Monthly Archives: May 2012

Washington, District of Columbia, United States February 29, 2012

Published May 24, 2012

DOE Launches New Research Program to Advance Solar Technologies Washington, District of Columbia, United States February 29, 2012 DOE announced on February 23 that $3 million is available this year to support research to significantly lower the cost of solar energy. The Bridging Research Interactions through Collaborative Development Grants in Energy (BRIDGE) funding will enable [...]

Washington, District of Columbia, United States February 29, 2012

Published May 24, 2012

New Ideas Spring from the SunShot Incubator Washington, District of Columbia, United States February 29, 2012 In order to hatch a new idea, solar startups often need a supportive environment to help them take their first steps on the path of introducing novel technologies into the marketplace. Over the past five years, DOE’s SunShot Incubator [...]

Washington, District of Columbia, United States February 29, 2012

Published May 24, 2012

BLM Advances Arizona Renewable Energy Development Project Washington, District of Columbia, United States February 29, 2012 The U.S. Department of the Interior’s Bureau of Land Management (BLM) released on February 16 the draft plan for the Restoration Design Energy Project. The initiative seeks to identify lands across Arizona most suitable for wind and solar power [...]

Dallas, Texas, United States February 29, 2012

Published May 24, 2012

Infigen enters Joint Development Agreement with Pioneer Dallas, Texas, United States February 29, 2012 Infigen Energy, an owner, operator and developer of utility-scale renewable energy projects in the US and Australia, has entered into an agreement to jointly develop a portfolio of solar energy projects with US wind and solar developer Pioneer Green Energy. The [...]

Lowell, Massachusetts, United States February 28, 2012

Published May 24, 2012

Konarka Technologies Advances Award Winning Power Plastic Solar Cell Efficiency with 9% Certification Lowell, Massachusetts, United States February 28, 2012 Konarka’s Next Generation Organic Photovoltaic Cells Make Efficiency Advances for Cost-Effective, Energy-Harvesting Structures, Autos and Devices Konarka Technologies, Inc., an innovator in development and commercialization of Konarka Power Plastic®, a lightweight, flexible organic solar film [...]

Shanghai, China and Ontario, Canada February 29, 2012

Published May 24, 2012

JinkoSolar Opens Canadian Office to Support Global Expansion Shanghai, China and Ontario, Canada February 29, 2012 JinkoSolar Opens Canadian Office to Support Global Expansion Vertically integrated module manufacturer enters local manufacturing partnership with Ontario’s Heliene Inc. JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a fast-growing, vertically integrated solar power product manufacturer based [...]

Rocky Hill, Connecticut, United States March 2, 2012

Published May 24, 2012

New Haven Free Public Library Unveils Solar Photovoltaic (PV) System Rocky Hill, Connecticut, United States March 2, 2012 System awarded under the Clean Energy Finance and Investment Authority’s (CEFIA) Clean Energy Communities Program The Clean Energy Finance and Investment Authority (CEFIA) and the City of New Haven today hosted a ribbon-cutting ceremony at the New [...]

Baoding, China and Oakland, California, United States February 28, 2012

Published May 24, 2012

Yingli Solar and GRID Alternatives Renew Partnership to Provide Solar Energy to 800 Low-Income Families in California and Colorado Baoding, China and Oakland, California, United States February 28, 2012 Successful Collaboration Continues Serving Disadvantaged Communities While Training Thousands of Workers in PV Installation Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or [...]

San Diego, California, United States March 5, 2012 Revenues for the periods ended December 31, 2011 and 2010 were as follows (in thousands): Total revenues for the year ended December 31, 2011 increased 18% to $61.3 million from $52.1 million in the prior year, with product revenues representing 90% or greater of total revenues in both periods. Product revenues for the year ended December 31, 2011 increased 11% to $56.0 million from $50.4 million in the prior year, primarily due to an increase in revenues from grain processing enzymes, notably Fuelzyme® alpha-amylase. These products continued to gain traction in the grain ethanol market and together with Purifine® PLC for soybean oil processing, achieved significant revenue growth over 2010. Product revenue from non-Phyzyme products as a percentage of total product revenue increased to 46% for the year ended December 31, 2011 compared to 35% in the prior year. Total collaborative revenue for the year ended December 31, 2011 increased significantly to $5.3 million from $1.7 million in the prior year due to a license fee of $3.3 million received by the Company as part of the separation agreement with Syngenta Participations AG in 2009 for a commercial enzyme candidate that Syngenta had previously licensed to a third party. Product gross profit for the year ended December 31, 2011 increased 15% to $21.5 million from $18.6 million in prior year. Gross margin increased to 38% of product revenue for the year ended December 31, 2011, compared to 37% for the year ended December 31, 2010. Gross margin increased primarily due to the overall growth and improvement in the Company’s grain and oilseed processing products. Excluding cost of product revenues and restructuring, total operating expenses related to continuing operations for the year ended December 31, 2011 decreased to $30.4 million (including share-based compensation of $0.8 million) from $33.9 million (including share-based compensation of $1.1 million) in the prior year; primarily due to a reimbursement of legal fees of $1.1 million for expenses incurred during 2010, reduction of facilities related costs as a result of BP assuming the Company’s San Diego building leases, and to initiatives to decrease general and administrative expenses. Additionally, during the third quarter of 2010, the Company paid and expensed bonus payments of $1.4 million. As a partial offset, research and development costs for continued investment in pipeline products showed an increase. On March 31, 2011 the Company closed its office in Cambridge, Massachusetts, resulting in charges of $2.9 million, consisting of employee termination costs, facilities closure costs, and relocation costs for several employees who were relocated to San Diego. Operating loss from continuing operations for the year ended December 31, 2011 was $6.5 million compared to $13.5 million for the same period in 2010. Excluding the impact of restructuring expenses of $2.9 million, operating loss from continuing operations decreased to $3.6 million, primarily due to the reimbursement of legal fees, the $1.4 million bonus paid and expensed during the third quarter of 2010, and further reductions in general and administrative expenses. Net income from continuing operations for the year ended December 31, 2011 was $5.2 million compared to a net loss of $14.2 million for the same period in 2010, on a GAAP accounting basis. Adjusted for the impact of non-cash items related to the Company’s convertible debt and non-cash income tax benefits, the Company’s non-GAAP pro-forma net loss from continuing operations for the year ended December 31, 2011 was $9.5 million compared to $21.0 million for the same period in the prior year. The Company believes that excluding the impact of these items provides a more consistent measure of operating results. The Company ended the year with $28.8 million in cash and cash equivalents, $8.2 million in total restricted cash, and $34.9 million in debt at face value. Verenium also provided financial guidance for 2012, as follows: Revenue: $63 – $68M Product Gross Profit: $23 – $25M Operating Loss: $(4) – $(8)M Capital Expenses: $10 – $12M ” said Jeff Black, Chief Financial Officer at Verenium. Today the Company filed a Tender Offer on Schedule TO with the SEC intended to satisfy the disclosure requirements of Rules 13e-4(c)(2) and 13e-4(d)(1) under the Securities Exchange Act of 1934, as amended, with respect to the right of each holder of the Company’s 5.5% Convertible Senior Notes due 2027 to sell and the obligation of the Company to repurchase the notes. The Company’s repurchase of the notes upon the exercise by any holder of the put option is subject to a financing condition and the Company having sufficient cash resources prior to 11:00 a.m. New York City time on April 2, 2012 to repurchase the notes. Based on current cash resources, the Company does not have sufficient funds to repurchase the notes in the event all holders of the notes exercise the put option. The Company is considering two primary alternatives to address its capital requirements. Subject to compliance with applicable securities laws, the Company is exploring issuing new equity-linked or equity securities, and may, subject to compliance with applicable tender offer rules, explore converting the existing notes into equity along with a partial repayment thereof, and/or a combination of the foregoing. Verenium has received non-binding proposals from more than one prospective purchaser to acquire 100 percent of the stock of the Company, and is actively evaluating options for a potential sale. There can be no assurance that Verenium will choose to, or be able to, effect any such transaction on reasonable terms or at all. ” added Levine. The tender offer described in this press release has commenced, but this press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of the Company. The tender offer is being made pursuant to a Tender Offer Statement on Schedule TO and related materials. Investors and noteholders are urged to read both the Tender Offer Statement and related materials because they contain important information, including the terms and conditions of the put offer. The Tender Offer Statement and related materials, including a Company notice, have been filed by the Company with the SEC. Investors and noteholders may obtain a free copy of these statements and other documents filed by the Company with the SEC at the website maintained by the SEC at www.sec.gov. Verenium, an industrial biotechnology company, is a global leader in developing high-performance enzymes. Verenium’s tailored enzymes are environmentally friendly, making products and processes greener and more cost-effective for industries, including the global food and fuel markets. Forward-Looking Statements Statements in this press release that are not strictly historical are “forward-looking” and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to any sale or financing transaction relating to Verenium, Verenium’s ability to repay any notes that it becomes obligated to purchase in connection with the put option, and Verenium’s lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets and future financial performance. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium’s ability to consummate any sale or financing transaction and repay any of its notes that it becomes obligated to purchase in connection with the put option and Verenium’s strategic focus, technologies, dependence on patents and proprietary rights, and protection and enforcement of its patents and proprietary rights, the commercial prospects of the industries in which Verenium operates and sells products, Verenium’s dependence on manufacturing and/or license agreements, its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium’s technologies, the timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, and risks and other uncertainties more fully described in Verenium’s filings with the Securities and Exchange Commission, including, but not limited to, Verenium’s annual report on Form 10-K for the year ended December 31, 2011. These forward-looking statements speak only as of the date hereof, and Verenium expressly disclaims any intent or obligation to update these forward-looking statements.

Published May 24, 2012

Verenium Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011 San Diego, California, United States March 5, 2012 – Company meets 2011 guidance and gives 2012 financial guidance; provides update on possible strategic alternatives and financing strategy — Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development [...]

Valencia, Spain March 2, 2012

Published May 24, 2012

Iberdrola earmarks €13.6 Million for R&L in 2011, 4.6% more than in 2010 Valencia, Spain March 2, 2012 Facing new energy challenges The EU Industrial R&D Scoreboard ranks IBERDROLA first in Spain and fourth in Europe in innovation among electricity companies IBERDROLA holds second call for the Perseo Awards, which seek to promote research in [...]