LATEST COMPANY NEWS
PV Tech - Minnesota passes US$80 million incentive package to spur solar deployment - 24/5/2023
The state of Minnesota has passed an US$80 million solar and energy storage incentive programme, including multiple programmes and policy changes.
For the complete story see:
https://www.pv-tech.org/minnesota-passes-us80-million-incentive-package-to-spur-solar-deployment/
SolarQuarter - SUSI Partners Acquires Controlling Stake in Encore Renewable Energy to Boost U.S. Clean Energy Growth - 24/5/2023
SUSI Partners, a prominent sustainable infrastructure investment firm, has acquired a controlling equity stake in Encore Renewable Energy, a leading U.S. clean energy company specializing in solar PV and battery storage projects.
For the complete story see:
https://solarquarter.com/2023/05/24/susi-partners-acquires-controlling-stake-in-encore-renewable-energy-to-boost-u-s-clean-energy-growth/
PV Magazine - US startup develops flexible inverted perovskite solar cell with 16.1% efficiency - 23/5/2023
Scientists from NREL and the University of Louisville have built an inverted perovskite solar cell with an electron transport layer (ETL) based on yttrium-doped tin oxide (SnO2) nanoparticles.
For the complete story see:
https://www.pv-magazine.com/2023/05/23/us-startup-develops-flexible-inverted-perovskite-solar-cell-with-16-1-efficiency/
Other Stories
PV Magazine USA - Origami Solar develops lighter weight solar module frames made of steel - 23/5/2023
PV Magazine USA - Slate of 45 projects selected for New Mexico community solar program - 23/5/2023
PV Tech - Aggreko to finance 500MW US farming community solar portfolio - 22/5/2023
Reuters - Italy's Enel to invest more than $1 bln in Oklahoma solar panel factory - 22/5/2023
Reuters - U.S. advances major southwestern transmission project - 19/5/2023
Media Releases
Enphase Energy (NASDAQ: ENPH) - Enphase Expands IQ Microinverter Deployments in the United Kingdom - 22/5/2023
SunPower Corporation (NASDAQ: SPWR) - SunPower Appoints Audrey Zibelman to its Board of Directors - 18/5/2023
Latest Research
Bayesian updating of solar panel fragility curves and implications of higher panel strength for solar generation resilience - By Luis Ceferino, Ning Lin, Dazhi Xi
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)
Emeren Group Ltd. (NYSE: SOL ) formerly Renesola Ltd
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)
Sunworks Inc (NASDAQ: SUNW)
SunPower Corporation (NASDAQ: SPWR)
Sunrun (NASDAQ: RUN)
Associate: Danny Cliffson Crispin Benos
News and Commentary
PV Tech - Minnesota passes US$80 million incentive package to spur solar deployment - 24/5/2023
The state of Minnesota has passed an US$80 million solar and energy storage incentive programme, including multiple programmes and policy changes.
For the complete story see:
https://www.pv-tech.org/minnesota-passes-us80-million-incentive-package-to-spur-solar-deployment/
SolarQuarter - SUSI Partners Acquires Controlling Stake in Encore Renewable Energy to Boost U.S. Clean Energy Growth - 24/5/2023
SUSI Partners, a prominent sustainable infrastructure investment firm, has acquired a controlling equity stake in Encore Renewable Energy, a leading U.S. clean energy company specializing in solar PV and battery storage projects.
For the complete story see:
https://solarquarter.com/2023/05/24/susi-partners-acquires-controlling-stake-in-encore-renewable-energy-to-boost-u-s-clean-energy-growth/
PV Magazine - US startup develops flexible inverted perovskite solar cell with 16.1% efficiency - 23/5/2023
Scientists from NREL and the University of Louisville have built an inverted perovskite solar cell with an electron transport layer (ETL) based on yttrium-doped tin oxide (SnO2) nanoparticles.
For the complete story see:
https://www.pv-magazine.com/2023/05/23/us-startup-develops-flexible-inverted-perovskite-solar-cell-with-16-1-efficiency/
PV Magazine USA - Origami Solar develops lighter weight solar module frames made of steel - 23/5/2023
Origami Solar, based in Bend, Oregon, was awarded the grand prize in the 2022 U.S. Department of Energy's American-Made Solar Prize competition, recognizing the disruptive value and market potential of the company's steel module frame.
For the complete story see:
https://pv-magazine-usa.com/2023/05/23/origami-solar-develops-lighter-weight-solar-module-frames-made-of-steel/
PV Magazine USA - Slate of 45 projects selected for New Mexico community solar program - 23/5/2023
The 2021 passage of New Mexico's Community Solar Act opened the southwest state's solar market and advanced clean energy accessibility for New Mexicans.
For the complete story see:
https://pv-magazine-usa.com/2023/05/23/slate-of-45-projects-selected-for-new-mexico-community-solar-program/
PV Tech - Aggreko to finance 500MW US farming community solar portfolio - 22/5/2023
Aggreko has agreed to become the financing and development partner for a 500MW US community solar portfolio to be established by the Farmers Powering Communities solar initiative.
For the complete story see:
https://www.pv-tech.org/aggreko-to-finance-500mw-us-farming-community-solar-portfolio/
Reuters - Italy's Enel to invest more than $1 bln in Oklahoma solar panel factory - 22/5/2023
Italy's Enel said it will invest more than $1 billion in a solar cell and panel factory in Oklahoma, seeking to capitalize on a U.S. push to build a homegrown clean energy manufacturing sector to compete with China.
For the complete story see:
https://www.reuters.com/sustainability/italys-enel-invest-more-than-1-bln-oklahoma-solar-panel-factory-2023-05-22/
Reuters - U.S. advances major southwestern transmission project - 19/5/2023
The Department of the Interior's Bureau of Land Management on Thursday announced it had completed the environmental review of a transmission project that can transport up to 4,500MW of mostly renewable energy across the southwestern U.S.
For the complete story see:
https://www.reuters.com/business/energy/us-advances-major-southwestern-transmission-project-2023-05-18/
Media Releases
Enphase Energy (NASDAQ: ENPH) - Enphase Expands IQ Microinverter Deployments in the United Kingdom - 22/5/2023
FREMONT, Calif., May 22, 2023 (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 the United Kingdom have seen growing deployments of residential solar energy systems powered by the IQ7™ family of microinverters.
The United Kingdom's solar power industry saw unprecedented growth in 2022, including the highest number of smaller-scale solar system installs since 2015 and more than twice the amount seen in 2021, according to MCS, a standards organization for renewable energy across the country.
IQ7, IQ7+™, and IQ7A™ Microinverters leverage Enphase's unique software-defined architecture and semiconductor integration for excellent reliability and economies of scale. Enphase microinverters are subjected to a rigorous reliability and quality testing regimen with more than one million hours of cumulative power-on testing to ensure exceptional performance under heat, high humidity, salty air, extreme cold, and harsh climate conditions. The company's microinverters are backed by a 25-year warranty in the United Kingdom.
"Enphase microinverters power solar systems with superior efficiency, reliability, and intelligence," said Ben Price, founder at Heatable. "This helps homeowners harness the full potential of clean energy, from a reduced carbon footprint to maximum cost savings on their electricity bills."
"Enphase technology is revolutionizing how homeowners in the United Kingdom power their homes," said Richard Cromarty, owner at JPS Renewable Energy. "Its powerful, compact, and highly customizable architecture allows our installers to easily design and build solar systems that meet unique energy needs."
Enphase microinverter systems integrate with the IQ™ Gateway, which can be connected to the internet to enable over-the-air updates and connect to the Enphase® App monitoring platform. The IQ Gateway and IQ® Microinverters are designed to make per-panel energy monitoring and insights for operations and maintenance simple for homeowners.
"Enphase has built a truly remarkable home energy system that is easy to install, delivers maximum performance, and offers unparalleled monitoring capabilities," said Andy Duffin, owner at The Solar People. "In addition to helping homeowners better manage their electricity bills, our customers also see the return on their investment in Enphase solar systems through the Enphase App, where they get an inside look at their energy system."
Enphase began production shipments of microinverters from its contract manufacturer Flex in Romania earlier this year. With the Flex Romania factory, Enphase has increased its global capacity of microinverters per quarter, enabling Enphase to improve delivery times to European customers while addressing the region's rapid growth and demand for residential solar.
"All across Europe, we're witnessing extraordinary demand for advanced home energy solutions to increase energy independence and promote more sustainable lifestyles," said Marco Krapels, vice president of international sales at Enphase Energy. "Thanks to our regional manufacturing and experienced, robust network of installers in the United Kingdom, homeowners have more access to the industry's finest home energy technology to meet their needs."
https://investor.enphase.com/news-releases/news-release-details/enphase-expands-iq-microinverter-deployments-united-kingdom
SunPower Corporation (NASDAQ: SPWR) - SunPower Appoints Audrey Zibelman to its Board of Directors - 18/5/2023
RICHMOND, Calif., May 18, 2023 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services company, today announced that Audrey Zibelman has been appointed to its board of directors. Zibelman brings extensive experience driving innovation and leading the transition to clean energy at large organizations in the private and public sectors as a board member, CEO and government leader.
"Audrey is one of the most accomplished executives advancing the energy industry transformation, and I am honored to welcome her to our board," said Peter Faricy, SunPower CEO. "With her multifaceted experience in the power sector, I expect she will bring a unique and valuable perspective to SunPower as we aim to lead the market in rapid adoption of solar energy and home electrification."
Zibelman currently serves as an advisor and non-executive director to multiple companies and organizations leading on climate change including President Biden's National Infrastructure Advisory Council. Zibelman has served in a number of executive roles throughout her storied career, most recently as vice president of X, Alphabet's moonshot factory. There, she led a team focused on building accurate digital tools necessary for a decarbonized power system. Prior to that, she served as managing director and CEO of the Australian Energy Market Operator, the national power and gas system operator for Australia. There, she spearheaded the development of a market for consumer owned distributed power resources and established the roadmap for Australia to decarbonize its national power system.
Earlier in her career, Zibelman acted as chair of the New York Public Service Commission where she was a member of the governor's cabinet and led massive regulatory reform of the electric industry to support a decarbonized grid. Previously, she was chief operating officer of PJM, the world's largest wholesale energy market and a long-time executive of Xcel Energy, the United States' fifth largest multi-state integrated gas and electric utility.
"Consumer adoption of clean energy is a vital piece of the decarbonization puzzle. I am looking forward to working with SunPower to accelerate the shift to solar so more people can take advantage of renewable, resilient energy while creating a cleaner and more stable grid," said Zibelman.
https://newsroom.sunpower.com/2023-05-18-SunPower-Appoints-Audrey-Zibelman-to-its-Board-of-Directors
Latest Research
Bayesian updating of solar panel fragility curves and implications of higher panel strength for solar generation resilience
Luis Ceferino, Ning Lin, Dazhi Xi
Abstract
Solar generation can become a major and global source of clean energy by 2050. Nevertheless, few studies have assessed its resilience to extreme events, and none have used empirical data to characterize the fragility of solar panels. This paper develops fragility functions for rooftop and ground-mounted solar panels calibrated with solar panel structural performance data in the Caribbean for Hurricanes Irma and Maria in 2017 and Hurricane Dorian in 2019. After estimating the hurricane wind fields, we follow a Bayesian approach to estimate fragility functions for rooftop and ground-mounted panels based on the observations supplemented with existing numerical studies on solar panel vulnerability. Next, we apply the developed fragility functions to assess failure rates due to hurricane hazards in Miami-Dade, Florida, highlighting that the panels perform below the code requirements, especially rooftop panels. We also illustrate that strength increases can improve the panels' structural performance effectively. However, strength increases by a factor of two still cannot meet the reliability stated in the code.
https://www.sciencedirect.com/science/article/abs/pii/S0951832022005117
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
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
10 March 2023
Ascent Solar Technologies, Inc. Announces Full Year 2022 Financial Results
THORNTON, CO, March 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) ("ASTI" or the "Company"), the leading U.S. innovator in the design and manufacture of featherweight, flexible thin-film photovoltaic (PV) solutions, announced today its results for the full year ended December 31, 2022.
Full Year 2022 Financial Results
Total revenues during 2022 were $1.2 million, representing a 101% year-over-year increase. The increase in revenues was due primarily to milestone and engineering revenue from the Company's joint venture with TubeSolar, a German developer and manufacturer of photovoltaic thin-film tubes used primarily in the agricultural production sector.
Costs and expenses in 2022 increased 94% year-over-year to $18.3 million. The most significant driver to increased costs and expenses was share-based compensation of $5.5 million from inducement restricted stock units granted to the Company's new CEO and CFO. Secondary drivers to the increase in costs and expenses included a 44% increase in research, development, and manufacturing operations to $6.0 million due to increased operating activity, and a 43% increase in selling, general and administrative expenses to $4.7 million due to increased activity and one-time separation expense for the Company's previous executive management.
Loss from operations for 2022 was $17.1 million, compared to $8.8 million in 2021. When excluding one-time executive separation costs and non-cash share-based compensation expenses, loss from operations for 2022 would have been $10.9 million.
Net loss in 2022 was $19.8 million, or $(0.66) per share.
Cash balance at year-end was $11.5 million, an increase of $5.5 million when compared to year-end 2021. The Company also had convertible notes outstanding of $5.3 million, down from $8.1 million at year-end 2021.
CEO Comments
"This has been a year of significant change for ASTI marked by its listing on the Nasdaq in August and a management transition in September," commented Jeffrey Max, ASTI's new Chief Executive Officer.
"When I took over the role of CEO in September of last year, I did so because I recognized an extraordinary opportunity to bring thin-film PV technology to prominence in markets that require renewable power but are not favorable to heavy, rigid traditional solar panels. Significant capital and two decades of innovation have been invested into our technology, and we offer a broad range of applications to high-value markets like space, aerospace, and agriculture.
"I am pleased with the progress we have made in the past six months executing on our turn-around strategy. In December, we accomplished two important objectives for the viability and long-term value creation for the company: we hired an outstanding CFO in Paul Warley, who brings 30-plus years of experience in financial management, investment banking and M&A, and we raised capital to pursue both organic and external growth opportunities that we believe will accrue substantial value to the benefit of our shareholders. Most recently, we announced an important first step in our strategy to commercialize our thin-film PV technology by signing a term sheet to acquire the assets of a leading European thin-film PV manufacturer, including its modern 15 MW manufacturing facility, and will service the existing contracts in the luxury goods and building integrated photovoltaics markets. We expect that this transaction will have a significant impact on company sales and our march towards profitability.
"We are driven to re-establish ASTI as a leader in thin-film PV technology and a provider of innovative renewable power solutions and appreciate the support of our customers and investors as we re-position the Company for future growth and success."
https://investors.ascentsolar.com/news/news-details/2023/Ascent-Solar-Technologies-Inc.-Announces-Full-Year-2022-Financial-Results/default.aspx
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 May 2023
Alto Ingredients, Inc. Reports First Quarter 2023 Result
PEKIN, Ill., May 08, 2023 (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, 2023.
"In 2023, we continue to make good progress executing our transformative capital initiatives to drive our EBITDA expansion goals, and we are also pleased that current market improvements are positively impacting our business," said Mike Kandris, CEO of Alto Ingredients. "Since December 2022, the market environment has improved sequentially each month. For the month of March, we generated positive bottom-line financial results. Based on current ethanol crush margins, we expect positive Adjusted EBITDA for the second quarter of 2023."
"We are confident in our ability to fund our near-term projects through a combination of working capital, our term loan facility and cash generated from our operating activities. We expect to achieve roughly $65 million of additional annualized EBITDA by the end of 2025, which we expect to increase to $125 million annualized EBITDA by the end of 2026. Overall, we believe these initiatives will significantly improve long-term shareholder value," concluded Kandris.
Alto Ingredients produces renewable products, specifically, specialty alcohols, essential ingredients and renewable fuel. Each of the company's initiatives to expand EBITDA advances sustainability. Recent project updates follow.
New 190 proof and low-moisture 200 proof grain neutral spirits products are attracting new and existing beverage customers on a spot purchase basis. The company expects to secure additional volume commitments during the annual contracting period for 2024.
Magic Valley's corn oil and high protein technology installation is complete, and the operating systems are undergoing alignment for optimal efficiency.
Fully operational, the new silo at the Pekin campus is already reducing costs and improving plant reliability.
Updates regarding several third-party, front-end engineering and design (FEED) studies include:
Engaged firm for primary yeast production.
Selected a firm for carbon capture and sequestration (CCS) to determine capture, compression, and energy requirements, and evaluating partners to provide turnkey transportation, sequestration, and monitoring services.
Completed new natural gas pipeline study, started initial routing steps and advanced to definitive land agreements and the construction permit application process.
Completed study for cogeneration, which is expected to reduce energy costs at the company's Pekin campus and support the increased energy requirements for both the primary yeast and CCS initiatives.
Financial Results for the Three Months Ended March 31, 2023 Compared to 2022
Net sales were $313.9 million, compared to $308.1 million.
Cost of goods sold was $317.1 million, compared to $303.3 million.
Gross loss was $3.2 million, compared to gross profit of $4.8 million.
Selling, general and administrative expenses were $7.9 million, compared to $7.6 million.
Operating loss was $11.6 million, compared to $2.9 million.
Net loss available to common stockholders was $13.5 million, or $0.18 per share, compared to $2.9 million, or $0.04 per share.
Adjusted EBITDA was negative $4.5 million, compared to positive Adjusted EBITDA of $4.4 million.
Cash and cash equivalents were $21.2 million at March 31, 2023, compared to $36.5 million at December 31, 2022. Working capital was $117.8 million at March 31, 2023, compared to $121.1 million at December 31, 2022. The company's term loan facility has $40 million of remaining borrowing availability and an option to request up to an additional $25 million. These resources represent more than $180 million to support business operations and growth initiatives.
For full release see:
https://ir.altoingredients.com/news-events/press-releases/detail/603/alto-ingredients-inc-reports-first-quarter-2023-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
10 May 2023
Ballard Reports Q1 2023 Results
VANCOUVER, CANADA - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2023. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"Our first quarter revenue of $13.3 million and new order intake of $17.6 million are consistent with our full-year 2023 plan," said Randy MacEwen, President and CEO. "With an increasingly positive policy landscape, we see growing customer interest in our core mobility markets of bus, truck, rail, and marine in Europe and North America. We believe our $137.7 million Order Backlog reflects continued customer platform wins, including a record Power Products Order Backlog that has doubled from one year ago and now exceeds $100 million. This positions us for a busy second half of 2023, where we expect second half revenue to be approximately 70% of our annual total, and an exciting set-up for 2024."
"With our Q1 expenses also on plan, we are tracking to our full-year guidance ranges for operating and capital expenses. We continue to prioritize investments in our technology and product development programs, product cost reduction initiatives, customer platform wins, customer experience, and advanced manufacturing," Mr. MacEwen added.
Mr. MacEwen continued, "As previously communicated, we continue to see gross margin pressures into 2024 given our revenue mix, pricing strategy, investments in production capacity, and timing lag before our production volumes ramp and our product cost reduction initiatives move into production. We ended the quarter with $863.8 million in cash reserves."
"We are looking forward to our upcoming Capital Markets Day on June 13th, where we will provide key updates on long-term business plan, including sales growth in our verticals, gross margin progression, our technology and product roadmap, product cost reduction, capital expenditures, and ESG initiatives. We will also unveil our TCO-driven comparative value proposition model for fuel cell trucks," Mr. MacEwen concluded.
For full release see:
https://www.ballard.com/about-ballard/newsroom/news-releases/2023/05/10/ballard-reports-q1-2023-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 May 2023
Brookfield Renewable Announces Strong First Quarter Results
BROOKFIELD, News, May 05, 2023 (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, 2023.
"We had an excellent start to the year delivering solid double digit FFO growth year-over-year. We also continued our elevated level of growth activity, as we commissioned approximately 700 megawatts of capacity, maintained our path to deliver approximately 5,000 megawatts this year, and signed transactions for over $8 billion of equity investment alongside our institutional partners," said Connor Teskey, CEO of Brookfield Renewable. "Our landmark transaction to acquire and decarbonize Australia's largest integrated power generator and energy retailer is an example of the type of investment that is necessary to meet global net zero targets. We continue to believe we are uniquely capable of executing large scale power transformations, leveraging our operating expertise and access to capital to generate attractive risk-adjusted returns for our investors."
For the three months ended March 31 US$ millions (except per unit amounts), unaudited 2023 2022 Net loss attributable to Unitholders $ (32) $ (78) - per LP unit (1) (0.09) (0.16) Funds From Operations (FFO) (2) 275 243 - per Unit (2)(3) 0.43 0.38
Brookfield Renewable reported FFO of $275 million or $0.43 per Unit for the three months ended March 31, 2023, a 13% increase on a per Unit basis over the same period in the prior year. The results reflect robust hydro generation across our portfolio, strong realized power pricing and asset availability, and contributions from growth. After deducting non-cash depreciation and other expenses, our Net loss attributable to Unitholders for the three months ended March 31, 2023 was $32 million.
For full release see:
https://bep.brookfield.com/press-releases/bep/brookfield-renewable-announces-strong-first-quarter-results-4
Emeren Group Ltd. (NYSE: SOL) formerly ReneSola, Ltd (NYSE: SOL)
Previously ReneSola, we are Emeren. Emeren is a leading global solar project developer and operator. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity of government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets, specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies.
Vision
Leveraging solar development to realize a brighter, cleaner future.
Mission
Streamlining solar projects with knowledge and assets for faster implementation and increased adoption, moving us to a more sustainable future.
Emeren Values
As a leader in sustainable green-energy projects globally for the benefit of people, profit and planet, we are a reflection of our values.
https://emeren.com/about/
28 March 2023
Emeren Announces Fourth Quarter and Full Year 2022 Financial Results
STAMFORD, Conn., March 28, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022. Emeren Group Ltd's fourth quarter and full year 2022 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.
For full release see:
https://ir.emeren.com/news-releases/news-release-details/emeren-announces-fourth-quarter-and-full-year-2022-financial
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/
25 April 2023
Enphase Energy Reports Financial Results for the First Quarter of 2023
FREMONT, Calif., April 25, 2023 (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 2023, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $726.0 million in the first quarter of 2023, along with 45.7% for non-GAAP gross margin. We shipped 4,830,589 microinverters, or approximately 1,957.2 megawatts DC, and 102.4 megawatt hours of Enphase® IQ™ Batteries.
Financial highlights for the first quarter of 2023 are listed below:
Quarterly revenue of $726.0 million
GAAP gross margin of 45.0%; non-GAAP gross margin of 45.7%
GAAP operating income of $167.7 million; non-GAAP operating income of $233.6 million
GAAP net income of $146.9 million; non-GAAP net income of $192.3 million
GAAP diluted earnings per share of $1.02; non-GAAP diluted earnings per share of $1.37
Free cash flow of $223.8 million; ending cash, cash equivalents, and marketable securities of $1.78 billion
Our revenue and earnings for the first quarter of 2023 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAP Non-GAAP Q1 2023 Q4 2022 Q1 2022 Q1 2023 Q4 2022 Q1 2022 Revenue $ 726,016 $ 724,652 $ 441,292 $ 726,016 $ 724,652 $ 441,292 Gross margin 45.0% 42.9% 40.1% 45.7% 43.8% 41.0% Operating expenses $ 158,708 $ 153,741 $ 115,149 $ 98,375 $ 87,718 $ 66,250 Operating income $ 167,663 $ 156,960 $ 61,824 $ 233,562 $ 229,389 $ 114,529 Net income $ 146,873 $ 153,753 $ 51,821 $ 192,319 $ 212,389 $ 109,670 Basic EPS $ 1.07 $ 1.13 $ 0.39 $ 1.41 $ 1.56 $ 0.82 Diluted EPS $ 1.02 $ 1.06 $ 0.37 $ 1.37 $ 1.51 $ 0.79
Total revenue for the first quarter of 2023 was $726.0 million, compared to $724.7 million in the fourth quarter of 2022. Our revenue in the United States for the first quarter of 2023 decreased approximately 9% due to seasonality and macroeconomic conditions, while our revenue in Europe increased approximately 25%, compared to the fourth quarter of 2022. Our non-GAAP gross margin was 45.7% in the first quarter of 2023, compared to 43.8% in the fourth quarter of 2022, driven by increased IQ8™ product mix and improved logistics.
For the complete story see:
https://investor.enphase.com/news-releases/news-release-details/enphase-energy-reports-financial-results-first-quarter-2023
First Solar Holding, LLC (NASDAQ: FSLR)
First Solar has developed, financed, engineered, constructed and currently operates many of the world's largest grid-connected PV power plants. Our experience across the solar value chain reduces risk while delivering more reliable, dependable and cost-effective solutions for our customers.
Fastest growing PV technology
No company invests more in R&D advancing our technology to rapidly increase our energy yield, lower LCOE and provide stable grid integration.
Cost Competitive
First Solar delivers an LCOE that is cost competitive with fossil fuels. First Solar technology delivers power during peak energy use smoothing costs for energy consumers against fuel-price volatility.
Leading the Way in Sustainability
First Solar knows that clean affordable solar electricity is an essential part of the worldwide energy mix. That's why First Solar leads the way with the lowest carbon footprint, lowest water usage and fastest energy payback of any PV technology.
Strongest Balance Sheet in the Industry
With the strongest financial stability in the industry, the use of our technology in debt-financed projects is unparalleled. Our bankable energy solutions provide access to capital and low-cost financing from leading utilities and energy investors.
http://www.firstsolar.com/About-Us/Overview
28 February 2023
First Solar, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results and 2023 Guidance
Net sales of $2.6 billion for 2022 and $1.0 billion for the fourth quarter
Net loss per diluted share of $0.41 for 2022 and $0.07 for the fourth quarter
Year-end 2022 net cash balance of $2.4 billion
48.3 GW DC of 2022 net bookings; 12 GW DC since third quarter earnings call
2023 net sales guidance of $3.4 billion to $3.6 billion
2023 EPS guidance of $7.00 to $8.00 per diluted share
Year-end 2023 net cash balance guidance of $1.2 billion to $1.5 billion
TEMPE, Ariz., Feb. 28, 2023 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2022.
Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter.
The Company reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $2.4 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of advance payments received from customers offset by capital expenditures related to expansion in India and Ohio.
"We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities," said Mark Widmar, CEO of First Solar. "This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product."
Forecasted net sales for 2023 are $3.4 billion to $3.6 billion. Operating income is forecasted to be $745 million to $870 million, which includes production start-up expense of $85 million to $90 million, ramp costs related to expansion projects and underutilization costs related to factory upgrades of $110 million to $130 million, and Inflation Reduction Act Section 45X tax credits of $660 million to $710 million. Forecasted net income per diluted share is $7.00 to $8.00. The year-end 2023 net cash balance is projected to be in the range of $1.2 billion to $1.5 billion. The complete 2023 guidance is as follows:
2023 Guidance Net Sales $3.4B to $3.6B Gross Margin (1) $1.2B to $1.3B Operating Expenses (2) $415M to $440M Operating Income (3) $745M to $870M Earnings per Diluted Share $7.00 to $8.00 Net Cash Balance (4) $1.2B to $1.5B Capital Expenditures $1.9B to $2.1B Volume Sold 11.8GW to 12.3GW
(1) Includes $110 million to $130 million of ramp and underutilization costs and $660 million to $710 million of Section 45X tax credits
(2) Includes $85 million to $90 million of production start-up expense
(3) Includes $195 million to $220 million of production start-up expense and ramp and underutilization costs, and $660 million to $710 million of Section 45X tax credits
(4) Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2023
The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to certain factors related to the Inflation Reduction Act of 2022. Among other things, such factors include (i) the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code and (ii) the timing and ability to monetize such credit. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about TOP
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