LOS ANGELES (Reuters) – After two years of doing little but fly-fishing, golfing and playing with his grandchildren, Itron Inc Chief Executive LeRoy Nosbaum is suddenly back at the helm of the smart grid company he is credited with building into a billion-dollar business.
Under Nosbaum’s 9-year tenure as CEO from 2000 to 2009, Itron enjoyed explosive growth as energy efficiency and the so-called smart grid became one of the market’s hottest sectors. Helped by nine acquisitions, sales at the smart meter maker grew to nearly $2 billion and its share price soared more than five-fold.
/LOS ANGELES, Sept 8 (Reuters) – FBI agents
searched the offices of Solyndra on Thursday, the U.S. solar
start-up that received millions of dollars in federal loan
guarantees before filing for bankruptcy this week.
The search comes amid intensifying pressure on the Obama
administration, which championed Solyndra as being at the
forefront of solar technology when President Barack Obama
visited the company’s Fremont, California, facility in 2010.
LOS ANGELES, Aug 31 (Reuters) – U.S. solar start-up
Solyndra LLC, succumbing to pressure from lower-cost Chinese
rivals, said it has suspended operations and plans to file for
bankruptcy, 15 months after President Barack Obama visited a
company factory that was to be expanded with the help of a
federal loan guarantee.
The Chapter 11 filing, expected next week, will make
Solyndra the third U.S. solar company to seek bankruptcy
protection in the last month. Former Wall Street high flyer
Evergreen Solar Inc (ESLRQ.PK: Quote, Profile, Research, Stock Buzz) filed for Chapter 11 two weeks
ago, followed four days later by SpectraWatt Inc, a private
company that was backed by Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz).
LOS ANGELES, Aug 16 (Reuters) – First Solar Inc (FSLR.O: Quote, Profile, Research, Stock Buzz) on
Tuesday said the head of its utility systems business, Jens
Meyerhoff, is leaving the company, effective Sept. 30.
James Brown, senior vice president of utility systems
business sales, will succeed Meyerhoff in the utility-scale
solar unit and will report to Chief Executive Rob Gillette.
LOS ANGELES (Reuters) – U.S. solar company Evergreen Solar Inc filed for bankruptcy on Monday, its once cutting-edge technology falling victim to competition from cheaper Chinese rivals and solar subsidy cuts in Europe.
The Chapter 11 filing by a company once seen at the forefront of U.S. renewable energy technology came after a two-year struggle to stave off competition from Asia. The increasingly crowded market forced Evergreen to close its much-touted but short-lived Massachusetts factory and relocate manufacturing to China, and resulted in the virtual disappearance of its once-lofty stock market value.
LOS ANGELES, Aug 9 (Reuters) – SunPower Corp (SPWRA.O: Quote, Profile, Research, Stock Buzz) on
Tuesday lowered its 2011 profit outlook but backed its revenue
and gross margin forecasts, saying demand for solar panels is
strong after a tumultuous first half of the year.
The U.S. panel maker, which also reported an expected net
loss for the second quarter, is majority-owned by French energy
giant Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) following a tender offer that closed in
NEW YORK/LOS ANGELES, Aug 4 (Reuters) – First Solar Inc
(FSLR.O: Quote, Profile, Research, Stock Buzz) posted lower-than-expected quarterly profit and cut
its 2011 forecast as slack demand in Europe hit prices for its
Global solar module demand has suffered this year as
declines in subsidies in key European markets hurt sales, even
as First Solar and rivals such as Suntech Power Holdings Co Ltd
(STP.N: Quote, Profile, Research, Stock Buzz) and Trina Solar Ltd (TSL.N: Quote, Profile, Research, Stock Buzz) expand production.
LOS ANGELES (Reuters) – Solar investors on Wednesday cheered better-than-expected results from equipment maker GT Solar International Inc and MEMC Electronic Materials Inc’s newest purchase of a solar project developer, sending both stocks up in extended trade.
GT Solar, the world’s third biggest maker of the machines used to make photovoltaic equipment, said its backlog rose to a record $2.3 billion, sending its shares up more than 5 percent. The company has booked a string of contract wins this year, thanks in part to its entry into the LED business through the acquisition last year of sapphire maker Crystal Systems.
LOS ANGELES, Aug 3 (Reuters) – BrightSource Energy Inc on
Tuesday said it was now able to store the energy its solar
thermal power plants produce, allowing them to function during
after the sun sets.
The company, which filed with U.S. securities regulators
for an initial public offering earlier this year, said it is
combining its power tower solar thermal technology with molten
LOS ANGELES/FRANKFURT (Reuters) – Solar investors should brace themselves for some downright dreadful second-quarter earnings reports in the coming weeks, though the rest of the year may provide some relief to battered solar stocks as panel prices stabilize and profit margins recover.
The solar market likely bottomed in the second quarter after pullbacks in subsidies in No. 2 solar market Italy stalled development of projects there this spring, creating an oversupply of solar panels in the market and sparking a more than 20 percent drop in prices.