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August 18th, 2005
Boralex Renewable Energy Revenues
Increase 28%
Boralex Inc. (TSX: BLX.A), considered the largest private producer
of wood residue energy in North America, has announced a 28 percent increase in energy sales for its latest quarter,
ended June 30, 2005. For the quarter, revenues were recorded as $20.4 million compared to $15.9 million for the same
period in 2004.
Boralex attributed gains in its earnings in part to $2.2 million
in revenue from renewable energy certificates (RECs) and $5.1 million in United States tax credits. The company indicated
that the tax credits in the first and second quarter represented the equivalent of $9.00 per megawatt hour produced at its
wood-residue power stations.
Summarizing the broad base of Boralex’s operations in the
quarter was Claude Audet, who serves as President and Chief Operating Officer, "Operations wise, during this quarter, Boralex
has achieved significant milestone steps to improve the wood-residue supply, to improve productivity and record additional
revenue from RECs. Moreover, Boralex is in the process of adding equipment to all its wood-residue power stations in order
to qualify these facilities for the various US RECs programs."
He continued with wind energy operations, "As for the wind power
segment, the end of 2005 will mark the commissioning of the new Massif Central and Plouguin wind power sites which will add
65 MW of installed capacity, taking Boralex's total capacity in this segment to nearly 90 MW. In addition, the recently concluded
(euro) 190 million master credit agreement will give Boralex more flexible access to funds required to develop other wind
power projects in France."
The company has power stations for the generation of hydroelectric,
wood residue, natural gas and wind power. Wood residue generated the most electricity in terms of megawatt hours. For the
quarter ended June 30, 2005 wood residue energy generated 190,952 megawatts hours compared to 153,896 megawatt hours over
the year ago quarter. Hydroelectric power came in second at 31,108 megawatts, down from 38,164 megawatt hours for the year
earlier quarter. Wind power increased the most percentage wise to 9,479 megawatts in the recent quarter from 4,969 megawatts
for the quarter a year earlier. Total power generation for the quarter was 231,626 megawatt hours up from 211,387 megawatts
over a year ago.
Revenue for each of these energy segments for the most part tracked
megawatt growth quarter-over-quarter. Hydroelectric power dropped to $2.63 million from $2.75 million, Wood-residue power
increased to $14.46 million from $10.04 million and wind power to $1.27 million from $0.70 million.
August 17th, 2005
Spire Corporation (NASDAQ: SPIR) reported revenue of $7,347,000
for the three months ended June 30, 2005, representing an increase of 73% compared to $4,258,000 for the three months ended
June 30, 2004.
Breaking down the revenue was Roger G. Little, CEO at Spire, "Highlights
for the quarter included significant increases in our solar equipment and solar systems revenues reflecting the sale of two
photovoltaic module assembly lines and the completion of a major solar installation in the Chicago area. Net earnings for
2005 increased $3,419,000 primarily due to the sale of a license relating to our solar technology. Our cash is strong at $7.6
million and we have no bank debt. Our net worth at the close of the quarter was $11,007,000." He also discussed operating
costs, "Our continued monitoring of operating costs resulted in only a slight increase in selling, general and administrative
expenses in the second quarter of 2005 as compared to 2004 despite the 73% increase in revenues. Increased legal and sales
and marketing costs were partially offset by a decrease in insurance costs. We continue to see increased interest throughout
our product lines and are focused on converting this interest into revenue gains and improved profitability."
For the six-month period ended June 30, 2005, the company’s
revenue was $11.53 million compared to $9.29 million for the same period a year ago.
August 16th, 2005
Environmental Power Corporation (AMEX:EPG) partly as a result of its subsidiary, Microgy, Inc.,
increased revenues for the second quarter 28 percent to $14.9 million from the $11.6 million it brought in the second quarter
of 2004. Microgy, which has the license to Anearobic Digester Energy technology, which effectively gives your standard dairy
cow the ability to generate almost all of the electricity needed for one home, contributed $945,316 in revenue in the
latest quarter as opposed to the same quarter last year when it did not make a financial contribution.
Power generation revenue from the company’s other unit, Buzzard Power Corporation
generated $13.9 million compared to $11.6 million for the same quarter last year. That increase was however attributed to
rescheduling of the annual planned maintenance outage at the Buzzard Scrubgrass facility.
For the latest six month period ended June 30, 2005, total revenues at Environmental Power,
were $30 million compared to $25.9 million for the same period last year. For the six month period, Microgy’s total
revenue was $2.2 million.
Summarizing the quarter was Kam Tejwani, CEO at Environmental Power, "Environmental Power achieved
significant milestones towards establishing leadership in the emerging market for profitable renewable energy in this second
quarter, decisively moving from the conceptual to the operational phase. We formally launched a fully operational digester
facility that is serving as a compelling example of what we believe to be the superior quality of our technology and the numerous
benefits of Microgy's solutions, designed to minimize waste management problems while providing a renewable source of energy
for utilities and consumers. With the addition of Randy Hull and John O'Neill to our management team, we now have a team in
place that we believe can accelerate our growth initiatives. We feel confident that the project completion experience we have
gained, and the management team that we now have on board, will enable us to take advantage of the market opportunities and
establish a position of leadership in the renewable energy market."
For the rest of 2005, the management indicated that it expected Microgy’s revenue to increase as a result of
additional projects and agreements, subject to finalization and financing considerations.
Mr. Tejwani in the financial announcement, also gave his thoughts on the impact of the recent United States Energy
Bill as well as specific information on the new tax credits available, "We expect that the new policy, the accompanying tax
credits and related benefits should serve to further drive adoption of Environmental Power's renewable energy solutions. For
example, the law provides a ten-year, $0.009/KWH tax credit for certain types of "open loop biomass" renewable power projects
placed in service by the end of 2007. Also, the law provides a number of incentives designed to spur adoption of renewable
energy projects, including, for example, accelerated depreciation provisions for gas gathering projects. We believe that projects
based on our technology will qualify for some or all of these tax credits and other benefits. The economics of our projects,
which we believe will be attractive even without government incentives, are expected to be further enhanced by these benefits.
As a first mover in the emerging market for profitable, renewable energy production, we welcome this initiative, which we
believe will drive market interest in environmentally smart energy. Our goal is to offer a reliable long term, renewable source
of energy that is cost-effective and has less price volatility than traditional resources. "
August 16th, 2005
Beacon Power Corporation (NASDAQ: BCON), a provider of grid stabilization technology, announced
its second quarter financial results for the period ended June 30, 2005. The company reported that revenues increased to $318,000
compared to $126,000 for the same quarter last year. For the six month period, gains were even higher. For the six months
ended June 30, 2005, revenue hit $954,000 compared to $184,000 for the same period last year.
Bill Capp, Beacon Power’ s CEO, with the financial report commented on the demonstration
systems being built in New York and California, "At the mid-way point of the year, we're proceeding on schedule with the two
Smart Energy Matrix demonstration systems we're building for installation in California and New York. In less than one year,
our engineering team has been able to design, develop, assemble and integrate the world's first flywheel matrix to demonstrate
how responsive energy storage can provide grid frequency regulation. The result of their efforts is that the system was successfully
tested and approved for shipment to California later this month, pending completion of installation site preparations."
Mr.
Capp further elaborated on growing market interest in its system, "With field testing of the first prototype Smart Energy
Matrix imminent, and the expected shipment of our second system to New York in the fall, we're beginning to see interest in
this demonstration from energy officials and experts around the country. With the Energy Bill now becoming law, including
new standards for grid reliability, we believe that our cleaner, better-performing technology will represent an appealing
alternative for grid operators and utilities."
James Spiezio, CFO of Beacon Power was optimistic about the operations of the company, "We
continue to meet with potential investors and other industry supporters. We believe that we will be able to raise sufficient
funds to continue operations and begin development of the flywheel system for the Smart Energy Matrix."
Beacon Power, through its flywheel based Smart Matrix System regulates the frequency of electricity,
called frequency regulation in the power industry. Frequency regulation is important for power utilities in order to produce
consistent levels of power to end-customers and hence maintain optimum electrical power efficiencies.
August 8th, 2005
Evergreen Revenues Up 135 % For the Quarter, 0ver 250
% Year to Date
Evergreen Solar, Inc. (NASDAQ: ESLR), a company that manufacturers solar products based on
its cost-optimized String Ribbon wafer technology, reported that its second quarter revenues for the period ended July 2,
2005 were $10.7 million, up 135 percent over its second quarter for the same period last year, which came in at $4.8 million.
Year-to-date the revenue increase was even greater. So far this year the company reports total revenue of $21.2 million compared
to $7.9 million for the same period last year.
The CEO of Evergreen, Richard M. Feldt, discussed the company operations
and operational results in detail, "During the second quarter, Evergreen Solar continued to execute on plan as the Company
delivered solid financial results and made significant progress with its EverQ venture. In the quarter, we achieved record
product revenue while continuing to use factory capacity for our technology development programs. In addition, we increased
our product gross margins despite the negative effect that the strengthening dollar had on our sales."
Mr. Feldt also commented on the progress of the company’s
new solar factory and associated funding from the German government, "We also continued to work closely with Q-Cells and made
substantial headway on our state-of-the-art 30-megawatt manufacturing plant in Thalheim, Germany. During the quarter, EverQ
successfully completed the design and engineering phase, and received notification that, subject to certain conditions, it
would obtain German government grants to fund approximately $33 million of the factory's construction costs. In July, EverQ
broke ground on the facility, grew its first test wafers in Germany, and Evergreen and EverQ secured silicon agreements that
are expected to ensure our combined needs for the next 18 months."
The silicon shortage has been a problem for solar companies as demand
increases around the world. Mr. Feldt indicated though that the company’s ribbon manufacturing process promises to reduce
the company’s silicon consumption requirements by about half, "We will continue to advance our technology in the quarters
ahead as we pursue our goal of becoming the low-cost producer of solar power products. We have a number of promising
technologies under development to further reduce the variable costs of producing solar panels. In Marlboro, we will be working
to enhance our breakthrough thin ribbon manufacturing process, which would reduce our silicon consumption by approximately
half. Our goal of beginning to transition our current production to thin wafers by year-end is unchanged."
According to Mr. Feldt, the company has a substantial cash position
as a result of a recent note offering, "We recently raised $90 million through an offering of convertible subordinated notes
and ended the quarter with nearly $155 million in cash and marketable securities. While we are still developing our plans,
this financing affords us a level of flexibility to consider various growth initiatives, such as accelerating some research
and development programs, pursuing additional partnerships or funding the anticipated future expansion of our EverQ facility
to 120 megawatts."
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