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SMA takes over operational management of the largest PV farm in Scandinavia
SMA Solar Technology AG (SMA) is taking over complete technical operational management of the largest PV farm in Denmark on behalf of project developer and energy service provider WIRCON GmbH. The PV farm near Lerchenborg has been on the utility grid since December 2015, with an output of around 60 megawatts. SMA has supplied the power plant with 1,750 Sunny Tripower 25000TL inverters.
SmartestEnergy demands more clarity on grid contracts to give confidence to battery developers
Limited availability of contracts in National Grid auction set to hold back acceleration of sector.
SMA is first manufacturer to achieve UL 1741 SA Certification for smart solar inverters
Enhanced Sunny Boy TL-US addresses critical need for APS Solar Partner Program.
Ascent Solar announces Q2 2016 results
Ascent Solar Technologies, a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the Company’s EnerPlex series of consumer products, reported results for the second quarter ended June 30, 2016.
Financial Results for the Second Quarter and First Half Ended June 30, 2016
Total net revenue for the second quarter of 2016 was $255K, compared to $2.23M reported for the same period last year, a decline of $1.98M. Correspondingly, total operating costs and expenses for the three months ended June 30, 2016 decreased by $1.77M as compared to the three months ended June 30, 2015. As a result, net operating loss for the second quarter of 2016 totaled $7.14M, as compared to $6.93M for the second quarter of 2015.
For the six months ended June 30, 2016, total revenue was $966K, compared to $2.89M reported for the same period last year, a decrease of $1.93M. Total operating costs and expenses for the six months ended June 30, 2016 decreased by $1.13M as compared to the six months ended June 30, 2015. Net operating loss for the second half of 2016 totaled $14.64M, as compared to $13.85M for the second half of 2015.
Net product sales for the quarter were negatively impacted by various factors that unfortunately happened concurrently. First, Ascent experienced a temporary slowdown of purchase orders from one of its large customers due to a change in management and purchasing strategies. Secondly, there were changes in the terms to some of the company’s customer agreements, resulting in the deferral of a portion of revenue recognition in compliance with the US GAAP accounting rules. Thirdly, the retail industry in the consumer electronics and sporting goods sector has been experiencing some major challenges, including the filing for bankruptcy protection by one of its key clients. Finally, Ascent’s ability to build on 2015’s sales momentum was severely impacted by limitations on raising further growth capital given the negative impact of moving from its Nasdaq listing to the OTCQB Venture Market.
Active cost-cutting measures were implemented as Ascent restructures its operations following the delisting from the Nasdaq Capital Market. The Company has since lowered selling, general, and administrative expenses as well as other financing costs, which has contributed to improvements to its overall net loss as compared to the prior quarter. Research and development expenses have remained relatively flat while the Company continues to improve the efficiency of its PV products and develop new products to meet customers’ demands.
Management Commentary
"While we are disappointed with the results in the first half of the year, we are confident that the worst is over as we continue to further execute our growth plan for 2016 and beyond," said Victor Lee, President and CEO of Ascent Solar Technologies, Inc. "Given the continuous expansion of our retail footprint, particularly with the previously announced increased penetration of our distribution effort into more than 1,000 Verizon Wireless authorized retail stores, we remain optimistic on the opportunities ahead for growth."
Mr. Lee concluded, "With entrance into several new retailers in the first half of the year, we are focused on delivering improved results heading into the second half of the year. We have also made great progress in the defense and emergency preparedness market, particularly in the increasing interest shown in our award winning, military graded MilPak E solar and battery integrated blanket, which we believe will add to our significant revenue velocity going forward. We look forward to updating our shareholders as we work through the next phase of our development."
High Performance Films Market size worth $54bn by 2024: Global Market Insights Inc.
High Performance Films Market size poised to exceed revenue of USD 54 billion by 2024; according to a new research report by Global Market Insights, Inc.
Packaging industry growth owing to electronics, pharmaceuticals, and retail sector expansion should favor high performance films market size growth. Durability, flexibility and chemical resistance are key features making the product ideal for packaging industry.
Growing consumer demand for fast food, ready to eat meals, and frozen food due to change in lifestyle and eating habits are factors which should drive specialty & high performance films demand. Moreover, easy handling and various size availability makes the product ideal for tetra packaging beverages.
North America barrier films market size valued at over USD 4.3 billion in 2015, with Canada and U.S. being major contributors due to food & beverages industry expansion. Moreover, growing barrier films demand in solar PV cells and semiconductors manufacturing due to UV and moisture resistance properties may drive regional growth.
Fluoropolymer films demand should witness highest gains, growing at over 7%. Exhibiting good thermal and corrosion resistance, high mechanical toughness to material and low friction properties makes the product suitable for automotive, construction, electronics, and aerospace applications.
Europe, driven by UK and Germany high performance films market size, has observed notable growth in packaging application. Europe packaging films market size may exceed USD 11 billion valuation by 2024 with 6.3% CAGR. Polyester films market size in Latin America witnessed significant growth with automotive and construction industry expansion in Brazil being driving factors.
Polyester, nylon, polycarbonate and fluoropolymer are the key materials used to make the final product and their prices are related to crude oil. Tight raw material supply due political unrest in Middle East may impact high performance films market price trend and affect industry profitability. Additionally, regulatory compliance pertaining to plastic films disposal may threat industry growth.
Solar Senior Capital Ltd. Announces Amendment of FLLP Credit Facility With $25 Million Upsize
Solar Senior Capital Ltd. announces that a wholly owned subsidiary of its First Lien Loan Program ("FLLP"), a joint venture with Voya Investment Management ("Voya") to invest in first lien senior secured loans to U.S middle market companies, has amended its senior secured revolving credit facility. The amendment includes a $25 million commitment increase to $100 million, as well as a maturity extension to August 2021. Wells Fargo Bank ("Wells Fargo") is acting as administrative agent for the facility. As of June 30, 2016, Solar Senior had contributed $29.58 million of its $50.75 million equity commitment to FLLP.
"We are pleased with the initial success of FLLP, as well as the opportunity to grow our partnership with Wells Fargo and Voya," said Michael Gross, Solar Senior’s Chairman and CEO. "With this $25 million incremental borrowing capacity, we intend to complete the ramp of FLLP’s portfolio and achieve our low-to-mid teens target ROE. We view this strategic initiative as a compelling way to grow Solar Senior’s net investment income while investing in first lien senior secured floating rate loans."
HyperSolar Names Professor John Stickney as Scientific Advisor
Stickney is a Distinguished Research Professor at the University of Georgia with an extensive background in Electrochemistry, Materials Chemistry and Nanoscience
Consumers Energy Opens Second Community Solar Power Plant at Western Michigan University
Consumers Energy today announced that it has started operations at its second solar power plant, transforming 8.5 acres at Western Michigan University into a new source of renewable energy for Michigan.
