth, and decarbonization initiatives, including the implementation of a Paris-aligned energy transition plan that includes an approximately 1,300-megawatt renewable development pipeline. We have committed to invest up to $500 million ($100 million net to Brookfield Renewable) through both preferred shares and a 20% stake in the common equity.

      In Brazil, we signed an agreement to acquire a high quality approximately 600-megawatt greenfield solar project in late-stage development located in a region with high solar radiance and grid availability, as well as potential construction, operating and connection synergies with our existing portfolio. The project is expected to require approximately $190 million ($48 million net to Brookfield Renewable) of equity capital.

      In India, we signed an agreement to acquire our first renewable energy park. Once built, this renewable energy park will be approximately 500 megawatts and will enable us to provide decarbonization solutions to commercial and industrial customers at scale. The project is expected to require approximately $110 million ($22 million net to Brookfield Renewable) of equity capital. This represents the first investment in a renewable energy park strategy that we feel is highly replicable and plays to our strengths of development, construction, and corporate contracting.

      Across the rest of Asia, we agreed to acquire approximately 750 megawatts of fully contracted wind assets consisting of primarily ready-to-build or under-construction projects for a total investment of approximately $340 million ($70 million net to Brookfield Renewable). The projects, some of which we are acquiring alongside Apple's renewable energy fund, are expected to be commissioned over the next year and will tuck into our existing operations in the region.

      For the complete story see:

      https://bep.brookfield.com/press-releases/bep/brookfield-renewable-announces-strong-second-quarter-results-2

      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 July 2022

      Enphase Energy Reports Financial Results for the Second Quarter of 2022

      FREMONT, Calif., July 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 second quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman.

      We reported record quarterly revenue of $530.2 million in the second quarter of 2022, along with 42.2% for non-GAAP gross margin. We shipped 3,348,553 microinverters, or approximately 1,213 megawatts DC, and 132.4 megawatt hours of Enphase® IQ™ Batteries.

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

      Record quarterly revenue of $530.2 million

      GAAP gross margin of 41.3%; non-GAAP gross margin of 42.2%

      GAAP operating income of $94.0 million; non-GAAP operating income of $152.4 million

      GAAP net income of $77.0 million; non-GAAP net income of $149.9 million

      GAAP diluted earnings per share of $0.54; non-GAAP diluted earnings per share of $1.07

      Free cash flow of $192.0 million; ending cash, cash equivalents, and marketable securities of $1.25 billion

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

      (In thousands, except per share and percentage data)

      GAAP Non-GAAP Q2 2022 Q1 2022 Q2 2021 Q2 2022 Q1 2022 Q2 2021 Revenue $ 530,196 $ 441,292 $ 316,057 $ 530,196 $ 441,292 $ 316,057 Gross margin 41.3% 40.1% 40.4% 42.2% 41.0% 40.8% Operating expenses $ 124,969 $ 115,149 $ 68,401 $ 71,169 $ 66,250 $ 51,696 Operating income $ 94,036 $ 61,824 $ 59,400 $ 152,412 $ 114,529 $ 77,165 Net income $ 76,976 $ 51,821 $ 39,351 $ 149,852 $ 109,670 $ 74,676 Basic EPS $ 0.57 $ 0.39 $ 0.29 $ 1.11 $ 0.82 $ 0.55 Diluted EPS $ 0.54 $ 0.37 $ 0.28 $ 1.07 $ 0.79 $ 0.53

      Our total revenue increased 20%, compared to the first quarter of 2022. Our microinverter shipments were up 18%, compared to the first quarter of 2022. Our IQ Battery shipments were up 10%, compared to the first quarter of 2022. Our non-GAAP gross margin was 42.2% in the second quarter of 2022, compared to 41.0% in the first quarter of 2022, driven by a favorable product mix.

      Our non-GAAP operating expenses were $71.2 million in the second quarter of 2022, compared to $66.3 million in the first quarter of 2022, primarily due to increased investment in R&D, customer service, sales, and IT infrastructure. Our non-GAAP operating income was $152.4 million in the second quarter of 2022, compared to $114.5 million in the first quarter of 2022.

      We exited the second quarter of 2022 with $1.25 billion in cash, cash equivalents, and marketable securities and generated $200.7 million in cash flow from operations in the second quarter of 2022. Our capital expenditures were $8.7 million in the second quarter of 2022, compared to $12.4 million in the first quarter of 2022.

      Our quarterly revenue in the second quarter of 2022 was driven by strong demand for Enphase Energy Systems, powered by IQ® Microinverters and IQ Batteries. IQ8™ Microinverters constituted 37% of all our microinverter shipments during the second quarter. The grid-forming IQ8 Microinverters can provide Sunlight Backup™ during an outage, even without a battery. And, 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.

      Our IQ Battery shipments increased to 132.4 megawatt hours in the second quarter of 2022, compared to 120.4 megawatt hours in the first quarter of 2022. We shipped batteries to the United States, Germany, and Belgium during the second quarter, and made updates to improve the installer and homeowner experience. We now have more than 1,600 installers worldwide that are certified to install our IQ Batteries.

      Our revenue in Europe for the second quarter of 2022 increased 69%, compared to the first quarter of 2022, led by strong growth in the Netherlands and Germany. Homeowners want self-consumption as the region not only faces rising energy prices but also a growing demand for home electrification driven by EVs and natural gas shortages. We expect to introduce IQ Batteries in more European countries during the second half of 2022.

      Our strategy is to build best-in-class home energy systems and deliver them to homeowners through our installer and distribution partners, enabled by an installer platform. We have completed five acquisitions in the last six quarters, one for EV chargers and four to help create our installer platform. We shipped more than 8,250 ClipperCreek EV chargers to U.S. customers in the second quarter of 2022 and expect healthy growth going forward. We are working to move production to our manufacturing partner in Mexico, making our chargers smart and integrating the EV chargers into our home energy management systems.

      We recently acquired SolarLeadFactory LLC to provide high-quality leads to our installers and further strengthen our installer platform. In January 2021, we acquired Sofdesk Inc. to provide solar design software capability and approximately 950 installers are using the Solargraf software. We acquired a business in Noida, India in March 2021 to provide proposal and permitting services for installers and are focused on automating these services. In December 2021, we acquired 365 Pronto, Inc. to simplify maintenance for installers by matching cleantech asset owners to a local and on-demand workforce of service providers. All four acquisitions aim to make life simpler for installers by providing them high-quality products and services, ultimately reducing their soft costs.

      BUSINESS HIGHLIGHTS

      On April 19, 2022, Enphase Energy announced that ADT Solar™, formerly Sunpro Solar, a leading rooftop solar provider and one of the fastest-growing residential solar-plus-storage service providers across 22 states in the United States, is now exclusively offering Enphase IQ8 Microinverters as part of its comprehensive home energy solution.

      On May

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