Energy Conversion Devices Reports Second Quarter 2007 Operating Results Thursday February 8, 4:34 pm ET
ROCHESTER HILLS, Mich., Feb. 8 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News) today reported its results for the second quarter ended December 31, 2006. The company reported a net loss of $2.9 million (or $0.07 per share) on revenues of $22.9 million in the second quarter of fiscal 2007, as compared to a net loss of $5.7 million (or $0.19 per share) on revenues of $24.3 million in the second quarter of fiscal 2006. The company also reported a net loss of $5.2 million (or $0.13 per share) on revenues of $50.1 million for the six months ended December 31, 2006, as compared to a net loss of $12.2 million (or $0.42 per share) on revenues of $47.5 million for the six months ended December 31, 2005. "We had a challenging quarter on a number of fronts, but we also marked important successes during the quarter," said Chairman and CEO Robert C. Stempel. "We successfully launched our new Auburn Hills 2 facility, effectively doubling our PV module manufacturing capacity once it is fully ramped up this fall, and our new Greenville facilities are well underway. In addition, our Cobasys and Ovonyx joint ventures are making significant progress with their respective product commercialization initiatives."
The following are highlights from ECD Ovonics' second quarter of 2007:
* ECD Ovonics' wholly owned subsidiary United Solar Ovonic had operating income of $1.2 million on revenues of $19.2 million in the second quarter of fiscal 2007, as compared to operating income of $1.8 million on revenues of $21.7 million in the second quarter of fiscal 2006. Its operating income was $2.6 million on revenues of $43.1 million in 2007 for the six months ended December 31, 2006, as compared to operating income of $3.4 million on revenues of $41.0 million in 2006 for the six months ended December 31, 2005. The second quarter of fiscal 2007 results include $750,000 of preproduction costs and a $1 million decrease in the allowance for uncollectible accounts for one of our major customers.
* As expected, United Solar Ovonic's gross profit margin was impacted by costs in the second quarter of fiscal 2007 associated with production capacity ramp up at its new Auburn Hills 2 manufacturing facility, decreasing to 16.0% in the second quarter of fiscal 2007 from 21.2% in the second quarter of fiscal 2006 and was unchanged for the six-month period ended December 31, 2006, as compared to the prior year period.
* United Solar Ovonic currently has 58MW of annual production capacity, which reflects 30MW added in December 2006, as the company placed in service the manufacturing equipment for its new Auburn Hills 2 manufacturing facility. The company is also constructing two 60MW per annum PV cell manufacturing facilities in Greenville, Michigan, which are expected to begin operation in late 2007 and mid-2008. The company's expansion plan increases United Solar Ovonic's manufacturing capacity to 118MW, 178MW and over 300MW per annum by the end of calendar years 2007, 2008 and 2010, respectively.
* United Solar Ovonic's largest customer, Solar Integrated Technologies, Inc. ("SIT"), recently announced a 2MW roofing system using United Solar Ovonic's PV modules to be installed at Tesco USA's distribution center under construction in Riverside, California. SIT recently completed an equity offering and used a portion of the proceeds to pay its outstanding payables to the company. SIT, which had not purchased any products from United Solar Ovonic during the current fiscal year, has resumed purchasing United Solar Ovonic's PV modules and will begin receiving shipments in the third quarter.
* United Solar Ovonic's solar modules have been installed and activated in a 433KW array by SunEdison, LLC on a Staples Distribution Center in Killingly, Conn. This installation, which represents the largest solar panel installation in New England, will provide a significant portion of the building's electricity and reduce overall electricity costs. As is becoming an increasingly common structure for commercial customers, Staples will purchase electricity from the array under a long-term power purchase agreement without the up-front capital costs, which are being funded by a third-party source that owns the array.
* United Solar Ovonic recently announced a joint venture in China to assemble PV modules from solar cells supplied by United Solar Ovonic beginning in late 2007. This joint venture, owned 75% by United Solar Ovonic, is expected to open new sales opportunities for United Solar Ovonic in the China solar markets, as well as provide manufacturing cost advantages for modules shipped globally. It is subject to, among other things, government approvals.
* United Solar Ovonic added a solar industry veteran to its sales and marketing group. Karl-Heinz Toenges joined the company as its Vice President of Sales and Marketing in Europe. Mr. Toenges is a seasoned industry executive with broad operational experience and extensive industry connections, who will enhance the company's global sales and marketing activities.
* Cobasys, the only United States-based supplier of NiMH battery systems for hybrid electric vehicles, continued to successfully compete for new business opportunities, including selection by General Motors to provide Cobasys' NiMHax® Nickel Metal Hydride (NiMH) battery system for GM's 2007 Saturn Aura Green Line Hybrid Mid-Size Sedan, which is expected to be available to consumers in the spring of 2007.
* Cobasys was awarded a contract to develop and test lithium-ion battery system technology for the General Motors plug-in hybrid electric vehicle program, recognizing Cobasys' proven expertise in providing complete "plug-and-play" energy storage system solutions for today's hybrid electric vehicles. Cobasys will be working with its partner, A123Systems, to provide complete battery systems featuring A123Systems' proprietary nanophosphate technology.
* ECD Ovonics' Ovonyx, Inc. joint venture secured a new license with Qimonda AG to commercialize Ovonic Unified Memory (OUM) technology. Additionally, a joint research program consisting of Qimonda, IBM and Macronix announced positive research results for a prototype phase- change memory device that they had designed, built and demonstrated.
* Ovonyx also added an industry veteran to its management team, announcing that Dr. Stefan Lai joined the company as Vice President of Business Development. Dr. Lai, the co-inventor of the industry-standard ETOX flash memory cell, was previously Vice President of the Flash Memory Group and CTO & Co-Director of California Manufacturing and Technology at Intel Corporation.
* Mr. Pasquale Pistorio resigned as a director of the Company effective February 6, 2007, due to other professional and personal commitments. The Company has no immediate plans to appoint a replacement.
* The quarter-over-quarter results were favorably impacted by higher interest income, together with approximately $0.8 million of favorable one-time items in 2006.
Mr. Stempel added, "While we are not in the practice of providing guidance, I want to update an operating goal that we had established regarding sustainable profitability. We are on track with a number of our businesses, including our United Solar Ovonic business, but we do not at this time expect to achieve sustainable profitability by the end of this fiscal year as previously projected. This is in large part due to the fact that it is taking longer than we originally expected to secure additional funding opportunities for our emerging technologies. We remain firmly committed to sustainable profitability and will be pursuing funding and restructuring alternatives to achieve our goal in the near term."
"The markets in which we participate are experiencing robust growth, and we are positioned to capitalize on the opportunities and succeed in these markets. The solar market continues its rapid, global expansion, buoyed in part by incentives, but also by improved economics. Our United Solar Ovonic subsidiary, a global leader for thin-film solar modules, is acting globally through its aggressive expansion manufacturing plans and marketing activities," Stempel said. "Our Cobasys joint venture is becoming a key Tier 1 supplier in the auto industry at the same time this industry is making a broad commitment to electric vehicles, which was demonstrated at the recent Detroit and Los Angeles Auto Shows. And, our Ovonyx joint venture continues to add important licensees who are successfully demonstrating products based on OUM technology for a growing global market of memory-intensive applications. Our products are addressing important needs in each of these markets and we are confident of our capabilities to pursue these opportunities."
Additional information about the company and its consolidated financial results can be found in the company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2006, which was filed with the Securities and Exchange Commission today and will be available on the company's website.
Conference Call Information
ECD Ovonics will hold a conference call today, Thursday, February 8, 2007, at 5:00 p.m. (Eastern Standard Time) to discuss operating results for the three months and six months ended December 31, 2006. To access the conference call, please call (877) 858-2512 or (706) 634-1291. A live webcast of the call will be available online at http://www.ovonic.com/investor or through the company's website at www.ovonic.com. A replay of the call will be available approximately one hour after the conclusion of the call through close of business on Tuesday, February 13, 2007, at (800) 642-1687 or (706) 645-9291. Callers should use conference ID 6999558 to access the conference call and the replay.
About ECD Ovonics
ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed its proprietary, enabling technologies in the fields of energy and information leading to new products and production processes based on amorphous, disordered and related materials. The company's portfolio of alternative energy solutions includes Ovonic thin-film amorphous solar cells, modules, panels and systems for generating solar electric power; Ovonic NiMH batteries; Ovonic hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel; and Ovonic fuel cell technology. ECD Ovonics' proprietary advanced information technologies include Ovonic phase-change electrical memory, Ovonic phase-change optical memory and the Ovonic Threshold Switch. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD Ovonics holds the basic patents in its fields. More information on the company is available on www.ovonic.com.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based. The risk factors identified in the ECD Ovonics filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K, could impact any forward-looking statements contained in this release.
ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
Three Months Ended Six Months Ended December 31, December 31, 2006 2005 2006 2005 (in thousands, except per-share amounts) Revenues Product sales $18,667 $21,681 $41,525 $40,948 Royalties 964 331 1,627 1,514 Revenue from product development agreements 2,758 1,868 5,863 4,180 Revenue from license agreements 238 238 496 496 Other 320 167 618 394 Total revenues 22,947 24,285 50,129 47,532
Expenses Cost of product sales 16,319 17,689 34,323 33,549 Cost of revenues from product development agreements 2,220 1,932 4,793 3,803 Product development and research 8,496 7,773 16,671 16,278 Patents 664 590 1,359 1,177 Patent defense 238 13 404 32 Preproduction costs 750 - 1,104 - Operating, general and administrative (net) 2,136 3,351 6,694 6,540 Total expenses 30,823 31,348 65,348 61,379 Net loss from operations (7,876) (7,063) (15,219) (13,847) Total other income 4,963 756 10,004 1,332 Net loss from continuing operations (2,913) (6,307) (5,215) (12,515) Discontinued operations - 572 - 314 Net loss $(2,913) $(5,735) $(5,215) $(12,201)
Basic net loss per share Continuing operations $(.07) $(.21) $(.13) $(.43) Discontinued operations - .02 - .01 $(.07) $(.19) $(.13) $(.42) Diluted net loss per share Continuing operations $(.07) $(.21) $(.13) $(.43) Discontinued operations - .02 - .01 $(.07) $(.19) $(.13) $(.42) Shares used in calculation of net loss per share Basic 39,302 29,427 39,186 29,222 Diluted 39,302 29,427 39,186 29,222
ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
December 31, June 30, 2006 2006 (Unaudited) ASSETS Cash and cash equivalents $20,662 $164,962 Short-term investments 330,633 239,505 Accounts receivable (net) 22,742 27,885 Inventories 31,682 21,527 Property, plant and equipment (net) 204,065 138,231 Other 5,932 4,232 TOTAL ASSETS $615,716 $596,342
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and other liabilities $42,227 $26,339 Long-term liabilities 32,130 32,982 Total Liabilities 74,357 59,321 Stockholders' equity 541,359 537,021 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $615,716 $596,342
ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CASH FLOWS (In Thousands)
Six Months Ended December 31, 2006 2005 (Unaudited) OPERATING ACTIVITIES: Net loss $(5,215) $(12,201) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 4,583 3,857 Bad debt expense (83) 93 Amortization of premium (discount) on investments (589) - Stock and stock options issued for services rendered 1,084 1,393 Other (518) (1,075) Changes in working capital 9,462 (4,122) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 8,724 (12,055) INVESTING ACTIVITIES: Purchases of property, plant and equipment (including construction in progress) (net) (70,261) (25,824) Purchase (proceeds from sale) of investments (90,590) 9,861 Investment in Ovonyx (200) (150) NET CASH USED IN INVESTING ACTIVITIES (161,051) (16,113) NET CASH PROVIDED BY FINANCING ACTIVITIES 8,006 10,898 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 21 (70) NET CASH FLOW (144,300) (17,340) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 164,962 84,295 CASH AND CASH EQUIVALENTS AT END OF PERIOD $20,662 $66,955
ENERGY CONVERSION DEVICES, INC. AND SUBSIDIARIES
SEGMENT REVENUE AND OPERATING INCOME/(LOSS) (In Thousands) (Unaudited)
Three Months Ended December 31, 2006 2005 2006 2005 Revenues Income (Loss) from Operations
United Solar Ovonic $19,194 $21,651 $1,150 $1,756 Ovonic Battery(1) 2,620 1,584 (97) (2,044)
(1) Excludes discontinued operations. (2) Principally the sales ($24,063,000 and $14,323,000 for the three months ended December 31, 2006 and 2005, respectively) by ECD to United Solar Ovonic of the solar PV module machinery and equipment which is eliminated in consolidation. The ECD revenues, excluding primarily the aforementioned sales to United Solar Ovonic, were $1,138,000 and $1,142,000 for the three months ended December 31, 2006 and 2005, respectively.
Six Months Ended December 31, 2006 2005 2006 2005 Revenues Income (Loss) from Operations
United Solar Ovonic $43,054 $41,010 $2,620 $3,437 Ovonic Battery(1) 4,480 4,547 (1,618) (2,769)
(1) Excludes discontinued operations. (2) Principally the sales ($42,220,000 and $24,348,000 for the six months
ended December 31, 2006 and 2005, respectively) by ECD to United Solar Ovonic of the solar PV module machinery and equipment which is eliminated in consolidation. The ECD revenues, excluding primarily the aforementioned sales to United Solar Ovonic, were $2,612,000 and $2,076,000 for the six months ended December 31, 2006 and 2005, respectively.
-------------------------------------------------------------------------------- Source: Energy Conversion Devices, Inc.
Posted by a surfer on :
up $1.00 already!!! almost 4%
this will see the $40 mark within a month IMO.
Posted by a surfer on :
up over $30.... at $30.13 now up 4.7 %
Posted by wes19c on :
Looks nice!! This one is on fire!!
Posted by a surfer on :
Wes this is a safe 15-20% over time.
Posted by NEL on :
Can't belive I bought this one just a few days ago at 27.60. This guy Stanford Ovshinsky is a brilliant inventor. He developed the batteries that WERE successful for the GM Electric cars that they crushed in Who Killed The Electric Car. (Which you have to see). Now concentrating on micro thin solar products.
Posted by wes19c on :
I wish i could have got in on this one sooner. I'm gonna watch this one for a good entry point.
Posted by LookAtThat on :
NOW!
Posted by a surfer on :
quote:Originally posted by LookAtThat: NOW!
LOL or NOW!
Posted by a surfer on :
up $1.80 ...6.3% new HOD 30.58
Posted by wes19c on :
I was about to buy then it shot through the roof, think i'll wait and see what happens in the a.m.
Posted by a surfer on :
close at $30.65 up 6.5%
looks like a buy after hours of 20407 shares at 30.66.
Thats $625,000.................................
Posted by wes19c on :
glad i waited, in at 29.79
Posted by Mortimer on :
Moving a bit today. Good volume.
Some news:
In a 13D filing after the close on Energy Conversion Devices, Inc. (Nasdaq: ENER), Coghill Capital disclosed an 8.6% stake (3.4 million shares) in the company. The firm changed its filing status from 13G to 13D, indicated a more active approach with the investment.
In the filing, Coghill said it believes that the company's Board of Directors should consider making changes to current management and enterprise structure and intend to be in contact with members of the Board to express this view.
Posted by wes19c on :
Nice.....
Posted by a surfer on :
quote:Originally posted by wes19c: glad i waited, in at 29.79
Great patience wes.
This is one I tucked away.
potential for $40.
Posted by Mortimer on :
I'm planning to stay in the pocket to at least 35.50; unless it dips below 28 before then at which point I gotta start pulling the troops.
Good find surf, and I hope your $40 by mid-March comes true!!!
Posted by wes19c on :
good call surf, i'm with you on this one, great potential
Posted by a surfer on :
Energy Conversion Devices Likely To Jump On Jeffries Note Wednesday March 7, 9:31 am ET
Notable Calls submits: Jefferies is positive on Energy Conv. Devices (NasdaqGS: ENER) after Intel announced at an analyst's conference in California that it has sent samples of its 128MBit PCM to customers. This unit will be a drop-in replacement for NOR flash. ADVERTISEMENT
While ENER has added several new licensees for Phase Change Memory [PCM] over the last year, the stock has trended downward as the market has discounted the licensees. Firm believes that, given Intel's announcement coupled with Samsung's announcement for commercial production, investors will likely react positively to the news. Importantly, ENER is not manufacturing PCM but only licensing the technology through its ownership in the Ovonyx JV. This should increase investors' confidence as established players are validating the technology.
The firm notes they have not included any revenues or licensing fees from PCM until they get better visibility, but they believe this segment could be worth $40/share. Firm derives this value by applying a 1% licensing fee to the Flash and DRAM market of $50B, which yields $500M in revenues to the Ovonyx JV. Since this is a licensing company, Ovonyx should generate north of 50% net margins, yielding over $250M in net income. ENER owns 40% of the JV, which would add over $100M in equity income or more than $2.50 upside to earnings.
Even if they assume that technology is only rolled out to its current licensees (~75% of the market), full roll-out does not occur until 2010, and discount this value back by 25%, it would imply a current value of $15.
ENER has pulled back 20%+ following the $0.01 miss in the quarter. The firm would look to aggressively add to positions. ENER is trading at a discount to the solar industry even though it has similar expected growth rates and the best balance sheet. They also believe that the company is likely to announce an additional two PCM licensees (possibly MU and Hitachi) over the coming months.
Reits Buy and $47 tgt.
Posted by a surfer on :
.
Posted by Mortimer on :
This is just the news this needed! Looking at the chart yesterday, several of my indicators were looking a bit gloomy. Now, I may be in this a bit longer than what I had previously planned.
Surf, your $40 by mid March is now very possible!!!
Posted by wes19c on :
i was worried there for a while......woo hoo!!
Posted by a surfer on :
quote:Originally posted by Mortimer: This is just the news this needed! Looking at the chart yesterday, several of my indicators were looking a bit gloomy. Now, I may be in this a bit longer than what I had previously planned.
Surf, your $40 by mid March is now very possible!!!
I was being optomistic there but I do see $40 on the horizon.
If this holds these 9% gains today it will show on several screeners.
I am tired of chasing money on the sub pennys all of the time. There is good money to be made w/o 15 transactions a day in my account.
Looking forward to the next month in this one!
Posted by Mortimer on :
quote:Originally posted by a surfer: I am tired of chasing money on the sub pennys all of the time. There is good money to be made w/o 15 transactions a day in my account.
Cosign on this. I just don't have the time to constantly babysit my account while working my day job. Longer time frame trades also work better for me right now and that recent news added a lot of time to my trade plan, that is unless this thing reaches $47 by the end of the week.
Posted by a surfer on :
Moving great today fellas!! 33.50
Posted by a surfer on :
Applied Materials Sees the Light By Jack Uldrich March 8, 2007 Yesterday, I wrote an article about SolarWorld's ambitious plan to create a large production facility in Oregon capable of producing 500 megawatts worth of solar modules by 2009. I am optimistic about the facility's prospects for boosting the company's revenues and profits partly because I am confident that the demand for solar cells will remain robust for the foreseeable future.
Over time, however, I expect that the type of solar cells that businesses and homeowners demand might very well change. One type of solar cell that could experience a large increase in demand is thin-film solar cells of the variety that NanoSolar, Uni-Solar -- a subsidiary of Energy Conversion Devices (Nasdaq: ENER) -- and Miasole are creating.
As evidence of a potential shift, I saw a small article on Monday announcing that Moser Baer India is investing $250 million over the next three years to set up a large thin-film fabrication facility. More interesting, from my perspective, is that Moser Baer announced that Applied Materials (Nasdaq: AMAT) will develop and install the production line.
You may recall that Applied Materials acquired Applied Films, a supplier of thin-film deposition equipment, last year for $464 million. At the time, many people assumed that the acquisition was directed at helping the company expand its flat-panel business. But the deal with Moser Baer suggests that Applied Materials was also serious about using the acquisition to move aggressively into the solar market.
According to figures I have seen, Applied Materials expects to sell $200 million worth of solar machines this year -- a figure that represents a little more than 2% of the company's estimated annual sales.
However, as the Moser Baer deal demonstrates, the demand for thin-film equipment could expand rapidly. (Remember, NanoSolar is also planning on building a massive thin-film facility.) If Applied Materials can capture even just a small slice of the market for thin-film equipment, this is a niche that could grow into an increasingly significant portion of the company's overall business.
It could also make Applied Materials -- which has a P/E ratio of 15.6 -- an interesting and fairly conservative way to invest in the booming solar market.
Interested in clean-tech-related Foolishness? Check out these articles:
SolarWorld Goes West The Biggest Economic Opportunity of This Century! The Best ETF for 2007: PowerShares WilderHill Clean Energy
Posted by wes19c on :
this is the only green i've got today!!
Posted by a surfer on :
weird...
we closed at 31.90 but look at the after hours trades up to 32.85??? Strange.
Posted by a surfer on :
This came out at 4 p.m.
Cobasys to Explore Alternatives to Support Growth Strategy Wednesday March 14, 4:00 pm ET
ORION, Mich., March 14 /PRNewswire-FirstCall/ -- Cobasys LLC announced today that its owners, Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News), through its affiliate Ovonic Battery Company, Inc. (OBC), and Chevron Technology Ventures LLC (CTV), a subsidiary of Chevron Corporation (NYSE: CVX - News), have agreed to explore strategic alternatives for Cobasys. Cobasys expects that this will enable it to further capitalize on global opportunities for integrated energy storage solutions in the rapidly growing hybrid electric vehicle and stationary power industries.
Cobasys has already been awarded contracts to supply the battery and control systems for eight major hybrid electric vehicle (HEV) production and/or development programs. These include providing battery systems and controls for the Saturn Aura and the Saturn Vue Green Line, the recently announced Chevrolet Malibu hybrid and a contract to develop lithium battery systems for the new General Motors plug-in hybrid (PHEV) development program.
"We're honored to have been selected as the supplier for the majority of North American and European OEM hybrid battery system programs awarded over the last two years. We are now well positioned to capitalize on future opportunities with these and other customers and to take the next logical step in our growth strategy," said Thomas S. Neslage, President and Chief Executive Officer of Cobasys.
ECD Ovonics and CTV have engaged financial advisors to assist in the process. ECD Ovonics will be represented by UBS Investment Bank and CTV will be represented by Goldman, Sachs & Co. The parties are not disclosing the timing or the alternatives under consideration.
About Cobasys
Cobasys designs, manufactures and integrates advanced battery system solutions for transportation markets, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 36/42 Volt applications and to stationary markets, including Back-Up power supply systems for Uninterruptible Power Supply (UPS), Telecom and Distributed Generation markets.
Cobasys is a joint venture between Chevron Technology Ventures LLC, (CTV) a subsidiary of Chevron Corporation (NYSE: CVX - News) and Energy Conversion Devices, Inc. (Nasdaq: ENER - News).
For more information about Cobasys, contact Ray Wagner at 248-620-5700 or visit their website at www.cobasys.com. Posted by a surfer on :
OH YEA!!!!
up to 33.50 pre-market!!! 5%
Posted by a surfer on :
This news hit everywhere!!
Watch out 35!!
Posted by wes19c on :
Man i wish i had bought more shares.
Posted by a surfer on :
Looking Great!
33.70 new HOD
Posted by a surfer on :
United Solar Ovonic Awarded $9.1 Million Contract From Air Force Research Laboratory Thursday March 15, 10:30 am ET The contract will continue funding the development of lightweight and high- efficiency solar cells and solar modules for airship and space applications
AUBURN HILLS, Mich., March 15 /PRNewswire-FirstCall/ -- United Solar Ovonic LLC, the world leader in thin-film amorphous-silicon solar technology and a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News), announced today that the Air Force Research Laboratory (AFRL) in Kirtland AFB, New Mexico, has exercised an 18-month contractual option for $9.1 million with United Solar Ovonic to develop new solar cell technology to be used in space and airship vehicles addressing defense and homeland security applications. ADVERTISEMENT
Today's announcement builds upon the success of earlier contracts with the Air Force. Since May 2003, United Solar Ovonic has been working with the Advanced Space Power Generation Group in the Space Vehicles Directorate of AFRL to develop ultralightweight solar arrays on thin stainless steel foils and polymers for use in space and airship vehicles. Solar cells on thin stainless steel foil are already being tested in AFRL experimental missions such as TacSat-2 satellite, which was launched in December, 2006.
UNI-SOLAR® space photovoltaic (PV) products offer an ultralight, low- cost alternative to conventional space PV modules made of crystalline silicon or gallium arsenide. UNI-SOLAR® triple-junction modules, originally developed for terrestrial applications, are made of amorphous silicon-based thin-film alloys, which are deposited on a 5-mil flexible stainless steel substrate. By utilizing a polymeric substrate, space cells have already been developed that have a specific power greater than 1000 Watts per kilogram (W/kg), which is significantly higher than what is currently available. A high specific power is required for airship application. The radiation hardness and superior high-temperature performance of amorphous silicon make it an attractive material for space application.
"Next generation solar arrays for Air Force missions need to be cheaper, lighter and more stowable than what are currently available," said John Merrill, Program Manager of the AFRL Advanced Power Generation Program at Kirtland AFB. "We are impressed with the work that United Solar Ovonic has been carrying out under AFRL contracts to address these goals."
"We are delighted to collaborate with AFRL to develop products for this rapidly expanding market," said Subhendu Guha, President and Chief Operating Officer of United Solar Ovonic. "The new funding will accelerate our commercial goal of supplying solar cells for satellite and airship applications."
About United Solar Ovonic
United Solar Ovonic, building on technology invented and pioneered by ECD Ovonics, is the world leader in thin-film amorphous photovoltaics. Because of characteristics unique to the United Solar Ovonic solar cell technology, such as lightweight, ruggedness and flexibility, it is ideal as building-integrated photovoltaic roofing systems for residential and industrial customers. ECD Ovonics and United Solar Ovonic hold the basic patents covering the continuous roll-to-roll manufacturing of thin-film amorphous-silicon alloy multi-junction solar cells and related products. More information is available at www.uni-solar.com.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based. The risk factors identified in the ECD Ovonics filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K, could impact any forward-looking statements contained in this release.
-------------------------------------------------------------------------------- Source: United Solar Ovonic LLC
Posted by SherriT on :
Congrats gang! Glad everyone is making green today!
Posted by birches on :
Just bought in at $33.10 - used to own ENER in '04 bought in at 9 sold at approx. 20 kicked myself and have been waiting for a good buying op - just got one - IMO
Posted by birches on :
ENER IPO'ing Cobasys!
UPDATE 1-Cobasys to explore strategic alternatives
CHICAGO, March 14 (Reuters) - Cobasys, which produces batteries used in hybrid gasoline-electric vehicles, said on Wednesday its owners have enlisted investment bankers to explore strategic alternatives.
The venture, which is owned by Energy Conversion Devices Inc. and Chevron Corp. , said it is looking for ways to capitalize on growing demand for hybrid vehicles and stationary power.
Cobasys is a major producer of nickel metal hydride batteries now used to power hybrid vehicles and has contracts to supply battery and control systems for eight hybrid vehicle production and/or development programs.
The contracts include deals with General Motors Corp. for the Saturn Aura, Saturn Vue Green Line and a Chevrolet Malibu hybrid.
UBS Investment Bank is representing Energy Conversion Devices and Goldman, Sachs & Co. is representing Chevron.
Cobasys also has a contract to develop lithium ion battery technology for the Volt plug-in hybrid "concept" car GM showed at the North American International Auto Show in January.
The company is competing with a joint venture of Johnson Controls Inc. and France's Saft PA to develop the technology.
Lithium ion batteries, which are now used in laptops and other electronic devices, take up less space, weigh less, generate more power and recharge more quickly than nickel metal hydride batteries.
However, they are more expensive and have been more prone to overheating, which has caused several high-profile incidents involving fires in laptop computers.
Posted by wes19c on :
Sweeeeeeeeeeeeeetttttt.
Posted by birches on :
I don't understand why ENER isn't doing better today
- signed contract with Gov. - 2 upgrades - going to IPO Cobasys
* the only guess I have is quadruple witching
Posted by wes19c on :
Its moving good so far today, up $1.25. IMO this is a winner, thanks surf!!
Posted by a surfer on :
Thanks wes.
Its a no brainer from our entries.
34.32!!
Posted by a surfer on :
Cobasys Delivers Innovative Energy Storage System for Lotus Engineering 'EVE Hybrid' Program Monday March 19, 1:00 pm ET
ORION, Mich., March 19 /PRNewswire-FirstCall/ -- Cobasys, a leading supplier of advanced integrated energy storage solutions, today confirmed that it has been selected to supply its NiMHax® Nickel Metal Hydride (NiMH) battery systems for integration in the Lotus Engineering EVE (efficient, viable and environmental) vehicle. ADVERTISEMENT
The "EVE Hybrid" technology, displayed in a Proton Gen2 vehicle, was unveiled at the Geneva International Motor Show and featured a Cobasys NiMHax 144 Volt 30 kW energy storage system with integrated cooling. Lotus Engineering selected the Cobasys system because of their leadership role in hybrid battery system development and integration.
The NiMHax battery system utilizes the Cobasys Series-1000 NiMH battery modules and incorporates all necessary features that enable "plug-and-play" capability for easy installation into the EVE Hybrid. The NiMHax system features include: fully integrated battery management system hardware and software, redundant safety controls, packaging, wiring and thermal management based on a newly developed liquid cooling system that optimizes high power HEV performance. Fully integrated control algorithms were also implemented to help optimize the energy management functions and product durability.
"We have built a reputation for offering reliability, high performance, safety and long-life in a package ideally suited for a multitude of transportation applications," stated Scott Lindholm, Vice President - Sales and Systems Engineering. "At Cobasys, we are using our unique systems integration 'know how' to help hybrid vehicle manufacturers around the world offer consumers efficient, cost competitive and dependable hybrid vehicles."
The Lotus Engineering project demonstrates the Cobasys commitment to helping automakers accelerate the commercialization of their hybrid strategies. Cobasys' totally integrated "plug-and-play" system technology minimized development time and provided the optimal business case proposition.
About Cobasys
Cobasys designs, manufactures and integrates advanced battery system solutions for transportation markets, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 36/42 Volt applications and to stationary markets, including Back-Up power supply systems for Uninterruptible Power Supply (UPS), Telecom and Distributed Generation markets.
Cobasys is a joint venture between Chevron Technology Ventures LLC, a subsidiary of Chevron Corporation (NYSE: CVX - News) and Energy Conversion Devices, Inc. (Nasdaq: ENER - News).
For more information about Cobasys, contact Ray Wagner at 248-620-5700 or visit their website at http://www.cobasys.com. Posted by birches on :
nice day again so far today - 34.54 - need to break over $35 before we see ENER run into the 40's
looking forward to more IPO news to help drive ENER higher
glad I am in
Posted by a surfer on :
Thank God for stocks like this!!
Beats the hell out of DKAM!!
Posted by a surfer on :
35! 35.43 HOD
Posted by wes19c on :
nice....
Posted by Mortimer on :
Such a relaxing ride, this one.
Old news but I didn't see this posted here yet. Price target $52!?
Thanks for the article Mortimer. Just provides more evidence of growth!!
Posted by birches on :
Loving ENER - broke over 35 and has nice follow through today.
Anyone know when the Cobasys IPO is going to happen?
go ENER!!
anyone else playing ASTI, DSTI, WFR, SPWR, FSLR, ESLR?
I am playing ENER, ASTI, and WFR. I love DSTI's chart.
Posted by birches on :
someone on the YHOO board thinks that Cobasys would IPO in May - they seem to be pretty good
Posted by a surfer on :
sort of a mixed up statement.
AP Ahead of the Bell: BofA Starts Solar Tuesday March 27, 7:13 am ET Banc of America Securities Starts Coverage of Solar Sector With 2 "Buy"-Rated Companies
NEW YORK (AP) -- Banc of America Securities began coverage of the solar cell sector, saying that a mix of government incentives, declining production costs and rising oil prices bode for "substantial growth" in the industry. ADVERTISEMENT
However, analyst Eric K. Brown cautioned late Monday that investors should be selective about the solar stocks they choose, given the increased ease of entry into the industry which could mean tougher competition ahead.
The emergence of solar cell production in China, increased supply of polysilicon -- the material used to make photovoltaic cells -- and new technologies could attract new players to the market, Brown wrote in a note to clients. More solar cell supply could undermine prices, too, and hurt margins.
The analyst rated Sunpower Corp. a "Buy," calling the company his top pick in the solar PV group. First Solar Inc. also garnered a "Buy" rating. Brown started China's Suntech Power Holdings Co. and Energy Conversion Devices Inc. at "Neutral," but rated Evergreen Solar Inc. at "Sell" with an $8 price target, citing the company's lack of visibility on growth as a competitive disadvantage.
Posted by a surfer on :
37.25 moving right along!!
Posted by a surfer on :
getting close to $38 !!!!!! 37.90
Sure is a good feeling to see a company that is following through with results!
Posted by a surfer on :
what a great stock, i'm in love with this one! Good call surf!
Posted by a surfer on :
NEW SYMBOL......ECD
patent news today...
Up 16%
ECD's Battery Subsidiary Grants Patent License To Shenzhen Grepow 10:06 AM ET - Dow Jones News (MORE TO FOLLOW) Dow Jones Newswires 08-08-07 1006ET Copyright (c) 2007 Dow Jones & Company, Inc
Posted by NEL on :
Isn't ECD just and abbreviation of the company name? I do not see a new sybol here?
Posted by a surfer on :
A buddy of mine called me about this one yesterday and told me to get in before the close. I only had $1000 free in my main trading account, and didn't want to buy it in my IRA account because I had just sold out of somethign else and didn't want to have to hold it 3 days if it didn't perform. Seems like I should have bought and held for 3 days...
Posted by a surfer on :
Yea PCola I feel like I let the board and myself down on this.
Complete lack of trusting my gut.
I almost bought in Jan and March and let it slip by. I even knew about the 3Q release and figured it was too late.
Missed ANAD too for 80%.
I did catch RVBD at $12
Ahhhh Life is just plain too busy sometimes and then I have to follow this crap....LOL
Posted by a surfer on :