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...hat als Firma mit ienem ganz eigenen Ansatz vielleicht auch einen eigenen Thread verdient; wenn's was wird, kommt irgendwann bestimmt auch ein IPO.
Italian PV integrator Sun System, CIGS panel maker Solyndra sign $105 million framework deal
25 November 2009 | By Tom Cheyney | News > Thin Film, CIGS
Solyndra has signed a multiyear framework agreement worth up to $105 million with Milan, Italy-based solar integrator Sun System. The copper-indium-gallium-(di)selenide (CIGS) thin-film solar panels for this Euro-based agreement will be manufactured at Solyndra's facilities in Fremont and Milpitas, CA.
Sun System has already installed a Solyndra-based PV power array in northern Italy at a company called Tessitura Uboldi. Further details about the size of that system or the projected megawattage of panels to be supplied under the terms of the deal have not been disclosed.
"We are excited to announce this relationship with Sun System, a highly innovative integrator of medium and large-scale commercial PV systems," said Chris Gronet, CEO/founder of Solyndra. "Sun System’s strong presence in Italy and beyond, coupled with Solyndra’s advanced PV systems, will accelerate the deployment of world-class photovoltaic installations on commercial rooftops in southern Europe."
Solyndra says its cylindrical TFPV systems are designed to generate more electricity on an annual basis from typical low-slope commercial rooftops, while providing much lower installation costs than conventional flat panel PV technologies.
"As a company focused on cost, performance and reliability, we are very happy to announce this partnership. Solyndra’s technology sets a new standard of performance on commercial rooftops compared to conventional PV technologies in terms of installation cost, rooftop loading, nonpenetrating wind performance, and energy production per roof," noted Sun System CEO, Davide Scarantino.
The latest agreement brings the total announced amount of framework and sales deals inked by Solyndra since May to nearly $650 million. The company also started construction on its second manufacturing facility in Fremont in early September, the financing of which will be aided by a Department of Energy loan guarantee of $535 million.
25 November 2009 | By Tom Cheyney | News > Thin Film, CIGS
Solyndra has signed a multiyear framework agreement worth up to $105 million with Milan, Italy-based solar integrator Sun System. The copper-indium-gallium-(di)selenide (CIGS) thin-film solar panels for this Euro-based agreement will be manufactured at Solyndra's facilities in Fremont and Milpitas, CA.
Sun System has already installed a Solyndra-based PV power array in northern Italy at a company called Tessitura Uboldi. Further details about the size of that system or the projected megawattage of panels to be supplied under the terms of the deal have not been disclosed.
"We are excited to announce this relationship with Sun System, a highly innovative integrator of medium and large-scale commercial PV systems," said Chris Gronet, CEO/founder of Solyndra. "Sun System’s strong presence in Italy and beyond, coupled with Solyndra’s advanced PV systems, will accelerate the deployment of world-class photovoltaic installations on commercial rooftops in southern Europe."
Solyndra says its cylindrical TFPV systems are designed to generate more electricity on an annual basis from typical low-slope commercial rooftops, while providing much lower installation costs than conventional flat panel PV technologies.
"As a company focused on cost, performance and reliability, we are very happy to announce this partnership. Solyndra’s technology sets a new standard of performance on commercial rooftops compared to conventional PV technologies in terms of installation cost, rooftop loading, nonpenetrating wind performance, and energy production per roof," noted Sun System CEO, Davide Scarantino.
The latest agreement brings the total announced amount of framework and sales deals inked by Solyndra since May to nearly $650 million. The company also started construction on its second manufacturing facility in Fremont in early September, the financing of which will be aided by a Department of Energy loan guarantee of $535 million.
Order Focus: Solyndra teams with flat roofing specialist alwitra
01 December 2009 | By Mark Osborne | News > Design-BuildSolar, Thin Film, CIGS
Flat roofing materials specialist, alwitra has entered into a long-term framework agreement with CIGS thin film supplier, Solyndra. Although no details were given to the possible megawatt levels or time-span of the agreement, the partnership would seem obvious, considering alwitra’s history and innovations in the reflective ‘Evalon’ roofing membrane market and its use of flexible thin film substrates for flat roof applications.
“With alwitra’s global presence and their award-winning line of highly reflective Evalon roofing membranes, this agreement builds on the benefits of Solyndra PV installations on reflective commercial rooftops and will expand our footprint in the important roofing channel,” noted Chris Gronet, Solyndra CEO and founder.
“The Solyndra system is the best we’ve found in terms of non-penetrating wind performance, energy production per roof, rooftop loading, and installation cost and builds on our 10 years of success in solar with our building-integrated Evalon Solar system,” commented Joachim Gussner, alwitra’s President.
It is assumed that alwitra will add Solyndra’s unique solar system to its product offerings, rather than replacement for its Evalon Solar substrates.
01 December 2009 | By Mark Osborne | News > Design-BuildSolar, Thin Film, CIGS
Flat roofing materials specialist, alwitra has entered into a long-term framework agreement with CIGS thin film supplier, Solyndra. Although no details were given to the possible megawatt levels or time-span of the agreement, the partnership would seem obvious, considering alwitra’s history and innovations in the reflective ‘Evalon’ roofing membrane market and its use of flexible thin film substrates for flat roof applications.
“With alwitra’s global presence and their award-winning line of highly reflective Evalon roofing membranes, this agreement builds on the benefits of Solyndra PV installations on reflective commercial rooftops and will expand our footprint in the important roofing channel,” noted Chris Gronet, Solyndra CEO and founder.
“The Solyndra system is the best we’ve found in terms of non-penetrating wind performance, energy production per roof, rooftop loading, and installation cost and builds on our 10 years of success in solar with our building-integrated Evalon Solar system,” commented Joachim Gussner, alwitra’s President.
It is assumed that alwitra will add Solyndra’s unique solar system to its product offerings, rather than replacement for its Evalon Solar substrates.
Happy solstice: Solyndra files for IPO, could become first CIGS pure-play to go public
19 December 2009 | By Tom Cheyney | Chip Shots
CIGS could soon have a name and a face on Wall Street--Solyndra. While much of the business community was sipping egg nog and eating Christmas cookies at office parties or buying armloads of presents on the final Friday before the coming holiday, Solyndra filed an S-1 registration statement for an initial public offering with the Securities and Exchange Commission. The purveyor of cylindrical copper-indium-gallium-(di)selenide thin-film photovoltaics will trade under the symbol “SOLY,” according to SEC documents, with Goldman Sachs and Morgan Stanley running the book on the proposed offering.
CEO Chris Gronet and his team have come a long way in a short time since emerging from stealth mode with a splash a little more than a year ago, and the prospectus filed as part of the S-1 provides a new level of granularity about the progress and plans of the company.
Like any IPO prospectus, the Solyndra tome (as in a couple hundred pages) contains a brutal amount of financial accounting procedure and stock valuation minutiae and boilerplate. Since it's a preliminary document, it keeps blank such items as which market SOLY will trade on (my guess would be NASDAQ), precisely how many shares will be traded, and what price the shares will be offered at; still, it does include company information that had been kept under wraps until now.
For starters, the question of how many megawatts have been produced and shipped by Solyndra can now be answered.
For the nine months ended Oct. 3, 2009, the firm says it had produced 17.9MW out of its initial line in the Fab 1 facility, claiming a 40.2MW annualized production run rate for the period. That average run-rate number popped up to 45MW for the fiscal month just ended, a huge jump from the 7.8MW rate achieved in 2008.
solyndra_hqSolyndra’s expansion plans for Fab 1 call for pushing capacity up to 110MW by the end of 2010. (btw, the average nameplate power rating for those panels came to 178W, or about 4.45W per tubular thin-film module, at 40 modules per panel.)
The company’s new production facility, Fab 2, is already under construction up the street from the first fab on Kato Road in Fremont. The plans call for the first phase, with a 250MW annualized run-rate capacity to be achieved by mid-2012, to start popping out panels by the first quarter of 2011.
The $535 million loan guarantee from the Department of Energy that will provide a big chunk of the funding to build the factory has made headlines, but it turns out Solyndra filed another application for a second DOE loan guarantee on Sept. 11 and the second part of the app on Nov. 17, this time for $469 million, to help underwrite the costs of building Phase II of Fab 2. If Gronet and Co. are successful in obtaining the second guarantee, the Fed will be into them for over a $1 billion.
The PV omnifacialists will need all the help they can get finding the money to build out Fab 2, even though they have contingency plans for alternative methods of financing in case the loan monies don’t come through as planned. The prospectus states the “all-in” cost of capital for both phases of Fab 2 is about $1.38 billion, with $642 million of that medium-sized semiconductor fab-like amount needed for Phase II.
A couple of line items missing from the document (or at least I couldn’t find them in it) are the almighty manufacturing cost-per-watt (let alone cost-per-watt installed or kilowatt-hour per installed watt) and conversion efficiency metrics. Maybe once Solyndra goes public, they will see the light and present those numbers on a quarterly basis, just like First Solar does.
The company began shipping commercially in July 2008 and pushed 1.6MW out the door for the fiscal year ended Jan. 3, 2009, compared to 17.2MW sold through the third quarter, showing it has made significant incremental progress quarter over quarter. Compare revenues for the recent nine months--$58.8 million—with those for the previous fiscal--$6 million—and the growth is impressive.
But revenues don’t equate to profits, and Solyndra is a long way from getting out of the red.
The company has seen “significant net losses” since its inception, including a net loss of $27.2 million in 2006, $114.1 million in 2007, $232.1 million in 2008, and $119.8 million in the first nine months of fiscal 2009. It also had an accumulated deficit of $505 million (yup, a half-billion samolians) as of Oct. 3.
And it ain’t over yet, according to the company. “We expect to continue to incur significant operating and net losses and negative cash flow from operations for the foreseeable future,” says Solyndra. “Moreover, we expect that average selling prices of our photovoltaic systems will continue to decline until we offer our products at a price per watt that is comparable to conventional energy sources and alternative distributed generation technologies.”
With keywords popping out like “significant losses...negative cash flow...for the foreseeable,” potential shareholders will need a hearty appetite for risk. The company admits it needs to raise a boatload of additional capital to fund its expansion and grow its business.
argonaut_logo
Still, if Solyndra manages to pull off its gameplan for commercial rooftop solar domination, the upside is future revenues in the billions and hopefully a good run of profitability for those willing to tough it out for awhile.
Argonaut Ventures believes they will execute on the plan, since the firm and its affiliates hold 35.7% of the outstanding common stock and, if I read the document correctly, can buy up to 15% of the aggregate of the shares to be offered in the IPO.
Which brings us to the customer side. Solyndra says its panels have been deployed in more than 100 commercial installations worldwide. As a glance at its Eurocentric customer list suggests, more than 85% of the company’s business has been in Europe so far, with the rest mostly Stateside.
Geckologic and Phoenix Solar were dominant customers for FY2008, accounting for 29% and 27%, respectively, of Solyndra’s minuscule total revenues. For the recent nine-month period, USE Umwelt Sonne Energie, Carlisle, and Alwitra accounted for 19%, 17%, and 13%, respectively, of revenues.
Not wanting to put too many panels in so few baskets, the CIGS firm says it expects that its “customer concentration will decrease over time” as production capacity increases to “meet the requirements of an expanded customer base.”
One new tidbit is the amount of “orders” generated via framework agreements with system integrators and roofing materials manufacturers: up to 865MW to be delivered by the end of 2013. That’s pushing close to a gigawatt, and underscores the company’s anxiousness to ramp and expand its production capacity.
But, as Solyndra cautions, “these framework agreements are long-term contracts that set forth volume and price expectations over a number of years, [so] they generally do not result in firm purchase commitments until a purchase order is issued.”
Better than a hope and a prayer, but not exactly “done deals” either.
So, no pressure on Solyndra apart from a laundry list of risks, a balance sheet bleeding red, an ambitious expansion plan needing major funding help, and an unproven technology just now getting into the field and under sun.
I can’t wait to see how the IPO unfolds—that is, if the IPO happens at all (remember the recent pushback by Chinese thin filmers Trony Solar?)—and whether the first publically traded, pure-play CIGS company becomes a darling of Wall Street, earning the nickname “Second Solar,” or struggles with the sizeable burdens it has taken on.
19 December 2009 | By Tom Cheyney | Chip Shots
CIGS could soon have a name and a face on Wall Street--Solyndra. While much of the business community was sipping egg nog and eating Christmas cookies at office parties or buying armloads of presents on the final Friday before the coming holiday, Solyndra filed an S-1 registration statement for an initial public offering with the Securities and Exchange Commission. The purveyor of cylindrical copper-indium-gallium-(di)selenide thin-film photovoltaics will trade under the symbol “SOLY,” according to SEC documents, with Goldman Sachs and Morgan Stanley running the book on the proposed offering.
CEO Chris Gronet and his team have come a long way in a short time since emerging from stealth mode with a splash a little more than a year ago, and the prospectus filed as part of the S-1 provides a new level of granularity about the progress and plans of the company.
Like any IPO prospectus, the Solyndra tome (as in a couple hundred pages) contains a brutal amount of financial accounting procedure and stock valuation minutiae and boilerplate. Since it's a preliminary document, it keeps blank such items as which market SOLY will trade on (my guess would be NASDAQ), precisely how many shares will be traded, and what price the shares will be offered at; still, it does include company information that had been kept under wraps until now.
For starters, the question of how many megawatts have been produced and shipped by Solyndra can now be answered.
For the nine months ended Oct. 3, 2009, the firm says it had produced 17.9MW out of its initial line in the Fab 1 facility, claiming a 40.2MW annualized production run rate for the period. That average run-rate number popped up to 45MW for the fiscal month just ended, a huge jump from the 7.8MW rate achieved in 2008.
solyndra_hqSolyndra’s expansion plans for Fab 1 call for pushing capacity up to 110MW by the end of 2010. (btw, the average nameplate power rating for those panels came to 178W, or about 4.45W per tubular thin-film module, at 40 modules per panel.)
The company’s new production facility, Fab 2, is already under construction up the street from the first fab on Kato Road in Fremont. The plans call for the first phase, with a 250MW annualized run-rate capacity to be achieved by mid-2012, to start popping out panels by the first quarter of 2011.
The $535 million loan guarantee from the Department of Energy that will provide a big chunk of the funding to build the factory has made headlines, but it turns out Solyndra filed another application for a second DOE loan guarantee on Sept. 11 and the second part of the app on Nov. 17, this time for $469 million, to help underwrite the costs of building Phase II of Fab 2. If Gronet and Co. are successful in obtaining the second guarantee, the Fed will be into them for over a $1 billion.
The PV omnifacialists will need all the help they can get finding the money to build out Fab 2, even though they have contingency plans for alternative methods of financing in case the loan monies don’t come through as planned. The prospectus states the “all-in” cost of capital for both phases of Fab 2 is about $1.38 billion, with $642 million of that medium-sized semiconductor fab-like amount needed for Phase II.
A couple of line items missing from the document (or at least I couldn’t find them in it) are the almighty manufacturing cost-per-watt (let alone cost-per-watt installed or kilowatt-hour per installed watt) and conversion efficiency metrics. Maybe once Solyndra goes public, they will see the light and present those numbers on a quarterly basis, just like First Solar does.
The company began shipping commercially in July 2008 and pushed 1.6MW out the door for the fiscal year ended Jan. 3, 2009, compared to 17.2MW sold through the third quarter, showing it has made significant incremental progress quarter over quarter. Compare revenues for the recent nine months--$58.8 million—with those for the previous fiscal--$6 million—and the growth is impressive.
But revenues don’t equate to profits, and Solyndra is a long way from getting out of the red.
The company has seen “significant net losses” since its inception, including a net loss of $27.2 million in 2006, $114.1 million in 2007, $232.1 million in 2008, and $119.8 million in the first nine months of fiscal 2009. It also had an accumulated deficit of $505 million (yup, a half-billion samolians) as of Oct. 3.
And it ain’t over yet, according to the company. “We expect to continue to incur significant operating and net losses and negative cash flow from operations for the foreseeable future,” says Solyndra. “Moreover, we expect that average selling prices of our photovoltaic systems will continue to decline until we offer our products at a price per watt that is comparable to conventional energy sources and alternative distributed generation technologies.”
With keywords popping out like “significant losses...negative cash flow...for the foreseeable,” potential shareholders will need a hearty appetite for risk. The company admits it needs to raise a boatload of additional capital to fund its expansion and grow its business.
argonaut_logo
Still, if Solyndra manages to pull off its gameplan for commercial rooftop solar domination, the upside is future revenues in the billions and hopefully a good run of profitability for those willing to tough it out for awhile.
Argonaut Ventures believes they will execute on the plan, since the firm and its affiliates hold 35.7% of the outstanding common stock and, if I read the document correctly, can buy up to 15% of the aggregate of the shares to be offered in the IPO.
Which brings us to the customer side. Solyndra says its panels have been deployed in more than 100 commercial installations worldwide. As a glance at its Eurocentric customer list suggests, more than 85% of the company’s business has been in Europe so far, with the rest mostly Stateside.
Geckologic and Phoenix Solar were dominant customers for FY2008, accounting for 29% and 27%, respectively, of Solyndra’s minuscule total revenues. For the recent nine-month period, USE Umwelt Sonne Energie, Carlisle, and Alwitra accounted for 19%, 17%, and 13%, respectively, of revenues.
Not wanting to put too many panels in so few baskets, the CIGS firm says it expects that its “customer concentration will decrease over time” as production capacity increases to “meet the requirements of an expanded customer base.”
One new tidbit is the amount of “orders” generated via framework agreements with system integrators and roofing materials manufacturers: up to 865MW to be delivered by the end of 2013. That’s pushing close to a gigawatt, and underscores the company’s anxiousness to ramp and expand its production capacity.
But, as Solyndra cautions, “these framework agreements are long-term contracts that set forth volume and price expectations over a number of years, [so] they generally do not result in firm purchase commitments until a purchase order is issued.”
Better than a hope and a prayer, but not exactly “done deals” either.
So, no pressure on Solyndra apart from a laundry list of risks, a balance sheet bleeding red, an ambitious expansion plan needing major funding help, and an unproven technology just now getting into the field and under sun.
I can’t wait to see how the IPO unfolds—that is, if the IPO happens at all (remember the recent pushback by Chinese thin filmers Trony Solar?)—and whether the first publically traded, pure-play CIGS company becomes a darling of Wall Street, earning the nickname “Second Solar,” or struggles with the sizeable burdens it has taken on.
Trading Spotlight
Produktionszahlen:
Fiscal
Year Ended Nine Months Ended
January 3,2009 September 27,2008 October 3,2009
Other Operating Data:
Megawatts produced(6)
1.8 0.6 17.9
Megawatts sold(7)
1.6 0.4 17.2
Annualized production run rate (in megawatts)(8)
7.8 4.1 40.2
Average nameplate panel power rating (in watts)(9)
164 160 178
Fiscal
Year Ended Nine Months Ended
January 3,2009 September 27,2008 October 3,2009
Other Operating Data:
Megawatts produced(6)
1.8 0.6 17.9
Megawatts sold(7)
1.6 0.4 17.2
Annualized production run rate (in megawatts)(8)
7.8 4.1 40.2
Average nameplate panel power rating (in watts)(9)
164 160 178
Kunden:
September 27, 2008 (unaudited). Revenue from USE Umwelt Sonne Energie GmbH, Carlisle Syntec Incorporated, and Alwitra GmbH represented 19%, 17%, and 13%, respectively, of the total revenue for the nine months ended October 3, 2009 (unaudited).
Accounts receivable from Geckologic GmbH, SPG Solar Inc., Baden Solar GmbH & Co. KG, and Premier Power S.L. represented 38%, 18%, 17%, and 12%, respectively, of the total accounts receivable outstanding at January 3, 2009. Accounts receivable from USE Umwelt Sonne Energie GmbH, Carlisle Syntec Inc., Alwitra GmbH, and SunConnex B.V. represented 30%, 19%, 13%, and 11%, respectively, of the total accounts receivable outstanding at October 3, 2009 (unaudited).
September 27, 2008 (unaudited). Revenue from USE Umwelt Sonne Energie GmbH, Carlisle Syntec Incorporated, and Alwitra GmbH represented 19%, 17%, and 13%, respectively, of the total revenue for the nine months ended October 3, 2009 (unaudited).
Accounts receivable from Geckologic GmbH, SPG Solar Inc., Baden Solar GmbH & Co. KG, and Premier Power S.L. represented 38%, 18%, 17%, and 12%, respectively, of the total accounts receivable outstanding at January 3, 2009. Accounts receivable from USE Umwelt Sonne Energie GmbH, Carlisle Syntec Inc., Alwitra GmbH, and SunConnex B.V. represented 30%, 19%, 13%, and 11%, respectively, of the total accounts receivable outstanding at October 3, 2009 (unaudited).
Antwort auf Beitrag Nr.: 38.515.283 von R-BgO am 05.12.09 16:12:34... hat als Firma mit einem ganz eigenen Ansatz vielleicht auch einen eigenen Thread verdient 
Das hast Du richtig erkannt R-BgO. Ich kenne mich etwas aus bei den Problemen der Bedachungstechnik und kann daher abschätzen, welches Potenzial SOLYNDRA hat. Man hat fast ein Alleinstellungsmerkmal bei den Leichtdächer, fast wie First Solar oder SMA Solar in ihrem Marktsegmenten und keine Chinesen weit und breit. Nur deshalb hat SLYNDRA als Startup auch eine Bürgschaft von 1/2 Mrd. USD vom Staat erhalten.
Die einzige Alternative bietet Alvitra mit den aufkaschierten flexiblen Uni-Solar Modulen. Aber selbst Alwitra hat Anfang Dezember ein Rahmenvertrag mit SOLYNDRA geschlossen für seine Kunden aus dem Handwerk.
Ich sammle schon mal Infos ...
http://www.wallstreet-online.de/diskussion/1154920-1-10/ipo-…
Das hast Du richtig erkannt R-BgO. Ich kenne mich etwas aus bei den Problemen der Bedachungstechnik und kann daher abschätzen, welches Potenzial SOLYNDRA hat. Man hat fast ein Alleinstellungsmerkmal bei den Leichtdächer, fast wie First Solar oder SMA Solar in ihrem Marktsegmenten und keine Chinesen weit und breit. Nur deshalb hat SLYNDRA als Startup auch eine Bürgschaft von 1/2 Mrd. USD vom Staat erhalten.
Die einzige Alternative bietet Alvitra mit den aufkaschierten flexiblen Uni-Solar Modulen. Aber selbst Alwitra hat Anfang Dezember ein Rahmenvertrag mit SOLYNDRA geschlossen für seine Kunden aus dem Handwerk.
Ich sammle schon mal Infos ...
http://www.wallstreet-online.de/diskussion/1154920-1-10/ipo-…
Antwort auf Beitrag Nr.: 38.601.351 von R-BgO am 19.12.09 08:20:01der mit USE verinbarte Liefervertrag läuft über 238 mio $ und läuft bis 2013, abgeschlossen im Juli diesen Jahres.
Ich hatte die Leute von USE im Haus, da ich mich für die Module interessiert habe. Leider ist mein Dach nicht tauglich, die wollten mir dann First Module aufs Dach bauen, die verbauen die im großen Stil. Die Firma USE halte ich für sehr vertraulich, waren wirklich sehr kompetent.
Scheint interessant zu sein hier, ich bleibe da auch mal am Ball.
Gruß s.
Ich hatte die Leute von USE im Haus, da ich mich für die Module interessiert habe. Leider ist mein Dach nicht tauglich, die wollten mir dann First Module aufs Dach bauen, die verbauen die im großen Stil. Die Firma USE halte ich für sehr vertraulich, waren wirklich sehr kompetent.
Scheint interessant zu sein hier, ich bleibe da auch mal am Ball.
Gruß s.
Solyndra's IPO Will Be Closely Watched 10 comments
by: Greentech Media December 20, 2009 | about: ASTI / FSLR / SOLY / STRI
by Ucilia Wang
Solyndra (SOLY) plans to go public and raise up to $300 million, the company said Friday. The high-profiled solar company didn't specify how many shares or at what price for its stock offering, according to its filing with the U.S. Securities and Exchange Commission.
Fremont, Calif.-based Solyndra has garnered lots of spotlight for its technology and for winning a $535 million federal loan to build its second factory complex near its headquarters. The groundbreaking ceremony for the factory project in September this year was a big publicity event that drew Energy Secretary Steve Chu and California Gov. Arnold Schwarzenegger (and a speech by Joe Biden that was broadcast via satellite).
The IPO will be closely watched, and the degree of its success would pave the way for other thin film companies that want to go public in the next year. Thin film solar developers use little or no silicon in their cells, an approach to reduce manufacturing costs.
Solyndra uses copper, indium, gallium and selenium as key ingredients in the solar cells, and getting them to work well is a big challenge. But CIGS cells could do a better job of converting sunlight into electricity than other materials being used, such as cadmium-telluride and amorphous-silicon.
Most of the silicon cells in the panels today use crystalline silicon, which has historically been much more expensive.
Solyndra has announced more than $2 billion in sales deals in the United States and Europe. The announcements have painted an impressive picture of the company, which began commercial shipment in July 2008. Solyndra sold 17.2 megawatts of panels from Jan. 1 to Oct. 3 of this year, the company said in the SEC filing. It sold 1.6 megawatts last year.
Solyndra posted $58.8 million in revenue and posted $119.8 million in net loss for the first nine months of this fiscal year (ending Oct. 3 2009), the company said in the SEC filing. It generated $6 million in revenue and posted $232.1 million in net loss in the previous fiscal year that ended on Jan. 3, 2009.
Its customers include Alwitra, Carlisle Syntec, Phoenix Solar, Geckologic, Solar Power Inc. (SOPW.OB), and Sun System.
Solyndra said it has agreements in place for delivering up to 865 megawatts of solar energy systems (panels and racks) by the end of 2013. The company's existing factory is running at an annual production rate of 45 megawatts, and it plans to expand that to 110 megawatts by the end of the next fiscal year, according to its SEC filing.
The second factory complex, which is under construction, would first have the annual production rate of 250 megawatts by the first half of 2012. The $535 million federal loan would pay for this, first phase of the factory project. The second and final phase would add another 250 megawatts and cost another $642 million. Solyndra plans to use proceeds from the IPO to help pay for phase 2. Solyndra said it also has applied for a federal loan guarantee of $469 million to help finance phase 2.
There has been a paucity of solar or even greentech IPOs in the U.S. market in the past year. The fist solar company to do in more than year was Specialized Technology Resources (STRI), a Connecticut maker of encapsulants for protecting solar cells in panels.
STR went public in November, but didn't see a spectacular reception for its stock. The shares closed up 31 percent on the first day of trading, and haven't moved much since. The stock closed at $13.71 per share Friday, up 1.78 percent.
Another solar company, Trony Solar, was supposed to debut on the New York Stock Exchange last week. But the Chinese developer of amorphous silicon solar panels postponed its IPO, citing unfavorable market conditions.
Neither company stands out like Solyndra does, however. Founded in 2005, Solyndra has developed solar panels that look unlike most of the panels on the market today.
Instead of having the flat surface of a conventional solar panel, Solyndra's involves a series of solar-cell filled tubes lying side by side inside an aluminum frame. The cylindrical design enables solar cells to capture diffused and reflected light, the company said. Solyndra, which also has designed a low-profile rack to hold the panels, is targeting the commercial rooftop market.
The panel-and-rack design shaves labor time and costs, the company said, a claim that has drawn skepticism from competitors and analysts.
Few thin film companies worldwide are public companies. But Solyndra wouldn't be the first CIGS developer to go public. Ascent Solar Technologies (NSDAQ: ASTI) in Thornton, Colo., went public in 2006 and is putting CIGS thin films on plastic.
The largest thin film company in the world is First Solar, based in Tempe, Ariz. First Solar (NSDAQ: FSLR) makes cadmium-telluride solar panels.
by: Greentech Media December 20, 2009 | about: ASTI / FSLR / SOLY / STRI
by Ucilia Wang
Solyndra (SOLY) plans to go public and raise up to $300 million, the company said Friday. The high-profiled solar company didn't specify how many shares or at what price for its stock offering, according to its filing with the U.S. Securities and Exchange Commission.
Fremont, Calif.-based Solyndra has garnered lots of spotlight for its technology and for winning a $535 million federal loan to build its second factory complex near its headquarters. The groundbreaking ceremony for the factory project in September this year was a big publicity event that drew Energy Secretary Steve Chu and California Gov. Arnold Schwarzenegger (and a speech by Joe Biden that was broadcast via satellite).
The IPO will be closely watched, and the degree of its success would pave the way for other thin film companies that want to go public in the next year. Thin film solar developers use little or no silicon in their cells, an approach to reduce manufacturing costs.
Solyndra uses copper, indium, gallium and selenium as key ingredients in the solar cells, and getting them to work well is a big challenge. But CIGS cells could do a better job of converting sunlight into electricity than other materials being used, such as cadmium-telluride and amorphous-silicon.
Most of the silicon cells in the panels today use crystalline silicon, which has historically been much more expensive.
Solyndra has announced more than $2 billion in sales deals in the United States and Europe. The announcements have painted an impressive picture of the company, which began commercial shipment in July 2008. Solyndra sold 17.2 megawatts of panels from Jan. 1 to Oct. 3 of this year, the company said in the SEC filing. It sold 1.6 megawatts last year.
Solyndra posted $58.8 million in revenue and posted $119.8 million in net loss for the first nine months of this fiscal year (ending Oct. 3 2009), the company said in the SEC filing. It generated $6 million in revenue and posted $232.1 million in net loss in the previous fiscal year that ended on Jan. 3, 2009.
Its customers include Alwitra, Carlisle Syntec, Phoenix Solar, Geckologic, Solar Power Inc. (SOPW.OB), and Sun System.
Solyndra said it has agreements in place for delivering up to 865 megawatts of solar energy systems (panels and racks) by the end of 2013. The company's existing factory is running at an annual production rate of 45 megawatts, and it plans to expand that to 110 megawatts by the end of the next fiscal year, according to its SEC filing.
The second factory complex, which is under construction, would first have the annual production rate of 250 megawatts by the first half of 2012. The $535 million federal loan would pay for this, first phase of the factory project. The second and final phase would add another 250 megawatts and cost another $642 million. Solyndra plans to use proceeds from the IPO to help pay for phase 2. Solyndra said it also has applied for a federal loan guarantee of $469 million to help finance phase 2.
There has been a paucity of solar or even greentech IPOs in the U.S. market in the past year. The fist solar company to do in more than year was Specialized Technology Resources (STRI), a Connecticut maker of encapsulants for protecting solar cells in panels.
STR went public in November, but didn't see a spectacular reception for its stock. The shares closed up 31 percent on the first day of trading, and haven't moved much since. The stock closed at $13.71 per share Friday, up 1.78 percent.
Another solar company, Trony Solar, was supposed to debut on the New York Stock Exchange last week. But the Chinese developer of amorphous silicon solar panels postponed its IPO, citing unfavorable market conditions.
Neither company stands out like Solyndra does, however. Founded in 2005, Solyndra has developed solar panels that look unlike most of the panels on the market today.
Instead of having the flat surface of a conventional solar panel, Solyndra's involves a series of solar-cell filled tubes lying side by side inside an aluminum frame. The cylindrical design enables solar cells to capture diffused and reflected light, the company said. Solyndra, which also has designed a low-profile rack to hold the panels, is targeting the commercial rooftop market.
The panel-and-rack design shaves labor time and costs, the company said, a claim that has drawn skepticism from competitors and analysts.
Few thin film companies worldwide are public companies. But Solyndra wouldn't be the first CIGS developer to go public. Ascent Solar Technologies (NSDAQ: ASTI) in Thornton, Colo., went public in 2006 and is putting CIGS thin films on plastic.
The largest thin film company in the world is First Solar, based in Tempe, Ariz. First Solar (NSDAQ: FSLR) makes cadmium-telluride solar panels.
Investor: 'I Don't Know if We'd Make a Solyndra-Type Investment Today' 3 comments
by: Greentech Media January 14, 2010 | about: SOLY / ENOC
By Michael Kanellos
Sunnyvale, Calif. The big deals are done.
Solyndra (SOLY) has become of one of the most visible investments for venture firm CMEA. The company has also landed some of the largest loans from the federal government and has filed for an IPO. Still, VCs have had to invest a couple of hundred million in the company to get this far. If a similar opportunity came up now, CMEA might not bite because of the capital intensity, said Bruce Pasternack, a partner at the firm during a panel discussion at the SD Forum taking place today in Sunnyvale.
"I don't know if we'd make a Solyndra-type investment today," he said.
Other notes at the conference:
--EnerNoc (ENOC) continues to grow. The company has the largest dispatchable power plant in the country, said Gregg Dixon, an executive with EnerNoc, if you totalled up all of the company's demand response capacity. It could also be considered the seventh largest power plant.
--Being a government employee is hot. Karl Kailing, an international trade specialist with the Department of Commerce, told me that nearly everyone he's met in the past year asks him the same question. "Who do I speak to to get money?" Disclosure: Karl didn't speak at the conference. We met at lunch.
--The IPO picture isn't so bad. Pasternack said he polled a bunch of VCs. The consensus figure is five to six this year.
--Bayh Dole, the federal law that allows universities to charge for IP, must change, said Arthur Ramirez, dean of the engineering school at UC Santa Cruz.
--China is big. There are 100 plus solar fabs, 80 plus wind turbine companies 300 plus lithium ion battery makers and over 1,000 LED makers, according to HIng Wong of Walden International, the VC firm that specializes in China. "The majority happened in the last five years," he added. More on Hing's talk later.
--Osaka is pushing hard to become the green capitol of Japan, said Pat Bray of PacificVision Partners. Seven new solar plants have been built and eight more are on the way. Ten percent of the cars on the road are hybrids.
by: Greentech Media January 14, 2010 | about: SOLY / ENOC
By Michael Kanellos
Sunnyvale, Calif. The big deals are done.
Solyndra (SOLY) has become of one of the most visible investments for venture firm CMEA. The company has also landed some of the largest loans from the federal government and has filed for an IPO. Still, VCs have had to invest a couple of hundred million in the company to get this far. If a similar opportunity came up now, CMEA might not bite because of the capital intensity, said Bruce Pasternack, a partner at the firm during a panel discussion at the SD Forum taking place today in Sunnyvale.
"I don't know if we'd make a Solyndra-type investment today," he said.
Other notes at the conference:
--EnerNoc (ENOC) continues to grow. The company has the largest dispatchable power plant in the country, said Gregg Dixon, an executive with EnerNoc, if you totalled up all of the company's demand response capacity. It could also be considered the seventh largest power plant.
--Being a government employee is hot. Karl Kailing, an international trade specialist with the Department of Commerce, told me that nearly everyone he's met in the past year asks him the same question. "Who do I speak to to get money?" Disclosure: Karl didn't speak at the conference. We met at lunch.
--The IPO picture isn't so bad. Pasternack said he polled a bunch of VCs. The consensus figure is five to six this year.
--Bayh Dole, the federal law that allows universities to charge for IP, must change, said Arthur Ramirez, dean of the engineering school at UC Santa Cruz.
--China is big. There are 100 plus solar fabs, 80 plus wind turbine companies 300 plus lithium ion battery makers and over 1,000 LED makers, according to HIng Wong of Walden International, the VC firm that specializes in China. "The majority happened in the last five years," he added. More on Hing's talk later.
--Osaka is pushing hard to become the green capitol of Japan, said Pat Bray of PacificVision Partners. Seven new solar plants have been built and eight more are on the way. Ten percent of the cars on the road are hybrids.
Solyndra names former First Solar exec John Gaffney as senior VP
02 February 2010 | By Tom Cheyney | Going Places
Solyndra has tapped former First Solar executive John Gaffney as its new senior VP of corporate development and general counsel. He will lead the CIGS thin-film PV company's legal and corporate development activities and will report to CEO Chris Gronet.
Gaffney was executive VP at First Solar from January 2008 to December 2009, where he led the company's legal, corporate development, sustainable development, and environmental affairs departments.
Before joining First, he practiced law for more than 20 years at Cravath, Swaine & Moore, where he became a partner in 1993 and advised numerous corporate and institutional clients on merger, acquisition, and capital markets transactions.
Gaffney holds a BA from the George Washington University and a JD and MBA from New York University.
02 February 2010 | By Tom Cheyney | Going Places
Solyndra has tapped former First Solar executive John Gaffney as its new senior VP of corporate development and general counsel. He will lead the CIGS thin-film PV company's legal and corporate development activities and will report to CEO Chris Gronet.
Gaffney was executive VP at First Solar from January 2008 to December 2009, where he led the company's legal, corporate development, sustainable development, and environmental affairs departments.
Before joining First, he practiced law for more than 20 years at Cravath, Swaine & Moore, where he became a partner in 1993 and advised numerous corporate and institutional clients on merger, acquisition, and capital markets transactions.
Gaffney holds a BA from the George Washington University and a JD and MBA from New York University.
Thin-film PV manufacturer Solyndra signs Allied Building as first North American distributor
03 February 2010 | By Tom Cheyney | News > Thin Film, CIGS, Power Generation
Cylindrical thin-film PV manufacturer Solyndra has signed a new distribution agreement with Allied Building Products, a leading U.S. distributor of roofing, solar and other building products and materials. Allied will be the CIGS solar company's first North American distributor.
"Solyndra’s unique solar panel technology should be considered by all commercial building owners evaluating new low-slope roof installations or reroofing applications," said Bob Feury, CEO of the Rutherford, NJ-based building products firm.
"Allied Building Products has broad reach, extensive customer support, and strong logistics capabilities in the roofing channel," said Chris Gronet, Solyndra's CEO and founder.
Terms of the agreement were not disclosed.
03 February 2010 | By Tom Cheyney | News > Thin Film, CIGS, Power Generation
Cylindrical thin-film PV manufacturer Solyndra has signed a new distribution agreement with Allied Building Products, a leading U.S. distributor of roofing, solar and other building products and materials. Allied will be the CIGS solar company's first North American distributor.
"Solyndra’s unique solar panel technology should be considered by all commercial building owners evaluating new low-slope roof installations or reroofing applications," said Bob Feury, CEO of the Rutherford, NJ-based building products firm.
"Allied Building Products has broad reach, extensive customer support, and strong logistics capabilities in the roofing channel," said Chris Gronet, Solyndra's CEO and founder.
Terms of the agreement were not disclosed.
Solyndra: 1.9 MW Project Installed, But Story Remains Fraught With Uncertainty
Peeling back the layers of the Solyndra story reveals a number of serious challenges that the company will face on the path towards sustained success.
As announced last Wednesday, Umwelt-Sonne-Energie GmbH (USE), a German integrator, completed the installation of a 1.9 MW system in Belgium that features Solyndra’s cylindrical CIGS panels. The project consisted of ten rooftop sites owned by a large international food retailer whose identity, curiously, was not revealed.
So what does this announcement mean? No doubt it is a sizable step forward in Solyndra’s quest for market validation, which at this point must be priority #1 for a relatively untested technology and product design. This is the largest Solyndra project that has been installed to date, and perhaps the largest CIGS installation in the world (that is, if one counts a project installed on ten separate rooftops as a single installation). So far, so good: the stuff seems to work, as this piece of news and 17.3 MW of system sales through the first nine months of 2009 go to show.
At the same time, the fact remains that in the larger context of the Solyndra story, the announcement is but an incremental positive, and does not completely assuage concerns that investing in the company remains an exercise fraught with risk. Some of the reasons, well known to the initiated, are outlined below.
Addressable market: Is It Really That Large? The company is currently positioned to participate solely in the commercial rooftop market. While it tirelessly promotes the eleven billion square meters of commercial rooftop surface available worldwide as the addressable market, this is a number that has little value beyond the symbolic; the truth is that only a small fraction of this area is either economical for solar in general or has sufficient diffuse light to make Solyndra’s economics attractive relative to its competition. Moreover, higher-efficiency crystalline silicon-based systems will yield far more kilowatt-hours per unit of area, which is always an important parameter for the space-constrained commercial rooftop space.
Manufacturing Costs vs. ASP: A Sizable Gap. Although Solyndra did not explicitly state its manufacturing costs or sales price, these can be ascertained with reasonable certainty from the income statement in its S-1 filing, based on revenue, cost of goods sold, and megawatt sales, as detailed in an earlier Greentech Media article. The numbers reflect the magnitude of the challenge that faces Solyndra on the road ahead: while the average sales price for the first nine months of 2009 was $3.42 per watt (which includes panels, racks, and mounting), costs were almost twice that, at $6.29 per watt. Obviously, Solyndra’s long-term viability will hinge crucially on whether they can narrow this gap substantially in coming quarters to drive a positive gross margin. Given that this figure stands at -45 percent at the moment, this will take some doing. To make matters worse, given the likely re-emergence of structural oversupply in the second half of 2010 following the reduction of the German feed-in tariffs, module and system prices could come under more pressure, which would force Solyndra to lower their ASPs even further.
Installation Costs: Do They Matter Much? A key differentiating factor that Solyndra claims is its lower BOS costs given the lack of rooftop penetration and shorter installation times, which it claims can result in an installation cost of only 50 cents per watt. However, it is not clear how much difference this would make in the grand scheme of things: installation (as opposed to BOS component) costs for its main competitors, crystalline silicon PV and First Solar, are likely in the range of 75 cents to a dollar a watt, given their higher efficiencies (despite the company's claims of 11 to 14 percent module efficiencies, module datasheets reveal an efficiency of only 9.7 percent at present). Solyndra’s earlier claim of installation costs for thin-film companies running up to $4 a watt is, to put it mildly, an exaggeration.
Cash Burn vs. Capacity Expansion: A Race Against Time? The reason Solyndra needs so much money ($970M raised so far in VC investments, $535M in federal loan guarantees, and a planned IPO of $300M) is that it needs to expand capacity, and do it fast. The company expects increased manufacturing scale to be the first-order driver of future cost reductions, and at more than $2 a watt in capital expenditure, this won’t come cheap. At the same time, in order to actually realize these gains, the company will have to actually produce and sell product, not just expand capacity, which it is currently doing at a significant loss (and expects to do so in the future). All this implies a sizable cash-burn rate, which raises the question as to whether Solyndra can remain solvent longer than it takes to become cost-competitive.
Functionality: Who Will Keep the Roofs White? For Solyndra's panels to leverage refracted light (and thus achieve the superior performance they claim), it is necessary for the relevant roofing surface be painted white. While the initial cost to do so may not be high, the frequency with which roofs would need to be cleaned may impose potentially burdensome additional maintenance costs that would offset the performance gains achieved.
The jury, therefore, is very much out, and a sensible attitude would be to assume guilt until proof of innocence is assertively provided. Given the billions of dollars and the copious attention that has been lavished upon Solyndra by all quarters (not least the California state government and the Department of Energy), failure is likely to be of the highest profile, and would in all likelihood be a body blow to PV, public/private investment in new PV technologies, and the image of the PV industry at large. For this reason, if no other, this author will be keeping his fingers anxiously crossed.
Peeling back the layers of the Solyndra story reveals a number of serious challenges that the company will face on the path towards sustained success.
As announced last Wednesday, Umwelt-Sonne-Energie GmbH (USE), a German integrator, completed the installation of a 1.9 MW system in Belgium that features Solyndra’s cylindrical CIGS panels. The project consisted of ten rooftop sites owned by a large international food retailer whose identity, curiously, was not revealed.
So what does this announcement mean? No doubt it is a sizable step forward in Solyndra’s quest for market validation, which at this point must be priority #1 for a relatively untested technology and product design. This is the largest Solyndra project that has been installed to date, and perhaps the largest CIGS installation in the world (that is, if one counts a project installed on ten separate rooftops as a single installation). So far, so good: the stuff seems to work, as this piece of news and 17.3 MW of system sales through the first nine months of 2009 go to show.
At the same time, the fact remains that in the larger context of the Solyndra story, the announcement is but an incremental positive, and does not completely assuage concerns that investing in the company remains an exercise fraught with risk. Some of the reasons, well known to the initiated, are outlined below.
Addressable market: Is It Really That Large? The company is currently positioned to participate solely in the commercial rooftop market. While it tirelessly promotes the eleven billion square meters of commercial rooftop surface available worldwide as the addressable market, this is a number that has little value beyond the symbolic; the truth is that only a small fraction of this area is either economical for solar in general or has sufficient diffuse light to make Solyndra’s economics attractive relative to its competition. Moreover, higher-efficiency crystalline silicon-based systems will yield far more kilowatt-hours per unit of area, which is always an important parameter for the space-constrained commercial rooftop space.
Manufacturing Costs vs. ASP: A Sizable Gap. Although Solyndra did not explicitly state its manufacturing costs or sales price, these can be ascertained with reasonable certainty from the income statement in its S-1 filing, based on revenue, cost of goods sold, and megawatt sales, as detailed in an earlier Greentech Media article. The numbers reflect the magnitude of the challenge that faces Solyndra on the road ahead: while the average sales price for the first nine months of 2009 was $3.42 per watt (which includes panels, racks, and mounting), costs were almost twice that, at $6.29 per watt. Obviously, Solyndra’s long-term viability will hinge crucially on whether they can narrow this gap substantially in coming quarters to drive a positive gross margin. Given that this figure stands at -45 percent at the moment, this will take some doing. To make matters worse, given the likely re-emergence of structural oversupply in the second half of 2010 following the reduction of the German feed-in tariffs, module and system prices could come under more pressure, which would force Solyndra to lower their ASPs even further.
Installation Costs: Do They Matter Much? A key differentiating factor that Solyndra claims is its lower BOS costs given the lack of rooftop penetration and shorter installation times, which it claims can result in an installation cost of only 50 cents per watt. However, it is not clear how much difference this would make in the grand scheme of things: installation (as opposed to BOS component) costs for its main competitors, crystalline silicon PV and First Solar, are likely in the range of 75 cents to a dollar a watt, given their higher efficiencies (despite the company's claims of 11 to 14 percent module efficiencies, module datasheets reveal an efficiency of only 9.7 percent at present). Solyndra’s earlier claim of installation costs for thin-film companies running up to $4 a watt is, to put it mildly, an exaggeration.
Cash Burn vs. Capacity Expansion: A Race Against Time? The reason Solyndra needs so much money ($970M raised so far in VC investments, $535M in federal loan guarantees, and a planned IPO of $300M) is that it needs to expand capacity, and do it fast. The company expects increased manufacturing scale to be the first-order driver of future cost reductions, and at more than $2 a watt in capital expenditure, this won’t come cheap. At the same time, in order to actually realize these gains, the company will have to actually produce and sell product, not just expand capacity, which it is currently doing at a significant loss (and expects to do so in the future). All this implies a sizable cash-burn rate, which raises the question as to whether Solyndra can remain solvent longer than it takes to become cost-competitive.
Functionality: Who Will Keep the Roofs White? For Solyndra's panels to leverage refracted light (and thus achieve the superior performance they claim), it is necessary for the relevant roofing surface be painted white. While the initial cost to do so may not be high, the frequency with which roofs would need to be cleaned may impose potentially burdensome additional maintenance costs that would offset the performance gains achieved.
The jury, therefore, is very much out, and a sensible attitude would be to assume guilt until proof of innocence is assertively provided. Given the billions of dollars and the copious attention that has been lavished upon Solyndra by all quarters (not least the California state government and the Department of Energy), failure is likely to be of the highest profile, and would in all likelihood be a body blow to PV, public/private investment in new PV technologies, and the image of the PV industry at large. For this reason, if no other, this author will be keeping his fingers anxiously crossed.
Michael Kanellos 04 02 10
Solyndra Gets Warning from Auditor and Admits its Solar is Costly
Buy CIGS. Pay more.
Solyndra has got some work to do in the pricing department and its own auditors have their doubts about the company.
In the company's amended S-1 statement filed with the Securities and Exchange Commission, Solyndra says that the cost of its cylindrical solar panels is $3.24 per watt, including mounting, or 66 percent higher than the average cost of a crystalline silicon solar panel.
"Our average sales price was $3.24 per watt, which was $1.29 per watt, or approximately 66%, higher than the $1.95 average sales price per watt of leading crystalline silicon photovoltaic manufacturers during the same period," the company stated. "As a result, certain system owners who focus more on the up-front price of solar panels than on achieving the lowest levelized cost of electricity per kilowatt hour, or LCOE, may choose the product offerings of those competitors that have a lower initial panel purchase price."
In a market ruled by commodity-like pricing, "may choose the product offerings of those competitors" is a bit of an understatement. Crystalline panels will likely descend to $1.50 to $1.75 by the middle of the year, according to GTM Research analyst Shayle Kann.
Auditor PricewaterhouseCoopers, meanwhile, added a "going concern" statement to the amended S-1. These forms are often filled with cautionary language, and the statement is often added by auditors when a company has recurring losses like Solyndra, but it's hardly a warm endorsement.
"The company has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders' deficit that, among other factors, raise substantial doubt about its ability to continue as a going concern," PricewaterhouseCoopers wrote in the filing.
Solyndra produces copper indium gallium selenide (CIGS) solar panels that are cylindrical rather than flat. CIGS is an onerous material to work with and applying it to a cylinder rather than a flat piece of glass or aluminum increases the difficulty quotient. As a result, skeptics about Solyndra abound.
Nonetheless, Solyndra is one of the most successful companies ever in terms of raising funds. Through Oct. 3, 2009, Solyndra raised an aggregate of approximately $970 million through equity financings, including a $283 million round E and $281 million round F. It has also amassed $535 million in federal loan guarantees.
To date, the company has lost a lot of money. In the fiscal year that covered 2009 and ended just a few months ago, it lost $172.5 million, which is less than the $232.1 million loss it tallied the year before but more than the $114 million loss in 2007. Since its inception, Solyndra has lost $557.7 million.
"We expect to continue to incur significant operating and net losses and negative cash flow from operations for the foreseeable future," the company said in the amended S-1. (The latest loss figures are new to the latest S-1.)
Revenue grew from $6 million in 2008 to $100.5 million in 2009.
Back to Pricing
Solyndra's price includes mounting. Mounts, however, only add around 40 cents per watt to the price of crystalline silicon solar panels, said GTM Research analyst Shyam Mehta, so Solyndra is still well above the norm. Earlier in the year, Mehta estimated that Solyndra's average sales price came to $3.42 per watt based around sales and other data in the initial S-1 filed in December 2009, so a golf tap to Mehta for being somewhat close. (The company didn't state the number directly.)
Solyndra's average manufacturing price, however, is closer to $6.29, Mehta added. Solyndra has not provided precise public data on its costs, but admits they are higher than the sale price:
"Because our cost of producing our photovoltaic systems has exceeded their selling price to date, our cost of revenue has also included provisions to write down the carrying value of our work in process and finished good inventories to their market value," the S-1 states.
Other tidbits:
--Fab 1, the main production facility, has a current annual capacity of 54 megawatts, judged from recent production. Production capacity at the plant will expand to 110 megawatts by the fourth quarter.
--Solyndra shipped 1.6 megawatts of solar in 2008, but 30 megawatts last year.
--80 percent of sales go to Europe and to a small number of customers.
"For the fiscal year ended January 3, 2009, revenue from Geckologic GmbH and Phoenix Solar AG accounted for 29% and 27%, respectively, of our total revenue. For the fiscal year ended January 2, 2010, revenue from USE Umwelt Sonne Energie GmbH, Alwitra GmbH, Carlisle Syntec Incorporated and Sunconnex B.V. accounted for 23%, 14%, 13% and 10%, respectively, of our total revenue," the S-1 states.
Solyndra Gets Warning from Auditor and Admits its Solar is Costly
Buy CIGS. Pay more.
Solyndra has got some work to do in the pricing department and its own auditors have their doubts about the company.
In the company's amended S-1 statement filed with the Securities and Exchange Commission, Solyndra says that the cost of its cylindrical solar panels is $3.24 per watt, including mounting, or 66 percent higher than the average cost of a crystalline silicon solar panel.
"Our average sales price was $3.24 per watt, which was $1.29 per watt, or approximately 66%, higher than the $1.95 average sales price per watt of leading crystalline silicon photovoltaic manufacturers during the same period," the company stated. "As a result, certain system owners who focus more on the up-front price of solar panels than on achieving the lowest levelized cost of electricity per kilowatt hour, or LCOE, may choose the product offerings of those competitors that have a lower initial panel purchase price."
In a market ruled by commodity-like pricing, "may choose the product offerings of those competitors" is a bit of an understatement. Crystalline panels will likely descend to $1.50 to $1.75 by the middle of the year, according to GTM Research analyst Shayle Kann.
Auditor PricewaterhouseCoopers, meanwhile, added a "going concern" statement to the amended S-1. These forms are often filled with cautionary language, and the statement is often added by auditors when a company has recurring losses like Solyndra, but it's hardly a warm endorsement.
"The company has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders' deficit that, among other factors, raise substantial doubt about its ability to continue as a going concern," PricewaterhouseCoopers wrote in the filing.
Solyndra produces copper indium gallium selenide (CIGS) solar panels that are cylindrical rather than flat. CIGS is an onerous material to work with and applying it to a cylinder rather than a flat piece of glass or aluminum increases the difficulty quotient. As a result, skeptics about Solyndra abound.
Nonetheless, Solyndra is one of the most successful companies ever in terms of raising funds. Through Oct. 3, 2009, Solyndra raised an aggregate of approximately $970 million through equity financings, including a $283 million round E and $281 million round F. It has also amassed $535 million in federal loan guarantees.
To date, the company has lost a lot of money. In the fiscal year that covered 2009 and ended just a few months ago, it lost $172.5 million, which is less than the $232.1 million loss it tallied the year before but more than the $114 million loss in 2007. Since its inception, Solyndra has lost $557.7 million.
"We expect to continue to incur significant operating and net losses and negative cash flow from operations for the foreseeable future," the company said in the amended S-1. (The latest loss figures are new to the latest S-1.)
Revenue grew from $6 million in 2008 to $100.5 million in 2009.
Back to Pricing
Solyndra's price includes mounting. Mounts, however, only add around 40 cents per watt to the price of crystalline silicon solar panels, said GTM Research analyst Shyam Mehta, so Solyndra is still well above the norm. Earlier in the year, Mehta estimated that Solyndra's average sales price came to $3.42 per watt based around sales and other data in the initial S-1 filed in December 2009, so a golf tap to Mehta for being somewhat close. (The company didn't state the number directly.)
Solyndra's average manufacturing price, however, is closer to $6.29, Mehta added. Solyndra has not provided precise public data on its costs, but admits they are higher than the sale price:
"Because our cost of producing our photovoltaic systems has exceeded their selling price to date, our cost of revenue has also included provisions to write down the carrying value of our work in process and finished good inventories to their market value," the S-1 states.
Other tidbits:
--Fab 1, the main production facility, has a current annual capacity of 54 megawatts, judged from recent production. Production capacity at the plant will expand to 110 megawatts by the fourth quarter.
--Solyndra shipped 1.6 megawatts of solar in 2008, but 30 megawatts last year.
--80 percent of sales go to Europe and to a small number of customers.
"For the fiscal year ended January 3, 2009, revenue from Geckologic GmbH and Phoenix Solar AG accounted for 29% and 27%, respectively, of our total revenue. For the fiscal year ended January 2, 2010, revenue from USE Umwelt Sonne Energie GmbH, Alwitra GmbH, Carlisle Syntec Incorporated and Sunconnex B.V. accounted for 23%, 14%, 13% and 10%, respectively, of our total revenue," the S-1 states.
Eric Wesoff: June 18, 2010
Solyndra IPO Canceled
And they raise another $175 million dollars to bring their VC funding totals to more than $1 billion
Solyndra just announced that it has submitted a request with the SEC to withdraw its Registration Statement on Form S-1. The company has decided not to proceed with an IPO of shares of its common stock at this time "due to adverse market conditions" and the availability of alternative funding from existing investors.
With strong solar demand, positive policy and strong public sentiment -- we wonder what those "adverse market conditions" happen to be.
CIGS-based solar module maker Solyndra also just announced that it raised another $175 million from its existing investors "to fund the company’s existing operations and support its growth plans." VC investors include CMEA, Rockport, Redpoint, Madrone Capital Partners, Argonaut Private Equity, Virgin Green Fund and many more. Other investors include the U.S. taxpayer.
This news had been available in rumor form for several weeks. According to one reliable source, the $175 million comes "with onerous terms" that may include a recapitalization of the firm.
“Given the ongoing uncertainties in the public capital markets, we elected to pursue alternative funding from our existing investor base. This funding allows us to address strong customer demand by maintaining our aggressive growth plans,” commented Dr. Chris Gronet, CEO of Solyndra. Gronet has a base salary of $400,000.
The company expects the first production from its Fab 2 manufacturing complex to occur in the fourth quarter of 2010, approximately two months ahead of schedule. “Fab 2 can’t come online a minute too soon,” according to Gronet. “We’ve now sold over 300,000 panels for deployment on commercial rooftop sites in a dozen countries. By the fourth quarter of 2011, we expect our annualized production to exceed 300 megawatts, enabling economies of scale that will substantially reduce our manufacturing costs.”
As Rob Day said, be prepared for moans of "What's wrong with cleantech?" to follow this not-unexpected announcement.
The answer is, nothing is wrong with cleantech -- or with solar, for that matter.
The problem with Solyndra is Solyndra's current cost structure and capital intensity, not the solar industry. Read Vinod Khosla's discourse on the subject for more in this vein. Solyndra's S-1 is here.
Still, despite this discouraging news, Solyndra continues to sell their panels at a brisk rate: Extech Building Materials in New Jersey just completed the installation of a system consisting of 1,465 Solyndra solar panels.
But judging by their S-1 -- the more the company sells of their current product, the deeper their losses.
Solyndra IPO Canceled
And they raise another $175 million dollars to bring their VC funding totals to more than $1 billion
Solyndra just announced that it has submitted a request with the SEC to withdraw its Registration Statement on Form S-1. The company has decided not to proceed with an IPO of shares of its common stock at this time "due to adverse market conditions" and the availability of alternative funding from existing investors.
With strong solar demand, positive policy and strong public sentiment -- we wonder what those "adverse market conditions" happen to be.
CIGS-based solar module maker Solyndra also just announced that it raised another $175 million from its existing investors "to fund the company’s existing operations and support its growth plans." VC investors include CMEA, Rockport, Redpoint, Madrone Capital Partners, Argonaut Private Equity, Virgin Green Fund and many more. Other investors include the U.S. taxpayer.
This news had been available in rumor form for several weeks. According to one reliable source, the $175 million comes "with onerous terms" that may include a recapitalization of the firm.
“Given the ongoing uncertainties in the public capital markets, we elected to pursue alternative funding from our existing investor base. This funding allows us to address strong customer demand by maintaining our aggressive growth plans,” commented Dr. Chris Gronet, CEO of Solyndra. Gronet has a base salary of $400,000.
The company expects the first production from its Fab 2 manufacturing complex to occur in the fourth quarter of 2010, approximately two months ahead of schedule. “Fab 2 can’t come online a minute too soon,” according to Gronet. “We’ve now sold over 300,000 panels for deployment on commercial rooftop sites in a dozen countries. By the fourth quarter of 2011, we expect our annualized production to exceed 300 megawatts, enabling economies of scale that will substantially reduce our manufacturing costs.”
As Rob Day said, be prepared for moans of "What's wrong with cleantech?" to follow this not-unexpected announcement.
The answer is, nothing is wrong with cleantech -- or with solar, for that matter.
The problem with Solyndra is Solyndra's current cost structure and capital intensity, not the solar industry. Read Vinod Khosla's discourse on the subject for more in this vein. Solyndra's S-1 is here.
Still, despite this discouraging news, Solyndra continues to sell their panels at a brisk rate: Extech Building Materials in New Jersey just completed the installation of a system consisting of 1,465 Solyndra solar panels.
But judging by their S-1 -- the more the company sells of their current product, the deeper their losses.
Ex-Intel exec becomes president and CEO of Solyndra: expects US$400 million in revenue in 2011
27 July 2010 | By Mark Osborne | News > Thin Film, CIGS
*On announcing the appointment of ex-Intel executive Brian Harrison as its new president and CEO, CIGS thin-film manufacturer Solyndra expects sales to reach US$400 million in 2011. This comes on the back of its new Fab 2 facility in Fremont, California, going into production ahead of schedule this fall, the company said. The facility is expected to more than triple the company’s current output within the next year. Chris Gronet, Solyndra’s founder and current CEO, will continue to serve the company in an executive capacity and as chairman of the board.
The company also noted that its CIGS panel and mount-cost reduction roadmap is expected to enable a total system cost of goods sold of less than US$2.00 per watt by 2013. Solyndra claimed that this would mean a system-installed price competitive with retail electricity rates in key rooftop markets on a nonsubsidized basis.
Harrison previously served as president and CEO of Numonyx, B.V. and Numonyx since 2008. Before joining Numonyx, Harrison served as VP and general manager of the Flash Memory Group of Intel, where he managed all flash memory businesses. Harrison’s career at Intel included roles as VP and general manager of Intel Europe, Middle East, and Africa, where he was responsible for regional product sales and marketing, and general manager of fab/sort manufacturing, where he managed worldwide wafer production facilities.
Greentech Media claimed that the executive shuffle was caused by the withdrawal of a planned IPO and a dash for cash via new funds from Argonaut Private Equity, put at US$175 million, as the company burned cash to boost capacity. Greentech Media also noted that it believes Argonaut now has a leading hand in the company, given the financial terms of the deal.
Concerns have also been raised to PV-Tech by semiconductor industry watchers over the appointment of Harrison. Some have noted that Numonyx and previously Intel’s NOR Flash memory division were not profitable for many years and struggled to ramp next-generation technologies, such as phase-change memory. Intel got rid of the division under a major review of its operations, hoping that a combined NOR flash business with STMicroelectronics would add scale to manufacturing operations.
The recent acquisition by major memory manufacturer Micron suggests greater scale and better manufacturing execution would be required.
High-manufacturing costs at Solyndra have also been a long-standing concern, with claims that they are selling modules at a loss, further pressuring its cash-burn situation.
27 July 2010 | By Mark Osborne | News > Thin Film, CIGS
*On announcing the appointment of ex-Intel executive Brian Harrison as its new president and CEO, CIGS thin-film manufacturer Solyndra expects sales to reach US$400 million in 2011. This comes on the back of its new Fab 2 facility in Fremont, California, going into production ahead of schedule this fall, the company said. The facility is expected to more than triple the company’s current output within the next year. Chris Gronet, Solyndra’s founder and current CEO, will continue to serve the company in an executive capacity and as chairman of the board.
The company also noted that its CIGS panel and mount-cost reduction roadmap is expected to enable a total system cost of goods sold of less than US$2.00 per watt by 2013. Solyndra claimed that this would mean a system-installed price competitive with retail electricity rates in key rooftop markets on a nonsubsidized basis.
Harrison previously served as president and CEO of Numonyx, B.V. and Numonyx since 2008. Before joining Numonyx, Harrison served as VP and general manager of the Flash Memory Group of Intel, where he managed all flash memory businesses. Harrison’s career at Intel included roles as VP and general manager of Intel Europe, Middle East, and Africa, where he was responsible for regional product sales and marketing, and general manager of fab/sort manufacturing, where he managed worldwide wafer production facilities.
Greentech Media claimed that the executive shuffle was caused by the withdrawal of a planned IPO and a dash for cash via new funds from Argonaut Private Equity, put at US$175 million, as the company burned cash to boost capacity. Greentech Media also noted that it believes Argonaut now has a leading hand in the company, given the financial terms of the deal.
Concerns have also been raised to PV-Tech by semiconductor industry watchers over the appointment of Harrison. Some have noted that Numonyx and previously Intel’s NOR Flash memory division were not profitable for many years and struggled to ramp next-generation technologies, such as phase-change memory. Intel got rid of the division under a major review of its operations, hoping that a combined NOR flash business with STMicroelectronics would add scale to manufacturing operations.
The recent acquisition by major memory manufacturer Micron suggests greater scale and better manufacturing execution would be required.
High-manufacturing costs at Solyndra have also been a long-standing concern, with claims that they are selling modules at a loss, further pressuring its cash-burn situation.
Michael Kanellos: September 16, 2010
When Solyndra is Cheaper Than Silicon
An IRS ruling that lets building owners include the roof as part of a solar project can tip the scales in favor of the controversial tube modules.
When Solyndra is Cheaper Than Silicon
To most solar installers and manufacturers, the roof on a building is generally an obstacle.
For Solyndra and its small number of installers, it has become the secret sauce.
The way the roof interacts with Solyndra's unusual tubular solar module -- and the legal and technical implications that flow from that interaction -- has created an opportunity in certain circumstances that allow the company to compete with, and even undercut, the price for standard crystalline silicon solar arrays.
That's a novel result, because money-losing Solyndra's modules cost far more than crystalline ones. Back in April, Solyndra said its average selling price was $3.24 per watt, well above the $1.75-per-watt industry norm. And at that price, Solyndra still loses money. Analysts calculate that its production costs are closer to $6.29 per watt.
"The economics are appealing," said Jaime Hahn at Solis Partner, a solar developer. "They have developed a better mousetrap for flat roofs."
The results may also help explain in part why some large companies like Frito Lay and Anheuser-Busch have installed Solyndra systems, despite the turmoil, skepticism and controversy that surround the company. The operative theory on the street was that these companies did it as a favor to Solyndra's investors, who have sunk over $1 billion into the company. Solis has erected a 704-kilowatt, 3,870 Solyndra-based array on the roof of a manufacturing facility owned by LPS Industries in New Jersey.
Solyndra has not invested in Solis, and Solis also installs several crystalline systems, Hahn added.
The key is that the roof in a Solyndra system plays an integral part in power generation, said Hahn. Roughly 18 percent of the light that strikes Solyndra's tubular modules is reflected light from the reflective, white roof below. Solyndra's tubes are placed in patio furniture-like racks a few inches from each other. By contrast, conventional solar panels get virtually none of their light from the roof, because in most cases the panels cover the roof.
In a recent letter ruling, the Internal Revenue Service stated that the reflective properties make the roof part of the solar array. As a result, building owners can obtain a 30-percent federal investment tax credit on the cost of a new white roof. State credits can also apply.
The roof can also be depreciated over five years versus 29 years, said Solis.
Certified public accountants may now chest bump.
White roofs, meanwhile, can reduce the cooling load inside buildings by 20 percent. Both Secretary of Energy Steve Chu and Art Rosenfeld, the godfather of energy efficiency, are staunch advocates of white roofs. Sanyo has panels that can have the same effect. While the letter ruling only applies to Solyndra, there's no reason others couldn't apply.
Other benefits can follow as well, depending on the condition and nature of the building. Conventional solar panels weigh more than Solyndra modules. Thus, a Solyndra installation can possibly mean avoiding some reinforcement costs, Hahn said.
Conventional panels also have to be tilted for maximum efficiency. "Crystalline wants to be equal to the latitude to get the best bang for the buck," Hahn said.
In New Jersey, that means installing panels at a 35-degree angle. High winds make that impractical. Therefore, the panels are installed at a less efficient 5 to 10 degree angle with ballasts. Southern orientation is also easier to obtain on some roofs with Solyndra modules, Hahn said.
Installation of Solyndra arrays takes around 40 percent less time, which reduces labor costs substantially, he added. Another potential bonus: snow doesn't accumulate on tubular modules unlike flat ones.
The circumstances, however, only fit in particular situations. Others have also noted that the reflective properties are likely overstated. The vast majority of solar installers, analysts and manufacturers can point out other flaws too. Oh, and let's add: yanked IPO, deposed CEO, auditor warning and large factory with not a lot of things coming out the door. No one claims it's morning in Fremont.
Besides that, not everyone needs a new roof.
"They (Solyndra) need to get to a point where you don't have to have a roof bundle to be competitive with silicon. They understand that," Hahn said.
Nonetheless, a perfect storm exists in some situations that give Solyndra a nod. Please insert your comments below.
By the third or fourth quarter of 2011, Solyndra modules are expected to sell for around $1.25 to $1.35 a watt, Han said. Efficiency will inch up from the current 13.5 percent. When factoring labor and other issues, this could make the company more competitive.
When Solyndra is Cheaper Than Silicon
An IRS ruling that lets building owners include the roof as part of a solar project can tip the scales in favor of the controversial tube modules.
When Solyndra is Cheaper Than Silicon
To most solar installers and manufacturers, the roof on a building is generally an obstacle.
For Solyndra and its small number of installers, it has become the secret sauce.
The way the roof interacts with Solyndra's unusual tubular solar module -- and the legal and technical implications that flow from that interaction -- has created an opportunity in certain circumstances that allow the company to compete with, and even undercut, the price for standard crystalline silicon solar arrays.
That's a novel result, because money-losing Solyndra's modules cost far more than crystalline ones. Back in April, Solyndra said its average selling price was $3.24 per watt, well above the $1.75-per-watt industry norm. And at that price, Solyndra still loses money. Analysts calculate that its production costs are closer to $6.29 per watt.
"The economics are appealing," said Jaime Hahn at Solis Partner, a solar developer. "They have developed a better mousetrap for flat roofs."
The results may also help explain in part why some large companies like Frito Lay and Anheuser-Busch have installed Solyndra systems, despite the turmoil, skepticism and controversy that surround the company. The operative theory on the street was that these companies did it as a favor to Solyndra's investors, who have sunk over $1 billion into the company. Solis has erected a 704-kilowatt, 3,870 Solyndra-based array on the roof of a manufacturing facility owned by LPS Industries in New Jersey.
Solyndra has not invested in Solis, and Solis also installs several crystalline systems, Hahn added.
The key is that the roof in a Solyndra system plays an integral part in power generation, said Hahn. Roughly 18 percent of the light that strikes Solyndra's tubular modules is reflected light from the reflective, white roof below. Solyndra's tubes are placed in patio furniture-like racks a few inches from each other. By contrast, conventional solar panels get virtually none of their light from the roof, because in most cases the panels cover the roof.
In a recent letter ruling, the Internal Revenue Service stated that the reflective properties make the roof part of the solar array. As a result, building owners can obtain a 30-percent federal investment tax credit on the cost of a new white roof. State credits can also apply.
The roof can also be depreciated over five years versus 29 years, said Solis.
Certified public accountants may now chest bump.
White roofs, meanwhile, can reduce the cooling load inside buildings by 20 percent. Both Secretary of Energy Steve Chu and Art Rosenfeld, the godfather of energy efficiency, are staunch advocates of white roofs. Sanyo has panels that can have the same effect. While the letter ruling only applies to Solyndra, there's no reason others couldn't apply.
Other benefits can follow as well, depending on the condition and nature of the building. Conventional solar panels weigh more than Solyndra modules. Thus, a Solyndra installation can possibly mean avoiding some reinforcement costs, Hahn said.
Conventional panels also have to be tilted for maximum efficiency. "Crystalline wants to be equal to the latitude to get the best bang for the buck," Hahn said.
In New Jersey, that means installing panels at a 35-degree angle. High winds make that impractical. Therefore, the panels are installed at a less efficient 5 to 10 degree angle with ballasts. Southern orientation is also easier to obtain on some roofs with Solyndra modules, Hahn said.
Installation of Solyndra arrays takes around 40 percent less time, which reduces labor costs substantially, he added. Another potential bonus: snow doesn't accumulate on tubular modules unlike flat ones.
The circumstances, however, only fit in particular situations. Others have also noted that the reflective properties are likely overstated. The vast majority of solar installers, analysts and manufacturers can point out other flaws too. Oh, and let's add: yanked IPO, deposed CEO, auditor warning and large factory with not a lot of things coming out the door. No one claims it's morning in Fremont.
Besides that, not everyone needs a new roof.
"They (Solyndra) need to get to a point where you don't have to have a roof bundle to be competitive with silicon. They understand that," Hahn said.
Nonetheless, a perfect storm exists in some situations that give Solyndra a nod. Please insert your comments below.
By the third or fourth quarter of 2011, Solyndra modules are expected to sell for around $1.25 to $1.35 a watt, Han said. Efficiency will inch up from the current 13.5 percent. When factoring labor and other issues, this could make the company more competitive.
Solyndra Shuttering Factory, Delaying Expansion
in News Departments > FYI
by SI Staff on Wednesday 03 November 2010
print the content item Follow SolarIndustry On Twitter
Solar module manufacturer Solyndra plans to shut down Fab 1, its older manufacturing facility, and postpone its previously announced plans to expand Fab 2, its second factory.
The New York Times reports that the company expects to save approximately $60 million in capital expenditures by closing Fab 1. Solyndra plans to lay off approximately 40 employees and not renew contracts for approximately 150 temporary workers.
Solyndra may opt to reopen Fab 1 or expand Fab 2 if market conditions are favorable, the company told the Times.
SOURCE: New York Times
http://www.solarindustrymag.com/e107_plugins/content/content…
in News Departments > FYI
by SI Staff on Wednesday 03 November 2010
print the content item Follow SolarIndustry On Twitter
Solar module manufacturer Solyndra plans to shut down Fab 1, its older manufacturing facility, and postpone its previously announced plans to expand Fab 2, its second factory.
The New York Times reports that the company expects to save approximately $60 million in capital expenditures by closing Fab 1. Solyndra plans to lay off approximately 40 employees and not renew contracts for approximately 150 temporary workers.
Solyndra may opt to reopen Fab 1 or expand Fab 2 if market conditions are favorable, the company told the Times.
SOURCE: New York Times
http://www.solarindustrymag.com/e107_plugins/content/content…
Antwort auf Beitrag Nr.: 40.725.372 von R-BgO am 16.12.10 23:43:35Noch jemand hier? Pleite.....
http://www.zerohedge.com/news/shining-example-obamas-787-bil…
http://www.zerohedge.com/news/shining-example-obamas-787-bil…
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