Blog Archives
Ormat 2nd Quarter Results
Last week Ormat reported results from the quarter: $84.1M in total revenue and $8.5M in net income. The quarter presented a good news/bad news scenario for investors. The good, electricity production is back on track after an earlier miss this year, revenue increased overall, and there are signs of life in the equipment business. The bad, despite growing revenue 13.5% YoY, net income remained flat due to decreased gross margins and increased dilution of outstanding shares.
The full earnings report is available here.
New RPS States
In the past few days, North Carolina and Illinois have joined the 21 other states (and the District of Columbia) in adopting renewable portfolio standards. The basic idea behind an RPS is that a certain percentage of electricity must be delivered by renewable resources within some time frame. The California RPS for instance dictates that 20% of the state’s electricity must come from renewable sources by 2010, presently it’s 14%. Utilities, Municipal Districts, and Direct Access providers are tasked with ensuring the percentage is met and will be fined $50 per MWh for non-compliance up to $25M per entity per year.
North Carolina’s RPS targets a 12.5% RPS by 2021. An interesting twist is that NC is looking to achieve 40% of that through conservation and efficiency. Illinois is a more standard RPS targeting 25% by 2025 with milestones along the way every few years. Comments are off for this post
On the road soon: Tesla
Tesla Coupe
From CNN:
1 commentLOS ANGELES (Reuters) — Tesla Motors’ all-electric Roadster sports car will start rolling out to nearly 600 buyers lined up for the $100,000 vehicle by October or November, after a slight delay, the company’s chief said on Tuesday.
“We will definitely ship in that time frame,” CEO and co-founder Martin Eberhard told Reuters at a meeting of the Motor Press Guild, noting that the company had originally expected to begin deliveries during the summer.
… [on moving down market and why Tesla will whip GM]
“If I sell 10,000 White Stars (Tesla’s $65k family car,) it will be a screaming success for me,” he said. “But 10,000 Chevys sold would be a disaster.”
More waste heat business for Ormat
Italcementi Cement Plant
Yesterday, Ormat announced a $5.7M deal with Italcementi Group to be installed at a Martinsburg, West Virginia cement plant. While the total size of the plant in MW was not disclosed, we believe it to be in the 3.5MW range. This marks another win in Ormat’s strategy to diversify from geothermal into the waste heat harvest business. 2 comments
You’ll never drive a hydrogen powered car
Mercedes Hydrogen Concept Car
Via Renewable Energy Access:
I’m going to make a prediction today: you will never drive a hydrogen fueled car. Although hydrogen does indeed have some benefits in certain applications, it’s my task today to separate the reality of useful fuel cells from the hydrogen hype. That may seem like a bold statement to you now, but by the end of this article, you’ll understand why.
Mr. Nelder may well be correct in his assessment. But, we tend to believe, it is the trillions of $ required to make such a change that will ultimately drive the change. Enormous challenges create enormous opportunities.
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