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Posted on Wed, 02/22/2012 - 07:50 PM by Bryan Nisperos
viewed 146 times
In a move that’s sure to require some shrimp on the Barbie. U.S.-based Westinghouse Solar Inc. and Australian-based CDB Energy have signed a letter of intent to merge. The agreement will allow both companies a chance to expand their reach internationally. Westinghouse Solar is a PV manufacturer that specializes in AC PV modules—modules with microinverters. And CBD is a renewable energy company that specializes in wind, solar and other forms of renewable energy. The proposed merger builds on the relationship established late last year, when CBD Energy invested $1 million in Westinghouse Solar. “They’re looking to expand their reach internationally. This is a great way for them to enter into the U.S. market with an established company,” said Westinghouse Solar’s Vice President of Marketing Gary Mull. “Given their background and the market opportunity in the U.S. it’s understandable why they’re looking for an opportunity with a company like Westinghouse.” One of the attractions is Westinghouse’s name, according to Mull. Westinghouse Solar isn’t owned by the Westinghouse parent company. “We had a licensing agreement with Westinghouse to continue to sell under their brand,” he said. The company will retain the name. “It’s one of the components that makes this very attractive for CBD.” The merger could also help CBD, which has developed projects in multiple countries, gain a foothold in the larger American market, like Canada and Latin America. Though their primary market will be the U.S., according to Mull. Westinghouse Solar also will gain access to the international market with the merger. “Two primary advantages that a merger like this provides, is that as a larger more diversified business, there’s opportunity to expand our geographic presence as well. Our market really had been U.S. But it opens up all the markets CBD has been in, particularly Australia,” Mull said. The other benefit for Westinghouse Solar is allowing the company to speed development of new products. Under the proposed merger, Westinghouse Solar shareholders would receive shares of common stock in CBD Energy in exchange for their shares of Westinghouse Solar, according to Westinghouse Solar. CBD would own 85 percent of the combined entity’s stock Westinghouse Solar’s equity holders would own 15 percent of the stock. The companies plan to finalize the merger agreement in early March, with completion of the merger targeted for the third quarter of 2012. MORE NEWS FROM CLEAN ENERGY AUTHORITYSolar stocks likely to remain at record lowsWith fundamental issues in the solar industry, including oversupply and consolidation, solar stocks are likely to remain at record lows through the end of 2012 and into 2013. New solar curriculum teaches students about renewable energyOne Million Lights recently teamed up with SunPower to bring a different kind of solar illumination to the world. Commerce Dept. imposes preliminary tariffs on Chinese PV manufacturersIn the trade complaint against Chinese silicon photovoltaic manufacturers the other shoe dropped today and it was louder than the soft thud of the first shoe. The U.S. Commerce Department preliminarily found that Chinese solar PV manufacturers were guilty of dumping PV cells and modules in the U.S. and impose preliminary anti-dumping tariffs on Chinese-based PV manufacturers. Enphase brings the AC/PV roadshow to DenverEnphase, a manufacturer of microinverters for solar photovoltaics is making a lot of noise and on the heels of a successful initial public offering, the company has launched the Enphase Roadshow. Through the roadshow the company is traveling across the country to show off its microinverters and associated technologies that allow each PV module in an array to produce to its maximum ability. The roadshow made a two-day stop in Denver at the World Renewable Energy Forum to show off its latest. DOE Secretary sees bright future for solarYesterday Department of Energy (DOE) Secretary Dr. Steven Chu discussed why he got involved in renewable energy and how solar and wind are becoming cost competitive with natural gas—which is currently cheaper than coal in the U.S. He also warned of the U.S. losing ground in terms of manufacturing jobs, unless Congress takes action to continue to support renewable energy. Chu made his remarks at Wednesday’s World Renewable Energy Forum keynote address. RELATED SOLAR NEWSSolarWorld States Anti-Dumping Duties Against ‘Big China Solar’ a Step Toward Restoring Industry CompetitionApple to Power 3 Data Centers with 100 Percent Renewable EnergyGreenpeace advocates gathered outside of Apple's Cupertino headquarters early this week dressed as iPhones and iPods, declaring their outrage about the company's lack of clean energy use. They projected social media messages from supporters on the side of the building:Solar Industry Reacts to Anti-Dumping RulingThe US has imposed higher-than-expected tariffs of around 31% on Chinese PV imports, drawing support from some US manufacturers and sharp criticism from Chinese officials and companies. In its preliminary ruling May 17, the US Commerce Department issued anti-dumping duties of 31.14% on imports of solar cells and panels from Suntech, 31.22% from Trina Solar, 31.18 percent from other companies that had requested but not received individual duty determinations and 249.96 percent from all other Chinese producers, including those controlled by the Chinese government. NREL Director Named Chair of National Science BoardDan Arvizu, director of the US Department of Energy's National Renewable Energy Laboratory, has been elected Chairman of the National Science Board. The 25-member body advises the president and Congress on science and engineering issues, and is the policy-setting and budget-approving body for the National Science Foundation. With an annual budget of $6.9 billion, the foundation funds about 20% of all federally supported basic scientific research at U.S. colleges and universities. Arvizu will serve a two-year term as chairman. Are IT Data Centers Emerging as a 'Killer App' for Green Power? Part 1Last month, Greenpeace launched a series of coordinated protests at Amazon, Apple and Microsoft locations to draw attention to the companies’ use of GHG intensive fuels in powering their data centers. The protests were a follow up to their recently released report, “How Clean is Your Cloud,” which criticized the companies foSOLAR ENERGY ARTICLES
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