Technology company active in the production of enclosures and industrial components, Phoenix Mecano, has announced an impairment of tangible and intangible assets in its ELCOM/EMS division effective December 2012. With the cancellation of a long-term framework supply contract for PV components with a major customer, Phoenix Mecano anticipates an impairment loss of approximately €6-8 million.
South Coast Solar advised that its CEO, Tucker Crawford, has stepped down in order to work full-time as president of the Gulf States Renewable Energy Industries Association (GSREIA). The group is specifically dedicated to expanding the use of solar power in Louisiana, Mississippi and Alabama.
Head of FiTs of the UK’s Department of Energy and Climate Change, Alisdair Grainger, told participants at Solar Power UK in Birmingham that 98.2% of installations in the UK are now from PV. The government minister made a very strong attempt to reassure the audience that cuts to and degression of the FiT in the UK was a good thing.
3M and Ceradyne revealed that they have entered a definitive agreement, which will see 3M buy Ceradyne for US$35 per share. The transaction holds an aggregate value of nearly US$860 million, or US$670 million net of cash, cash equivalents, short-term investments and debt acquired. Ceradyne, a major producer of crucibles used in the production of polysilicon chunks for multicrystalline ingots and then wafers, will join the 3M Energy Advanced Materials Division.
The Export-Import Bank of the US has agreed to provide a 10-year guarantee for a PNC Bank loan worth US$6.4 million. The loan will be used to finance the export of PV modules from SolarWorld Americas, based on the west coast if the US, to Barbados-based Williams Industries-Williams evergreen Ltd.
The US Department of Energy’s Energy Information Administration has released a report on annual PV module shipments in the US. Solar Photovoltaic Cell/Module Shipments Report 2011, states that US shipments reached a record high of 3.77GW, an increase of 43% since 2010. The report lists declining PV cell and module prices, along with an installation rush at the end of the year due to the conclusion of grant programmes amongst its reasons for the increase.
Financially constrained PV manufacturers are advised to look at alternative ways other than relinquishing hard-to-find cash to end wafer supply deals with suppliers after a long-standing dispute between Conergy and MEMC was partially resolved via old-fashioned bartering.
The Austrian government has doubled its renewables budget to €50 million for 2013 and set to decrease by €1 million annually. Economy and energy minister Reinhold Mitterlehner, social minister Rudolf Hundstorfer and environment minister Nikolaus Berlakovich have introduced a combination tariff and grant scheme.
Suspicions of the strength of German influence over European politics appear to not be unfounded. Earlier this week, German Chancellor Angela Merkel called for dialogue between the Chinese and European Commission. It has been announced that the EC and China’s Ministry of Commerce have signed a Memorandum of Understanding in Brussels to increase cooperation between the EC’s competition department and China’s antitrust authorities.
According to informed sources close to those involved, Jerry Stokes, president of Suntech Europe has agreed a settlement with senior management of Suntech Power Holdings to leave the company. Stokes joined the company in 2006. Suntech's newly appointed chief executive officer, David King recently set about restructuring senior management roles with the exit of Andrew Beebe, Suntech’s chief commercial officer and regional heads reporting directly to King.
