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1. The Daily Sprout
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2. China Gives Cree Unexpected Rise in Sales
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3. Cow-Powered Ride Shows Biogas is Fun!
The Daily Sprout
Katie Fehrenbacher - Misc
Biowaste-to-Fuel Company Files $100M IPO: Changing World Technologies, a company that turns biowaste — like fats, bones, greases, and feathers — filed to raise up to $100 million in an IPO. The company is taking agriculture waste that has often gone back into the animal feed supply (hello, mad cow) and creates oil that can power vehicles or generate electricity.
Solyndra Angling for $350M For Manufacturing?: Michael Kanellos takes a look into thin film solar startup Solyndra’s risky attempts to raise $350M in convertible funding — Greenlight.
Solar Record! NREL Claims 40.8 Efficient: NREL researchers says they have a world record in solar cell efficiency on their hands; an “inverted metamorphic triple-junction solar cell” that converts 40.8 percent of light that hits it into electricity — NREL press release.
Canadian Solar — Fine Earnings, Not-so-Fine Stock: Shares of Canadian Solar dropped despite solid earnings. Don’t you hate it when that happens? — Forbes.
Mossberg Column Getting Greener: — Mossberg Column writer Katie Boehret does a hands-on review of various gadget buy back and recycling sites. WSJ Mossberg.
China Gives Cree Unexpected Rise in Sales
Kevin Kelleher - Big Green
Cree, the maker of LED lights and chips, is having its best day on the stock market in nearly six months, rising 16 percent to close at $22.20 after posting fourth-quarter results and issuing a first-quarter forecast late Tuesday that were ahead of Wall Street’s expectations. Since hitting a 52-week high of $35.50 at the end of February, shares of Cree its stock had lost more than half of their value.
Cree saw net profit rise 31 percent in the quarter ended June 29, to $8.4 million, or 9 cents a share. Excluding one-time items, the profit was 16 cents a share, or three cents above the figure estimated by analysts. Revenue grew 22 percent to $136 million, again above the Street’s average forecast of $131 million.
And for the quarter ending Sept. 28, Cree said it sees revenue coming in between $138 million and $142 million. The midpoint range of $140 million is higher than the $136 million Wall Street had forecast.
The market had been split over whether Cree would beat or disappoint this quarter. Last week, Morgan Keegan’s Harsh Kumar raised his rating on the stock to outperform from market perform, arguing that the stock had fallen to attractive levels. A day earlier, American Tech Research and Merriman Curhan Ford expressed more cautious views. It seems bullish is the way to go for now.
Cree’s lights have won some attention in the Chinese Olympics. But as CEO Charles Swoboda noted in a conference call with analysts, while the Olympics may have started in its most recent quarter, Cree recorded that revenue in the previous one. So the Olympics had no direct benefit on its most recent earnings. As Swoboda said on the call:
The Olympic effect we got really pretty much ended in Q3 [ended March 30]. We had very little, if any, impact on our Q4 numbers from the Olympics. I will tell you though, it was strength in China and it's really the video display business that is driving it. I would attribute it more to overall infrastructure investments in China that are driving the whole video screen market… So what you're really seeing now is just infrastructure build out in China and it was just a nice upside for us last quarter.
Swoboda also mentioned that the company is working through some inventory issues that will stabilize margins going forward. Between that, an unexpected rise in sales to China and an undervalued stock, investors seem to be taking a new look at the LED maker.
Cow-Powered Ride Shows Biogas is Fun!
Craig Rubens - Big Green
In a ridiculous publicity stunt that shows the lighter side of cow power, northern California utility PG&E and BioEnergy Solutions said today they will power a children's train ride with renewable biogas, courtesy of California dairy cows, at the California State Fair this weekend in Sacramento. The ride, dubbed the "Barnyard Animal Train," will run on biogas produced from the anaerobic digestion of cow manure. Fun for the whole, and Holstein, family.
Biogas can actually deliver some serious power. According to a recent study, cow power could potentially provide enough energy to power a full 3 percent of our national grid. PG&E Vice President of Gas Transmission and Distribution Robert Howard certainly showed enthusiasm in the company release: "We're proud to partner with these innovative dairy farmers and demonstrate the potential for the state's agriculture and power sectors to work together to meet California's climate goals,"
This smelly publicity stunt is part of PG&E’s partnership with BioEnergy Solutions. Earlier this year, the two opened up a cow-powered gas pipeline that will pump out some 3 billion cubic feet of biogas a year. The project has the blessing of the California Public Utilities Commission and is expected to meet the electricity needs of some 50,000 PG&E residential customers. PG&E also has a contract for another 3 billion cubic of biogas from Microgy, which the utility tells us will be delivered later this year.
In the meantime, we’re waiting to hear about the “Bovine Biogas Bumper Cars,” “Flatulent Ferris Wheel” and “Cow Pie Log Flume.” We may be disappointed. But if any E2T readers are heading to the fair, please send in pictures of the "Barnyard Animal Train."
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