Oil Prices Up; Renewable Energy?
An Internet-based investor news and research portal, www.RenewableEnergyStocks.com, on May 21 presented a sector close-up on recent developments in renewable energy stocks as oil continues to set record highs.
• Geothermal stock, Essential Innovations Technology Corp. announced it has successfully closed and funded a financing in the form of a convertible secured note in the amount of $1,750,000.
• Rotoblock Inc. recently announced it will acquire controlling interest in Hikom Gottell Corp.for $25 million. The US-China venture intends to develop and manufacture small engines, air-conditioning systems, and other consumer and industrial equipment.
• XsunX, Inc. a solar technology company, announced it has signed an agreement with Praxair, Inc.for the supply of bulk industrial gases for its new multi-megawatt thin film photovoltaic solar manufacturing facility near Portland, Ore.
• Electric vehicle pioneer ZAP announced that Dubai's Al Yousuf Group has completed a transaction to purchase a convertible debt that was part of a private placement registration from October 2007.ZAP closed trading at $1.18 on 2,532,983 shares.
• Ascent Solar Technologies, Inc. announced that the underwriters of its public offering exercised their over-allotment option to purchase an additional 570,000 shares of its common stock at $14.00 per share.
• The Chicago Board Options Exchange launched trading in options on Market Vectors-Solar Energy ETF, an exchange-traded fund.
• Solarfun Power Holdings, a manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, reported its unaudited financial results for the first quarter ended March 31, 2008 with Net revenue of $171 million, an increase of 529 percent from the fourth quarter of 2007. Solarfun traded 30,416,457 shares and was up 4.99 percent.
• Publicly traded Suzlon Energy Limited, based in Mumbai, India, the world's fifth leading wind turbine maker with 10.5 percent of global market share, announced results for the financial year ended March 31, 2008, reporting 71 percent growth in revenues.
• Fuel Tech, Inc. announced receipt of a $4.6 million contract for the supply and installation of NOxOUT® Selective Non-Catalytic Reduction technology on two newly constructed 600 megawatt coal-fired boilers in the People's Republic of China.
• SunPower Corp., a manufacturer of high-efficiency solar cells, solar panels, and solar systems, announced it has completed design and construction of a new 1.4-megawatt solar electric power plant project in Hampyeong, South Korea.