Solar Photovoltaic

James Montgomery Roughly one month ago General Electric (GE) leapfrogged First Solar (FSLR) in thin-film cadmium-telluride (CdTe) solar photovoltaic (PV) conversion efficiency, with an 18.3 percent efficient champion cell a full percentage point higher than First Solar's 17.3 percent mark set last year. That reign proved to be short-lived, as First Solar has produced an NREL-verified 18.7 percent cell out of its Perrysburg, Ohio factory and R&D center. Keith Emery, who manages NREL's cell and module performance characterization group (and the cell efficiency records chart), confirms that the new First Solar cell arrived and...

by Debra Fiakas Smilers never lose And frowners never win So let the sun shin in Face it with a grin Open up your heart and let the sun shine in. Age of Aquarius The Fifth Dimension, 1969 Investors have not opened their hearts or pocket books for Entech Solar, Inc. (ENSL:  OTC/BB) despite its products that do indeed let the sun shine in, that is into commercial and industrial buildings through innovative tubular skylights.  Shares of Entech Solar are currently priced below a dime.   Entech has also developed a concentrating solar module marketed...

By Tim Conneally From a huge crop of Israeli cleantech companies, solar power optimization and management startup SolarEdge has filed for a $125 million initial public offering on the NASDAQ exchange. SolarEdge has been talking about IPO since 2011, but opted instead to work with venture capital through three separate funding rounds. By the time it completed its Series D, SolarEdge had raised a total of $37 million from more than ten venture capital groups. The company's CFO recently told Bloomberg that it was difficult to grow such a large company with only private money. An IPO was...

By Harris Roen Five solar stocks announced key updates – three show improved prospects, and two warn of danger. Power REIT (PW) More Info Power REIT will acquire 100 acres of land underlying a 20 megawatt solar array to be developed. The leasee will sell electricity to Pacific Gas & Electric (PG&E) and Southern California Edison (SCE), which should then provide a steady income stream to PW shareholders. The stock price is up 11% for the year, in addition to a yield of 3.9%. Press release ...

Applied Materials Solar

Doug Young Bottom line: A widening investigation into violations of an anti-dumping solar panel settlement between China and the EU is likely to result in punitive sanctions, dealing a blow to the Chinese panel makers. What started as some quiet rumblings earlier this week is quickly brewing into a major storm, with word that a landmark settlement between the EU and China a year ago to resolve an anti-dumping dispute over solar panels is quickly unraveling. In this case it’s probably more accurate to say the settlement was between the EU and actual Chinese solar panel makers,...

Vince Font Just days after announcing the launch of major expansions in New York state, the San Mateo-based solar company SolarCity has filed for an IPO in excess of $200 million. Having already received more than $1.5 billion in funding from a variety of high profile companies including Google, PG&E, and U.S. Bancorp, SolarCity is betting on the success of its business model to appeal to stock investors eager to snatch up a slice of the potentially lucrative solar pie. The company’s business model is simple and effective, and has led SolarCity to rapidly become...

Doug Young  Bottom line: A deal designed to avoid punitive tariffs on Chinese solar panels exported to Europe is rapidly collapsing, with new anti-dumping tariffs likely to be imposed by the end of the year. A looming clampdown on Chinese solar panels in Europe is rapidly accelerating, with word that the EU will review part of a landmark 2013 agreement that initially helped to prevent a trade war but is showing rapid signs of unraveling. The case centers on the prices of Chinese solar panels, which are typically much lower than their western counterparts due to a wide array...

by Debra Fiakas CFA The last post “Meeting Solar Challenge in the Courtroom” discussed how European solar manufacturers are complaining about China’s exports.  A complaint made by industry association EU ProSun charges China manufacturers of solar cells and panels of circumventing Europe’s anti-dumping measures by channeling their products through Malaysia and other intermediaries in order to disguise the China origin.  A report by released last month by IHS (formerly SolarBuzz) makes clear there is much at stake in the solar industry.  IHS forecasts global solar photovoltaic capacity could reach 498 gigawatts by 2019.  That call is...

Tom Konrad CFA With project financing and plenty of photovoltaic (PV) modules, a shortage of projects with credible off-takers seems likely to lead to further falls in module prices.  How can investors best profit from this trend? PV module prices have dropped 70% since 2008, when the financial crisis sent demand tumbling, with Chinese multicrystalline silicon module prices currently as low as $1.49 per watt, according to Bloomberg New Energy Finance's (BNEF) Solar Spot Survey.  In part, this was an example of “the Bubble giveth, and the Bubble taketh away.” For the three to four years ending in 2008,...

by Tom Konrad Ph.D., CFA An enthusiastic solar volunteer recently asked me: “What can I invest in to prepare for the next financial crisis?” The situation made the question deeply ironic. The woman asking me was trying to help people invest in solar systems through Solarize, a nonprofit, community-sponsored group buying and discount program. Our town of Marbletown, New York and the neighboring towns of Rochester and Olive have just launched Solarize Rondout Valley, a campaign open to residential and commercial building owners in Ulster County. Solarize campaigns are designed to make it easier and cheaper...

By Harris Roen SolarCity, a solar panel installation and finance company, is one of the more promising stories for alternative energy investors this year. SolarCity filed details of its initial public offering (IPO) on Tuesday, making it one of the few alternative energy company IPOs that investors are optimistic about. This article explains what type of business SolarCity is, lays out details of its stock rollout, and reveals important pluses and minuses for investors. What SolarCity Does SolarCity’s product is simple; it installs solar systems for homeowners, business (including Wal-Mart, eBay and Intel) and government...

by Debra Fiakas CFA The last post “SolarCity's Investor Disconnect” visited the oft repeated flogging of a company missing consensus estimates.  SolarCity (SCTY:  Nasdaq) reported strong sales growth in the December 2012 quarter, but the net loss was far deeper than expected  -  at least as suggested by published consensus estimates.  Investors immediately held the company accountable for the miss.  A closer look at the consensus reveals it is there is a great deal of disagreement on SolarCity’s fortunes. We can debate whether a company should be measured against a shakey consensus...

Doug Young China halts construction of new solar manufacturing plants Beijing took an important step towards rejuvenating the global solar panel sector last week when it announced new steps that will strictly limit new plant construction. This kind of government-led approach is a good short-term solution, as it will halt the introduction of new supply, which in turn will allow prices to stabilize after more than 2 years of steep declines caused by massive overcapacity. But over the longer term, China needs to address the...

Jennifer Runyon Responding to projections that the solar panel module overcapacity will continue for at least another year, solar equipment maker GT Advanced Technologies today announced a restructuring plan. The company will lay off approximately 25 percent of its workforce and consolidate its existing business units into a single Crystal Growth Systems (CGS) group. The company said that when fully implemented, the restructuring would save approximately $13 million in annualized expenses. GT expects to record restructuring charges associated with these actions in the amount of approximately $4.2 million in the December quarter. More details and commentary will be...