SUMMIT, N.J., May 9, 2017 /PRNewswire/ -- Kilroy Realty Corporation, a leading West Coast REIT, and Nautilus Solar Energy LLC, a leading national solar project development and asset management company, today announced the ground breaking for a portfolio of commercial solar developments spread across 9 of Kilroy's class A office properties located between Southern and Northern California. The decision to develop solar projects for each property leverages the respective strengths of each party and extends their common vision towards building a sustainable future. 

The commercial solar developments, which will total 5.2 MW DC when complete, will consist of solar carport and rooftop applications located at Kilroy's commercial office properties in San Diego, San Francisco, Menlo Park and Long Beach, California.  The sites will begin construction in Q2 2017 with most of the sites reaching final completion during 2017 and a final rooftop site on a newly constructed building expecting to reach final completion by early 2018.

"We chose to work with Nautilus Solar because of their exceptional track record of successfully developing and financing complex commercial solar developments in the U.S.," said Sara Neff, Senior Vice President of sustainability at KRC. "This solar portfolio will complement our longstanding commitment to reducing energy consumption throughout our buildings."

"This initial development represents both organizations' continued devotion to making a real difference towards deploying renewable energy," said Jim Rice, CEO and co-founder of Nautilus Solar Energy. "We're very pleased to provide a solution for KRC that allows them to achieve their sustainability goals in an economic manner and look forward to expanding our relationship," added Jeffrey Cheng, COO of Nautilus.

About Kilroy Realty Corporation
With approximately 70 years' experience owning, developing, acquiring and managing real estate assets in West Coast real estate markets, Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the region's premier landlords.  The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.

At December 31, 2016, the company's stabilized portfolio totaled approximately 14.0 million square feet of office space and 200 residential units located in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle.  The company is recognized by GRESB as the North American leader in sustainability and was ranked first among 178 North American participants across all asset types.  At the end of the fourth quarter, the company's properties were 51% LEED certified and 69% of eligible properties were ENERGY STAR certified.  In addition, KRC had two office projects totaling approximately 1.1 million square feet, 237 residential units and 96,000 square feet of retail space under construction.  The company also had one office project in lease-up encompassing approximately 377,000 square feet. More information is available at http://www.kilroyrealty.com.

About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar development and asset management company. Nautilus focuses on acquiring, developing, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located throughout the United States and Canada. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus on LinkedIn and Twitter and visit www.nautilussolar.com for more information.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kilroy-realty-and-nautilus-solar-energy-announce-a-5mw-commercial-solar-portfolio-development-in-california-300453035.html

SOURCE Nautilus Solar Energy, LLC

Related Links

www.nautilussolar.com

Read more: Kilroy Realty And Nautilus Solar Energy Announce...

Updated for April 2017 with new analysis, discussion of events and developments in the past quarter, and revised outlook to assess their likely impact.

The quarterly research update adds analysis, discussion of events and developments in the past quarter, and a revised outlook to assess their likely impact. Topics covered include the current state of review of the US 2022 - 2025 CAFÉ standards, impact on EV sales of conservative US politics, as well as a summary and full results of the 2017 Future of Powertrain Survey.

Non-linear improvements in computer power have caused profound disruption in many industries. In automotive, a lot of attention has been focused on smart cars and connectivity.

But a huge disruption is already happening in powertrain development, driven by the electronic control units (ECUs) in light duty vehicles, as they improve and engineers learn how to use them.

The 21st century powertrain is an integrated and jointly developed combination of IC engines, batteries, transmissions (sometimes), generator/motors and complex control systems.  While these hybrids started out as a specialist choice, most automakers agreed that electrification of most powertrains will occur to some degree by 2025.

So, electrification will become the new normal. The question is how much electrification.

21st Century Powertrain: electrification, fuel and future examines the impact of these developments on the five major elements of the future powertrain:

- Internal combustion engines

- Transmissions

- Control Systems

- Batteries

- Electric Motors

The report looks at technical trends and developments in each of these areas, and projects how those trends might develop by 2025 to 2030. It establishes the consensus view about developments, and then challenges it with Key Uncertainties, Trends and Potential Disruptors.

Each chapter summarizes these for each of the technology areas, and then pulls them together into plausible, alternate scenarios to the central outlook to help planners bookend the best and worst cases.

What is unique about this report?

Building on a series of in-depth studies of different powertrain technologies, as well as surveys of experts, this report aims to offer a wider perspective on a cluster of the key issues around the consensus that has built up on the path of powertrain development in the automotive industry in the next decade.

The report is also more than a one-off download - includes strategic analysis of 12 key companies in the sector and quarterly updates of development in powertrain electrification completed, analysed and written by the report author.


Key strategic questions addressed

The report addresses four key strategic questions, the answers to which will determine the near term future of automotive powertrains:

- What is the probability that the emissions and fuel economy regulations projected for 2021 through 2025 will remain as currently envisioned? If they change, in what direction?
- How important is fuel price among the pressures put on automakers, compared with other issues? What is the likelihood that fuel prices will remain at the relatively low levels of 2016?
- How will battery prices develop? How close is $100/kWh?
- What is the likelihood that a significant technical disruptor will be introduced in the next few years - significant enough and early enough to challenge the industry's consensus view for 2030?
- What is the likelihood that the current trends in powertrain developments will achieve their goals if no technical disruptor emerges?

Companies Mentioned

- BorgWarner
- Bosch
- Continental
- Delphi
- Eaton
- Hitachi Automotive Systems
- Honeywell
- Magneti Marelli
- Ricardo
- Schaeffler
- Valeo
- ZF Friedrichshafen

For more information about this report visit http://www.researchandmarkets.com/research/bkdnhb/21st_century

Media Contact:

Research and Markets
Laura Wood, Senior Manager
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-powertrain-electrification-fuel-and-future-market-q2-2017---2025-technical-trends-and-developments-in-the-5-major-powertrain-technologies-of-the-21st-century---research-and-markets-300453384.html

SOURCE Research and Markets

Related Links

http://www.researchandmarkets.com

Read more: Global Powertrain Electrification, Fuel and...

CHONGQING, China, May 9, 2017 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the first quarter of 2017.

First Quarter 2017 Financial and Operating Highlights

  • Polysilicon production volume of 4,927 MT in Q1 2017, an increase of 100.6% from 2,456 MT in Q4 2016
  • Polysilicon external sales volume(1) of 4,223 MT in Q1 2017, an increase of 91.2% from 2,209 MT in Q4 2016
  • Polysilicon average total production cost(2) of $8.41/kg in Q1 2017, decreased from $9.98/kg in Q4 2016
  • Polysilicon average cash cost(2) of $6.68/kg in Q1 2017, decreased from $7.34/kg in Q4 2016
  • Average selling price (ASP) of polysilicon was $16.66/kg in Q1 2017, increased from $14.96/kg in Q4 2016
  • Solar wafer sales volume of 22.4 million pieces in Q1 2017, increased from 21.3 million pieces in Q4 2016
  • Revenue of $83.8 million in Q1 2017, an increase of 81.8% from $46.1 million in Q4 2016
  • Gross profit of $35.9 million in Q1 2017, an increase of 152.8% from $14.2 million in Q4 2016
  • Gross margin of 42.8% in Q1 2017, increased from 30.7% in Q4 2016
  • Non-GAAP gross margin(3) of 44.0% in Q1 2017, increased from 34.1% in Q4 2016
  • EBITDA (non-GAAP)(3) of $41.7 million in Q1 2017, an increase of 136.9% from $17.6 million in Q4 2016
  • EBITDA margin (non-GAAP)(3) of 49.8% in Q1 2017, increased from 38.3% in Q4 2016
  • Net income attributable to Daqo New Energy shareholders of $22.9 million in Q1 2017, increased from $4.1 million in Q4 2016 and $8.3 million in Q1 2016
  • Earnings per basic ADS of $2.18 in Q1 2017, increased from $0.39 in Q4 2016, and $0.80 in Q1 2016
  • Adjusted net income (non-GAAP)(3) attributable to Daqo New Energy shareholders of $24.8 million in Q1 2017, increased from $6.2 million in Q4 2016 and $11.7 million in Q1 2016
  • Adjusted earnings per basic ADS (non-GAAP)(3) of $2.36 in Q1 2017, increased from $0.59 in Q4 2016, and $1.12 in Q1 2016

Three months ended

US$ millions
except as indicated otherwise

March 31,
2017

December 31,
2016

March 31,
2016

Revenues

83.8

46.1

57.7

Gross profit

35.9

14.2

16.7

Gross margin

42.8%

30.7%

29.0%

Operating income

32.2

9.6

13.3

Net income attributable to
Daqo New Energy Corp. shareholders

22.9

4.1

8.3

Earnings per basic ADS ($ per ADS)

2.18

0.39

0.80

Adjusted net income (non-GAAP)(3)
attributable to Daqo New Energy Corp.
shareholders

24.8

6.2

11.7

Adjusted earnings per basic ADS (non-GAAP)(3)
($ per ADS)

2.36

0.59

1.12

Non-GAAP gross profit(3)

36.9

15.8

18.8

Non-GAAP gross margin(3) (%)

44.0%

34.1%

32.6%

EBITDA (non-GAAP)(3)

41.7

17.6

21.9

EBITDA margin(3) (non-GAAP)

49.8%

38.3%

38.0%

Polysilicon sales volume (MT) (1)

4,223

2,209

2,905

Polysilicon production cost ($/kg)(2)

8.41

9.98

9.65

Polysilicon cash cost (excl. dep'n) ($/kg)(2)

6.68

7.34

7.62


Notes:

(1)  Our polysilicon external sales volume excludes internal sales to our Chongqing wafer manufacturing subsidiary, which utilizes polysilicon as raw material for the production of solar wafers. The sales volume is the quantity of goods that have been accepted by customers, and thus the corresponding revenue has been recognized during the period indicated.

(2)  Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicted. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense in Xinjiang, divided by the production volume in the period indicated.

(3)  Daqo New Energy provides non-GAAP gross profit, non-GAAP gross margin, EBITDA, EBITDA margin, adjusted net income (loss) attributable to Daqo New Energy Corp. shareholders and adjusted earnings (loss) per ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release.

Commentary

"We are pleased with the strong financial and operating results we achieved for the first quarter of 2017.  I would like to thank our entire Xinjiang polysilicon team for their great efforts to make the first quarter of 2017 our best quarter ever in terms of cost structure, production volume and polysilicon quality. During the quarter, we fully ramped up our Xinjiang polysilicon facility to 18,000 MT annual capacity and achieved full production. Our capacity ramp-up progressed ahead of schedule.  We produced 4,927 MT of polysilicon in the first quarter of 2017, an increase of 100.6% as compared to the fourth quarter of 2016.  While achieving a substantial increase in sequential polysilicon production volume, we also saw strong demand for our high quality products from our customers, and achieved the highest sales volume in the Company's history with market share gain," said Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy.

"Polysilicon market demand weakened towards the end of March, resulting in inventory build-up across the industry with price adjustments reflecting the weakness.  We saw market conditions stabilizing towards the end of April with strong demand recovery, as industry poly inventory re-adjusted to a healthy level.  Polysilicon pricing also improved meaningfully in late April, with robust customer demand for our high quality polysilicon product.  Based on industry forecast, the global PV installations is expected to be approximately 75-80GW for 2017, compared to approximately 75-78GW for 2016.  Overall, the annual PV volume demand for this year is anticipated to be rather evenly spread between the first and the second half of the year.  While the PV end market demand environment is very dynamic and may lead to polysilicon ASP volatility, we believe overall volume demand for the year is solid and healthy.  Our cost leadership should help the Company to weather through the market volatility."

"During the quarter, we also achieved the lowest ever cost structure with total production cost of $8.41/kg and cash cost of $6.68/kg. With our lower production cost, the company generated $22.9 million in net income attributable to Daqo New Energy shareholders and $41.7 million in EBITDA with EBITDA margin of 49.8%.  In addition, thanks to various quality improvement projects we initiated starting from the second half of last year, the first quarter of 2017 was the best quarter in our history in terms of product quality."

"Going forward, we will continue to focus our efforts on cost reduction.  We have identified several cost reduction opportunities, which should allow us to continue to reduce our cost.  At the same time, we continue to pursue various programs and initiatives on polysilicon quality improvement, which will help the company to meet the growing demand for ultra-high-purity polysilicon, such as demand from mono-crystalline wafer manufacturers and potentially even manufacturers of semiconductor wafer applications. These initiatives should increase our corporate flexibility and reinforce our competitive position as one of the leading polysilicon suppliers in China, which will allow us to take advantage of additional opportunities in 2017 and beyond." 

Outlook and Q2 2017 guidance

The Company expects to produce 4,800 MT to 5,000 MT of polysilicon and sell approximately 4,200 MT to 4,500 MT to external customers during the second quarter of 2017.  The above external sales guidance excludes shipments of polysilicon to be used internally by our Chongqing solar wafer facility, which utilizes polysilicon for its wafer manufacturing operation.  Wafer sales volume is expected to be approximately 23.5 million to 24 million pieces in the second quarter of 2017.

This outlook reflects our current and preliminary view as of the date of this press release and may be subject to change. Our ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

First Quarter 2017 Results

Revenues

Revenues were $83.8 million, an increase of 81.8% from $46.1 million in the fourth quarter of 2016 and 45.3% from $57.7 million in the first quarter of 2016.

Revenues from polysilicon sales to external customers were $70.4 million, an increase of 114.6% from $32.8 million in the fourth quarter of 2016 and 76.4% from $39.9 million in the first quarter of 2016. External polysilicon sales volume was 4,223 MT, an increase of 91.2% from 2,209 MT in the fourth quarter of 2016 and 45.4% from 2,905 MT in the first quarter of 2016. The average selling price (ASP) of polysilicon was $16.66/kg in Q1 2017, an increase of 11.4% from $14.96/kg in Q4 2016. The increase in polysilicon revenues as compared to the fourth quarter of 2016 was primarily due to higher polysilicon sales volume and higher ASPs.

Revenues from wafer sales were $13.4 million, compared to $13.4 million in the fourth quarter of 2016 and $17.8 million in the first quarter of 2016. Wafer sales volume was 22.4 million pieces, compared to 21.3 million pieces in the fourth quarter of 2016 and 22.1 million pieces in the first quarter of 2016.

Gross profit and margin

Gross profit was approximately $35.9 million, an increase of 152.8% from $14.2 million in the fourth quarter of 2016 and 115.0% from $16.7 million in the first quarter of 2016. Non-GAAP gross profit, which excludes costs related to the non-operational polysilicon assets in Chongqing, was approximately $36.9 million, an increase of 133.5% from $15.8 million in the fourth quarter of 2016 and 95.2% from $18.8 million in the first quarter of 2016.

Gross margin was 42.8%, increased from 30.7% in the fourth quarter of 2016 and 29.0% in the first quarter of 2016. The increase in gross margin as compared to the fourth quarter of 2016 was primarily due to higher quarterly polysilicon ASPs and lower polysilicon production cost.

In the first quarter of 2017, total costs related to the non-operational Chongqing polysilicon assets including depreciation were $1.0 million, decreased from $1.6 million in the fourth quarter of 2016 and $2.0 million in the first quarter of 2016. As we have already relocated the majority of the idle equipments from our Chongqing site to Xinjiang site and successfully reutilized them in our capacity expansion projects, the total costs related to the non-operational Chongqing polysilicon assets have been significantly reduced. In the near future, we expect such costs will remain at a level that is similar to that in Q1 2017. Excluding costs related to the non-operational Chongqing polysilicon assets, the non-GAAP gross margin was approximately 44.0%, increased from 34.1% in the fourth quarter of 2016 and 32.6% in the first quarter of 2016.

Selling, general and administrative expenses

Selling, general and administrative expenses were $4.1 million, compared to $3.5 million in the fourth quarter of 2016 and $4.1 million in the first quarter of 2016.

Research and development expenses

Research and development expenses were approximately $0.4 million, compared to $2.8 million in the fourth quarter of 2016 and $0.1 million in the first quarter of 2016. The research and development expenses fluctuate from period to period according to the R&D activities occur in such period.

Other operating income

Other operating income was $0.8 million, compared to $1.9 million in the fourth quarter of 2016 and $0.7 million in the first quarter of 2016. Other operating income was mainly composed of unrestricted cash incentives that the Company received from local government authorities, the amount of which varies from period to period.

Operating income and margin

As a result of the foregoing, operating income was $32.2 million, an increase of 235.4% from $9.6 million in the fourth quarter of 2016 and 142.1% from $13.3 million in the first quarter of 2016.

Operating margin was 38.4%, increased from 20.7% in the fourth quarter of 2016 and 23.1% in the first quarter of 2016.

Interest expense

Interest expense was $4.3 million, compared to $4.1 million in the fourth quarter of 2016 and $3.9 million in the first quarter of 2016.

EBITDA

EBITDA was $41.7 million, an increase of 136.9% from $17.6 million in the fourth quarter of 2016 and 90.4% from $21.9 million in the first quarter of 2016. EBITDA margin was 49.8%, increased from 38.3% in the fourth quarter of 2016 and 38.0% in the first quarter of 2016.

Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

Net income attributable to Daqo New Energy Corp. shareholders was $22.9 million in the first quarter of 2017, increased from $4.1 million in the fourth quarter of 2016 and $8.3 million in the first quarter of 2016.

Earnings per basic ADS were $2.18, increased from $0.39 in the fourth quarter of 2016 and $0.80 in the first quarter of 2016.

Financial Condition

As of March 31, 2017, the Company had $61.2 million in cash and cash equivalents and restricted cash, compared to $31.9 million as of December 31, 2016 and $35.7 million as of March 31, 2016. As of March 31, 2017, the accounts receivable balance was $13.1 million, compared to $4.8 million as of December 31, 2016. As of March 31, 2017, the notes receivable balance was $11.7 million, compared to $13.0 million as of December 31, 2016. As of March 31, 2017, total borrowings were $236.0 million, of which $129.2 million were long-term borrowings, compared to total borrowings of $217.9 million, including $111.9 million long-term borrowings, as of December 31, 2016.

Cash Flows

For the three months ended March 31, 2017, net cash provided by operating activities was $28.6 million, increased from $22.5 million in the same period of 2016.

For the three months ended March 31, 2017, net cash used in investing activities was $16.6 million, compared to $17.5 million in the same period of 2016. The net cash used in investing activities in 2017 was primarily related to the capital expenditure of Xinjiang Phase 3A polysilicon projects.

For the three months ended March 31, 2017, net cash provided by financing activities was $16.5 million, compared to net cash used in financing activities of $3.3 million in the same period of 2016. The increase was primarily due to drawdown of long-term project bank loans. 

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including non-GAAP gross profit and non-GAAP gross margin; earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS.  Management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key elements of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results.  Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of management.  These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

Non-GAAP gross profit and non-GAAP gross margin includes adjustments for costs related to the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, which will be or are in the process of being relocated to the Company's Xinjiang polysilicon manufacturing facility. The Company expects a majority of these costs, such as depreciation, will continue to occur as part of the production cost at the Xinjiang facilities subsequent to the completion of the relocation plan. Once these assets are placed back in service, the Company will remove this adjustment from the non-GAAP reconciling item. The Company also uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues.  Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS exclude costs related to the non-operational polysilicon assets in Chongqing as described above.  Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS also exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, management excludes this item from its internal operating forecasts and models. Management believes that this adjustment for share-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on May 9, 2017 (8:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the earnings conference call are as follows:

Participant dial in (U.S. toll free):

+1-888-346-8982

Participant international dial in:

+1-412-902-4272

China mainland toll free:

4001-201203

Hong Kong toll free:

800-905945

Hong Kong local dial in:

+852-301-84992

Participants please ask to be joined into the Daqo New Energy Corp. call. Please dial in 10 minutes before the call is scheduled to begin.

You can also listen to the conference call via Webcast through the URL:
http://mms.prnasia.com/DQ/20170509/default.aspx

A replay of the call will be available 1 hour after the conclusion of the conference call through May 16, 2017.

The dial in details for the conference call replay are as follows:

U.S. toll free:                                

+1-877-344-7529

International dial in:

+1-412-317-0088

Canada toll free:

855-669-9658

Replay access code:

10106374

To access the replay using an international dial-in number, please select the link below:
https://services.choruscall.com/ccforms/replay.html

Participants will be asked to provide their name and company name upon entering the call.

About Daqo New Energy Corp.

Founded in 2008, Daqo New Energy Corp. (NYSE: DQ) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. As one of the world's lowest cost producers of high-purity polysilicon and solar wafers, the Company primarily sells its products to solar cell and solar module manufacturers. The Company has built a manufacturing facility that is technically advanced and highly efficient with a nameplate capacity of 18,000 metric tons in Xinjiang, China.  The Company also operates a solar wafer manufacturing facility in Chongqing, China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the second quarter of 2017 and quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; our ability to significantly expand our polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and our ability to lower our production costs. Further information regarding these and other risks is included in the reports or documents we have filed with, or furnished to, the Securities and Exchange Commission. Daqo New Energy does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Daqo New Energy undertakes no duty to update such information, except as required under applicable law.

Daqo New Energy Corp.

Unaudited Consolidated Statement of Operations and Comprehensive Income

(US dollars in thousands, except ADS and per ADS data)



For the three months Ended



Mar 31, 2017


Dec 31, 2016


Mar 31, 2016










Revenues      


$83,808


$46,116


$57,676


Cost of revenues


(47,914)


(31,941)


(40,940)


Gross profit


35,894


14,175


16,736


Operating expenses








Selling, general and administrative expenses


(4,060)


(3,512)


(4,059)


Research and development expenses


(448)


(2,775)


(82)


Other operating income


775


1,862


715


Impairment of long-lived assets


-


(199)


-


Total operating expenses


(3,733)


(4,624)


(3,426)


Income from operations


32,161


9,551


13,310


Interest expense


(4,344)


(4,099)


(3,905)


Interest income


75


17


96


Foreign exchange gain (loss)


1


(4)


1


Income before income taxes


27,893


5,465


9,502


Income tax expense


(4,742)


(1,281)


(1,112)


Net income


23,151


4,184


8,390


Net income attributable to noncontrolling interest


257


55


65


Net income attributable to Daqo New Energy Corp.
  shareholders


$22,894


$4,129


$8,325










Net income


23,151


4,184


8,390


Other comprehensive income (loss):








Foreign currency translation adjustments


2,166


(10,625)


2,018


Total other comprehensive income (loss)


2,166


(10,625)


2,018


Comprehensive income (loss)


25,317


(6,441)


10,408


Comprehensive income (loss) attributable to
   noncontrolling interest


270


(9)


76


Comprehensive income (loss) attributable to
   Daqo New Energy Corp. shareholders


 

$25,047


 

($6,432)


 

$10,332










 Income per ADS








 Basic


2.18


0.39


0.80


 Diluted


2.14


0.39


0.79


Weighted average ADS outstanding








Basic


10,519,425


10,508,261


10,434,199


Diluted                                                                        


10,691,911


10,642,404


10,552,339


Daqo New Energy Corp.

Unaudited Consolidated Balance Sheet

(US dollars in thousands)







Mar 31, 2017


Dec 31, 2016


Mar 31, 2016










ASSETS:








Current Assets:








Cash and cash equivalents


$44,651


$15,987


$16,349


Restricted cash


16,596


15,893


19,380


Accounts receivable, net


13,121


4,836


15,396


Notes Receivable


11,702


13,026


25,273


Prepaid expenses and other current assets


6,069


8,028


8,212


Advances to suppliers


1,283


1,723


1,028


Inventories


16,268


12,281


10,868


Amount due from related party


345


1,529


1,499


Total current assets


110,035


73,303


98,005


Property, plant and equipment, net


559,900


557,428


546,431


Prepaid land use right


24,871


24,810


27,185


Deferred tax assets


591


586


632


Investment accounted for under cost-method


586


582


188


TOTAL ASSETS


695,983


656,709


672,441










Current liabilities:








Short-term borrowings, including current portion
   of long-term borrowings


 

106,842


 

105,980


 

126,461


Accounts payable


23,130


18,745


18,309


Notes payable


23,749


25,732


28,140


Advances from customers


1,025


7,520


7,724


Payables for purchases of property, plant and
   equipment


39,367


51,323


41,379


Accrued expenses and other current liabilities


11,417


8,320


8,937


Amount due to related parties


32,925


26,830


46,689


Income tax payable


7,095


5,300


1,190


Total current liabilities


245,550


249,750


278,829


Long-term borrowings


129,198


111,949


114,824


Other long Term Liabilities


23,304


23,280


25,276


TOTAL LIABILITIES


398,052


384,979


418,929


 

EQUITY:








Ordinary shares


27


27


26


Treasury stock


(1,749)


(1,749)


(1,749)


Additional paid-in capital


240,996


240,112


237,806


Retained earnings


63,326


40,432


5,264


Accumulated other comprehensive income


(6,569)


(8,721)


10,787


Total Daqo New Energy Corp.'s shareholders' equity


296,031


270,101


252,134


Noncontrolling interest


1,900


1,629


1,378


Total equity


297,931


271,730


253,512


TOTAL LIABILITIES & EQUITY


695,983


656,709


672,441










Daqo New Energy Corp.

Unaudited Consolidated Statements of Cash Flows

(US dollars in thousands)



For the three months ended March 31,



2017


2016


Operating Activities:






Net income                                                                                           


23,150


8,390


Adjustments to reconcile net income to net cash provided by
operating activities:






       Share-based compensation


882


1,344


       Provision/(reversal) of allowance for doubtful accounts


-


(375)


       Depreciation of property, plant and equipment


9,587


8,607


       Loss on disposal of assets


23


-








               Changes in operating assets and liabilities:






       Accounts receivable


(8,245)


4,984


       Notes receivable


1,430


(14,076)


       Prepaid expenses and other current assets


2,024


4,119


       Advances to suppliers


454


8


       Inventories


(3,888)


(68)


       Amounts due from related parties


1,203


(1,192)


       Amounts due to related parties


411


259


       Prepaid land use rights


140


150


       Accounts payable


4,233


680


       Notes payable


(823)


9,884


       Accrued expenses and other current liabilities


3,029


253


       Income tax payable


1,752


249


       Advances from customers


(6,556)


(523)


       Deferred government subsidies


(165)


(175)


Net cash provided by operating activities


28,641


22,518








Investing activities:






Purchases of property, plant and equipment


(15,989)


(17,114)


Investment accounted for under the cost-method


-


(188)


Increase in restricted cash


(574)


(168)


Net cash used in investing activities


(16,563)


(17,470)








Financing activities:






Proceeds from related party loans


32,824


23,878


Repayment of related party loans


(32,687)


(24,208)


Proceeds from bank borrowings


30,856


-


Repayment of bank borrowings


(14,517)


(3,058)


Cash received from exercises of options


3


104


Net cash (used in) provided by financing activities


16,479


(3,284)








Effect of exchange rate changes on cash and cash equivalents


107


95


Net increase in cash and cash equivalents


28,664


1,859


Cash and cash equivalents at the beginning of the period


15,987


14,490


Cash and cash equivalents at the end of the period


44,651


16,349


Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)



For the three months ended



Mar. 31, 2017


Dec. 31, 2016


Mar. 31, 2016


Gross profit                                                   


35,894


14,175


16,736


Costs related to the non-operational
Chongqing polysilicon operations


1,003


1,588


2,049


Non-GAAP gross profit


36,897


15,763


18,785




For the three months ended



Mar. 31, 2017


Dec. 31, 2016


Mar. 31, 2016


Gross margin


42.8%


30.7%


29.0%


Costs related to the non-operational
Chongqing polysilicon operations
(proportion of revenue)


1.2%


3.4%


3.6%


Non-GAAP gross margin


44.0%


34.1%


32.6%




For the three months ended



Mar. 31, 2017


Dec. 31, 2016


Mar. 31, 2016


Net income


23,151


4,184


8,390


Income tax expense


4,742


1,281


1,112


Interest expense


4,344


4,099


3,905


Interest income


(75)


(17)


(96)


Depreciation


9,587


8,095


8,607


EBITDA (non-GAAP)


41,749


17,642


21,918


EBIDTA margin (non-GAAP)


49.8%


38.3%


38.0%




For the three months ended



Mar. 31, 2017


Dec. 31, 2016


Mar. 31, 2016


Net income attributable to
    Daqo New Energy Corp. shareholders


22,894


4,129


8,325


Costs related to the non-operational
    Chongqing polysilicon operations


1,003


1,588


2,049


Share-based compensation


882


443


1,344


Adjusted net income (non-GAAP)
    attributable to Daqo New Energy
    Corp. shareholders


24,779


6,160


11,718


Adjusted earnings per basic ADS
    (non-GAAP)


2.36


$0.59


1.12


Adjusted earnings per diluted ADS
    (non-GAAP)


2.32


$0.58


1.11


For further information, please contact:

Daqo New Energy Corp.
Investor Relations
Phone: +86-187-1658-5553
This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-first-quarter-2017-results-300453893.html

SOURCE Daqo New Energy Corp.

Read more: Daqo New Energy Announces Unaudited First...

Polar Re-Establishes Local Presence in Australia with Appointment of Industry Veteran Raj Hira to Lead Sales Operations in the Region

GARDENA, CA--(Marketwired - May 08, 2017) - Polar Power, Inc. (NASDAQ: POLA), a global provider of prime and backup DC power solutions, has entered the Asia Pacific telecom market and re-established a regional presence in Sydney, Australia with the new appointment of Raj Hira as the Director of Telecom Sales Asia Pacific Region. In conjunction with Hira's appointment, the Company plans to expand operations in the Asia Pacific region and establish regional sales and service hubs in the region utilizing Polar Power's DC power solutions to address the expanding and under-penetrated telecommunications, data centers, off-grid and distributed power markets.

Hira brings to the company more than 20 years of sales experience with solar hybrid power systems throughout the Asia Pacific region, particularly for telecommunication towers and off-grid applications. Mr. Hira's sales experience has been developed not only in the Australian continent, but throughout South East Asia and the Pacific Islands as well. In his prior position as Global Sales Manager at Regen Power, Hira won several large projects where solar hybrid systems were used in conjunction with battery storage to reduce diesel fuel consumption in off-grid and bad-grid areas. Prior to Regen Power, Hira served as national sales manager for Control Techniques Australia, a division of Emerson Industrial Automation and parent company Emerson, a Fortune 500 global technology and engineering company.

Currently, the United States only represents about 4.7% of the global telecommunications market, leaving notable untapped potential in international markets. Polar Power has a unique advantage in overseas markets due to its competitive costs attributable to: having highly integrated power solutions minimizing material cost, in-house vertical manufacturing reducing production cost and tight control of its supply chain.

Increasing mobile penetration rates across the region are driving increased demand for data, and therefore the infrastructure to support it. According to the 2017 GSMA Mobile Economy Report, the Asia Pacific region is set to account for two thirds of the 860 million new subscribers expected globally by the end of the decade. As developed markets reach saturation, developing markets will account for 9 out of 10 new subscribers through 2020.

"We believe the growth of mobile penetration in the Asia Pacific region, combined with generally less reliable power grids, creates notable growth and revenue diversification opportunities for our entire portfolio of DC power solutions," said Polar Power CEO, Arthur Sams. "Technology, vertical manufacturing and supply chain management gives Polar a competitive advantage in providing lower CAPEX and OPEX costs to its customers. The efficient nature of our DC products create a clear value proposition to not only telecommunications tower operators in the region, but for data centers, off-grid applications and military markets as well.

"We are pleased to have Mr. Hira, an industry veteran with over 20 years of experience in solar hybrid systems, spearheading our growth initiatives in the Asia Pacific region. Mr. Hira has a proven track record of driving sales for solar hybrid products across both Southeast Asia and Australia, particularly in the telecommunications and off-grid power markets. We look forward to leveraging Mr. Hira's unique expertise to grow Polar Power's sales in the Asia Pacific region," concluded Sams.

About Polar Power, Inc.
Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar's systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.polarpower.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release including, without limitation, the ability of Polar Power to meet industry needs with higher energy efficiency and lower emissions power generating equipment; the ability of Polar Power to penetrate the Asia-Pacific markets with lower OPEX and CAPEX costs; and the ability of Polar Power to expand sales in the Asia-Pacific markets are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse economic and market conditions, including demand for DC Hybrid power systems; raw material and manufacturing costs; changes in governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Polar Power's filings with the Securities and Exchange Commission including, specifically, those factors set forth in the "Risk Factors" section contained in Polar Power's Form 10-K filed with the Securities and Exchange Commission on March 10, 2017.

Read more: Polar Power Enters Asia Pacific Telecom Market...

SAN DIEGO, May 9, 2017 /PRNewswire/ -- SunPower by Stellar Solar, San Diego's oldest SunPower dealer and one of two Master Dealers in San Diego County,  has combined their warehouse and office operations into their company owned facility in Oceanside. The move will not only improve internal operating efficiencies, but will also translate into cost savings and quicker installations for both their residential solar and commercial solar customer base.

Kent Harle, co-founder and CEO of SunPower by Stellar Solar had this to say about the move.  "After a strategic move to become a Master Dealer last October, we are starting to see the efficiencies associated with being just that.  It was the perfect time to build out a building that we have owned for the past couple years and make the move.  We are making every internal effort possible in this competitive market to improve our operations which, on top of having the worlds most efficient solar panels, makes us more appealing to home and business owners." He added, "We tell our customers that not all solar is created equal, and make sure they know that SunPower products are the most efficient and reliable solar solutions on the market today and in addition, we now have the most streamlined internal systems in place to install them on their roof quickly. We are also quite excited to invest time and money into our own facility and to not to be paying rent to someone else."

SunPower by Stellar Solar
SunPower by Stellar Solar

Master Dealers offer complete SunPower solar solutions to homeowners, including the highest quality consultation and system services. Master Dealers leverage the strength and credibility of the globally trusted SunPower brand in key geographies based on a superb knowledge of the company's technology, the local solar market, and industry best practices. Certified SunPower Master Dealers handle the entire solar energy process for customers, which can include system design, installation, maintenance, permitting, and rebate processing, as well as advise on flexible financing options. Master Dealers complete regular, in-depth training on SunPower products and services in order to provide customers with the best possible solar experience, and offer peace of mind when choosing SunPower by Stellar Solar to install the industry's most reliable solar technology.

About SunPower by Stellar Solar
SunPower by Stellar Solar is a leading California residential and commercial PV solar design and installation company, based in San Diego since 1998 with over 6,000+ installations across Southern California including notable commercial installations on The Salk Institute, US Foods, Cedars Sinai Hospital and more. Readers of the Union Tribune have voted them best solar panel company again in 2015 marking the third year in a row and fourth time in 5 years winning the award.  Their  5 Star Reviews on Yelp, A+ rating with the Better Business Bureau and high customer ratings on Angie's list are further testament to their standing as the leading solar provider to homes, businesses and faith based organizations in San Diego County.  Learn more at www.stellarsolar.net

Media Contact:
David Boylan
858.395.6905
This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunpower-by-stellar-solar-relocates-to-oceanside-to-drive-efficiencies-by-combining-warehouse-and-office-operations-in-one-facility-300454112.html

SOURCE SunPower by Stellar Solar

Related Links

http://stellarsolar.net

Read more: SunPower by Stellar Solar Relocates to Oceanside...

VICTORIA, BRITISH COLUMBIA--(Marketwired - May 8, 2017) - Carmanah Technologies Corporation (TSX:CMH) ("Carmanah" or the "Company") today announced the voting results from its annual general meeting held on May 4, 2017. The shareholders voted on and approved the election of the directors of the Corporation and the reappointment of KPMG LLP, Chartered Accountants as auditors of the Corporation.

The voting results were as follows:

Votes For Votes Withheld
Nominee
# % # %
Election of Directors
John Simmons 10,696,802 94.62% 607,910 5.38%
Michael Sonnenfeldt 10,298,902 91.10% 1,005,810 8.90%
Terry Holland 11,303,152 99.99% 1,560 0.01%
James Meekison 11,303,152 99.99% 1,570 0.01%
Sara Elford 11,303,352 99.99% 1,360 0.04%
Appointment of Auditors 11,991,120 99.96% 4,314 0.04%

About Carmanah Technologies Corporation

Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, we have earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the world's harshest environments. We manage our business within three reportable segments: Signals, Illumination and Power. The Signals segment includes serves the Airfield Ground Lighting, Aviation Obstruction, Offshore Wind, Marine and Traffic markets. The Illumination segment provides solar powered LED outdoor lights for municipal and commercial customers. The Power segment serves the Off-Grid solar market.

This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah or Sabik to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: our ability to become a worldwide leader in the marine aids to navigation industry, the potential growth of the off shore wind safety market or our ability to participate in any growth and other general uncertainties that may impact actual outcomes. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah.

Read more: Carmanah Announces Results of Annual General...

NEW YORK, May 8, 2017 /PRNewswire/ --

The global wind turbine rotor blade market is expected to surpass US$ 7 Bn in revenues by 2017-end. The market is anticipated to grow at a CAGR of 21.2% during the period 2017-2025 and reach nearly US$ 33 Bn in revenues.

     (Logo: http://photos.prnewswire.com/prnh/20161114/438683LOGO )

According to Persistence Market Research (PMR), global wind energy installations have increased from 282.2 GW in 2012 to 486.7 GW in 2016. This is positively impacting the growth of the global wind turbine rotor blade market.

Increasing emphasis on wind power generation, combined with favorable government policies and assistance are also contributing to steady adoption of wind turbine rotor blades. Feed-in-tariffs and generation-based incentives enticing venture capitalists to invest in this fledgling market.

According to PMR's report (http://www.persistencemarketresearch.com/market-research/wind-turbine-rotor-blades-market.asp), wind energy harnessing was concentrated in developed regions; however, it is now being steadily adopted in emerging regions of Asia, Africa, and Latin America. Emphasis on wind energy is also expected to receive a fillip from the long-term target adopted by Climate Change Conference of the Parties (COP21).

Although PMR maintains a positive outlook on the global wind turbine rotor blade market, technological competition with solar panels, combined with public issues surrounding wind project management can impede growth in the long-term.

The key opportunities identified by Persistence Market Research include offshore wind system installations and development of carbon composite wind turbine rotor blades.

Key trends shaping the global wind turbine rotor blade market include, 

  • Growing preference for long rotor blades: Operators are looking to maximize energy output, as a result of which, demand for long rotor blades is growing significantly.
  • Manufacturers are aiming at uniformity and quality control; due to this, demand for modular blade design is gaining traction.
  • In a bid to deal with extreme conditions on offshore farms, foldable rotor blades, ones that mimic palm trees, are steadily witnessing an uptick in demand.

By blade length, the global wind turbine rotor blade market has been segmented into, 

  • Below 45 meters
  • 45-60 meters
  • Above 60 meters

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/15535

Among these, demand for 45-60 meters rotor blades is the highest, with this segment accounting for nearly 66% revenue share. In terms of revenue, the 45-60 meter rotor blades are expected to grow at 19.1% CAGR to reach US$ 18.93 Bn in revenues.

By blade material, the global wind turbine rotor blade market has been segmented into glass fiber and carbon composite. Currently, glass fibers outsell carbon composites, and the trend is expected to remain so during the forecast period. According to Persistence Market Research, glass fibers segment accounted for 95.5% revenue share of the market.

View Report Table of Contents, Figures, and Tables

By application, the global wind turbine rotor blade market has been segmented into onshore and offshore. Currently, bulk of rotor blades are deployed onshore, with this segment accounting for 96.2% revenue share of the market. In terms of revenue, the onshore segment was valued at US$ 5.87 Bn in 2016.

In its report, Persistence Market Research offers market forecast and analysis on North America, Latin America, Europe, Asia Pacific, and MEA. Key companies profiled in the report include LM Wind, Siemens, CNBM, Sinoma, and TPI Composites.

Wind Turbine Rotor Blade Market Report 2017-2025 is available for $4900 (Single User License) @ http://www.persistencemarketresearch.com/checkout/15535

Persistence Market Research Overview 

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.

To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Contact
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
United States
USA - Canada Toll-Free: 800-961-0353
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Web: http://www.persistencemarketresearch.com

SOURCE Persistence Market Research Pvt. Ltd.

Read more: Wind Turbine Rotor Blade Market to Reach US$ 33...

GUELPH, Ontario, May 9, 2017 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Tuesday, June 6, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., June 6, 2017 in Hong Kong) to discuss the Company's first quarter 2017 results and business outlook.

The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 19673070.  A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.

A replay of the call will be available 4 hours after the conclusion of the call until 10:00 a.m. on Wednesday June 14, 2017, U.S. Eastern Daylight Time (10:00 p.m., June 14, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 19673070. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-schedules-first-quarter-2017-earnings-conference-call-on-may-25-300454014.html

SOURCE Canadian Solar Inc.

Related Links

http://www.canadiansolar.com

Read more: Canadian Solar Schedules First Quarter 2017...

WASHINGTON, May 8, 2017 /PRNewswire-USNewswire/ -- U.S. Representatives Chris Collins (R-NY) and Mark Takano (D-CA) launched the Advanced Energy Storage Caucus in Congress last week, joined by executives from leading utilities, developers, and manufacturers of storage technologies. The focus of the Caucus is to educate Members of Congress regarding the benefits of storage to the U.S. electric system and investigate ways to accelerate job growth and investment in U.S. advanced energy storage industries. Cost-effective, safe energy storage systems are creating a more resilient and efficient electric grid today, with thousands of systems already in operation throughout the United States. In recognition of the critical role energy storage plays in making the U.S. electric system reliable, affordable, and sustainable, the Caucus will periodically brief Members of Congress on how energy storage is reshaping the way electricity is generated, distributed, and consumed, and how policy can remove impediments to greater use of battery storage.

"I am proud to co-chair the Energy Storage Caucus with Congressman Takano." said Congressman Chris Collins. "We need bipartisan solutions to help address our aging energy infrastructure. Energy storage technology will grow our economy and make sure American businesses can compete around the globe."

"Energy storage is transformative technology that can lead to a cleaner, safer, more reliable, and more affordable energy grid," said Rep. Takano. "I am pleased to restart this bipartisan initiative to educate my colleagues about the potential of energy storage and explore opportunities for us to support this technology in the future. The security and sustainability of our energy infrastructure affects every community across America. I look forward to working with Democrats and Republicans to create a policy environment where the promise of this technology can be fully realized."  

During the press conference for the launch of the Congressional Advanced Energy Storage Caucus, the Co-Chairs were joined by industry leaders from the Energy Storage Association, AES Energy Storage, S&C Electric, Stem Inc., and National Grid.

"States, utilities, and customers have begun using advanced energy storage to enhance the reliability and resiliency of our nation's electric infrastructure," said Jason Burwen, Policy & Advocacy Directory of the Energy Storage Association. "Whether providing resilient response to extreme events, complementing aging distribution infrastructure, enabling more distributed resources and consumer choice, or reducing vulnerability of local communities, energy storage is a powerful and compelling new investment option in our nation's energy infrastructure."

 "Electricity is fundamental to our overall economy, powering 40% of everything that we do on a day-to-day basis.  We believe energy storage is the key for us to create a cleaner, more flexible and more resilient electric grid," said Kiran Kumaraswamy, Market Development Director at AES Energy Storage. "We see storage offering unparalleled flexibility and a cost-effective platform for continued innovation in our rapidly-changing energy landscape."

"A robust U.S. energy storage industry will strengthen U.S. manufacturing and provide greater international competitiveness," said Troy Miller, director of Grid Solutions with S&C Electric Company. "Our company employs more than 1,200 people in manufacturing jobs across the country. Continued support and investment in our industry will ensure the U.S. continues to lead the world in advanced energy."

Advanced Energy Storage Caucus – Mission Statement

The bipartisan Congressional Advanced Energy Storage Caucus is dedicated to advancing understanding of how energy storage systems are enabling American businesses and homeowners to better access reliable, affordable, and sustainable electric power. The members of this Caucus will work together and with stakeholders toward innovative and effective policy solutions that address challenges in our energy infrastructure and drive the adoption of storage technology.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/advanced-energy-storage-caucus-launched-in-congress-to-bipartisan-support-300453407.html

SOURCE Energy Storage Association

Related Links

http://www.energystorage.org

Read more: Advanced Energy Storage Caucus Launched in...

SUNNYVALE, Calif.--()--Alta Devices:

What      

The Commercial use of drones and UAVs (unmanned aerial vehicles) is growing globally. Their impact will be immense. However, the range of battery-powered UAVs is limited. At the AUVSI Xponential show taking place this week in Dallas; Alta Devices will demonstrate how solar power can significantly extend flight endurance and the utility of these aircraft. Extended endurance allows aircraft to stay aloft longer; cover greater ground; and carry heavier, more powerful payloads. Adding solar can also power sophisticated on-board capabilities, such as sensors, communications hardware, and lighting. Extended-endurance UAVs can enable entirely new capabilities and have the potential to change the economics, dynamics, and operations of UAVs worldwide.

 

Where

XPONENTIAL, Kay Bailey Hutchison Convention Center, 650 S Griffin Street, Dallas, TX, 75202

 

When

May 8-11, 2017

 

Alta Devices Booth: #2441

Display of Alta Devices solar technology integrated into multiple UAV wings. Includes platforms used in missions such as search and rescue, visual inspection and precision agriculture.

 

Hot Issue Debate: The Connectivity Battle: Who Will Win the Race to Connect the World?

Hosted by Alta Devices and including executives from Airbus, Aurora Flight Sciences, Akash Systems, Skycom and World View.

Room: C146

Monday, May 8, 2017: 3:30 PM - 5:00 PM

 

Description: From startups to leading defense companies, numerous organizations are vying to bring Internet to unconnected communities, create networks following disasters and provide communications through more efficient means. The need is apparent, but what is much less clear is the method by which large-scale connectivity will be provided. Some companies claim satellites are the only way, others are betting on balloons and a few say the future will be drones. Curious as to what the future may hold? Join this interactive session where representatives from top companies developing cutting-edge technologies will debate and make predictions on how the world will be connected in the future.

 

Why

Alta Devices designs and manufactures the most efficient, thinnest, and flexible solar technology in the world. The company is revolutionizing the endurance of unmanned systems and holds the world record for both single-junction and dual-junction solar cell efficiency at 28.8% and 31.6% respectively. Because the technology delivers high levels of energy without adding significant weight, it can be used to provide up to five times more daytime endurance with virtually no impact on aerodynamics.

About Alta Devices

Alta Devices is (EM)POWERING THE UNPLUGGED WORLD™ by delivering the world’s most efficient, thin and flexible mobile power technology. By converting light of any kind into electricity, Alta Device’s AnyLight™ power technology extends the energy source of a system, and in many cases, completely cuts the traditional power cord. The solution can be completely integrated into the final system, and is ideal for use in unmanned systems, consumer electronics, sensors, automotive, remote exploration, wearables, or anywhere size, weight, and mobility matter. Alta Devices holds world records for energy conversion efficiency and is located in Sunnyvale, CA. For more information, visit http://www.altadevices.com. Alta Devices is a Hanergy company.

All trademarks and registered trademarks are those of their respective companies.

Read more: Alta Devices Demonstrates the Impact of...

THORNTON, CO--(Marketwired - May 9, 2017) - Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announced that Hong Kong Boone Group Limited ("Boone Group") has elected to convert 800 shares ($800,000 of invested capital) of the Series K Convertible Preferred Stock ("Series K Preferred Stock") into Common Stock of the Company at the fixed price of $0.0040 per share, pursuant to the Securities Purchase Agreement ("Agreement") between the Company and Boone Group which was entered into on February 8, 2017.

Upon conversion, the Company issued 200,000,000 shares of restricted Common Stock to the Boone Group, which represents about 4.6% of the Company's total outstanding shares post conversion. The fixed price of $0.0040 per share represents a significant premium of approximately 566% to the Company's latest per share closing bid price of $0.0006 prior to the conversion notice.

Mr. Song Liang, Chairman and Founder of the Boone Group, commented "We remain committed to investing in Ascent Solar and are not deterred by the short term fluctuation of the stock price." Mr. Song continued, "With its unique manufacturing process and world-wide award-winning technology, I am convinced that Ascent's unparalleled PV module will have immense potential not only in China but in the worldwide market, especially when Ascent can achieve the appropriate economies of scale. We will continue our funding commitment to help Ascent Solar achieve the economies of scale and maximize the full potential of its capabilities."

The President and CEO of Ascent Solar, Mr. Victor Lee said, "We are very pleased with the Boone Group's continuing commitment to Ascent Solar. Electing to convert into Common Stock, despite the large premium over the current stock price, demonstrates the investor's belief in Ascent's strategy and the tremendous potential of the Company's lightweight flexible CIGS solar panel."

About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules using flexible plastic substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules, which were named one of TIME Magazine's 50 best inventions for 2011, can be directly integrated into consumer products and off-grid applications, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions. Ascent Solar is headquartered in Thornton, Colorado. For more information, go to www.ascentsolar.com.

Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.

Read more: Strategic Investor Demonstrates Further...

MIDDLETOWN, R.I.--()--Embrace Home Loans, a prominent leader in the mortgage industry, has embarked on a “Going Green” initiative. As part of this new initiative, Embrace Home Loans will participate in the new Commercial Property Assessed Clean Energy (C-PACE) program by partnering with Direct Energy Solar to install solar panels on its roofs.

This clean energy project facilitates energy efficiency, lowered operating costs and reduced consumption of fuels, saving Embrace an estimated $2 million over the course of 25 years. The solar panels will ultimately improve overall business operations, allowing the lender to continue to serve the needs of its employees and borrowers, as well as position it as both a highly innovative and environmentally conscientious employer of Rhode Island and within the mortgage industry.

“Rhode Island is a leader in renewable energy and Embrace wants to be a good steward of our environment,” said Deanna Roy, Vice President of Embrace Home Loans. “We try to do our part in reducing our footprint through various green programs like recycling, reducing our consumptions by updating our lighting to efficient LED and now leading the way with renewable solar energy. We’re thrilled to be partnering with Direct Energy Solar and look forward to their help in further meeting our ‘Going Green’ initiative.”

Direct Energy Solar will be the first solar integrator to implement the C-PACE program in Rhode Island, ensuring that Embrace has the most beneficial environmental impact. C-PACE is an innovative and affordable way for commercial building owners to pay for renewable, energy efficient upgrades, immediately increase cash flow and improve their building’s overall value. Embrace Home Loans will be the first in Rhode Island to participate in the C-PACE program, embracing an initiative that is good for the economy and the environment.

This initiative is part of Embrace’s commitment to supporting the local community, economy and environment. In fact, Embrace and its employees continuously help support local families in need, school supply drives, the families of active military members, and friends or families of Embrace employees who have had sudden emergencies such as a medical crisis, to name just a few. Embrace has raised thousands of dollars through this simple tradition of giving, and now aims to “go green” in the quest to become environmentally responsible.

About Embrace Home Loans
Founded in 1983, Embrace Home Loans is a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae. Embrace Home Loans has remained a prominent leader in the industry, having helped hundreds of thousands of individuals and their families purchase new homes, lower their monthly payments and consolidate high-interest debt since its inception. With 80+ offices and licensed in 46 states and D.C., Embrace has been recognized seven times as one of the Best Medium-sized Companies to Work for in America by Fortune and four times as one of the Fastest Growing Companies in America by Inc. The company has also been recognized eleven times as one of the Best Places to Work in Rhode Island and as the Most Community Involved Company in Rhode Island by Providence Business News. For more information, please visit www.embracehomeloans.com.

Read more: Embrace Home Loans Embarks on New Going Green...

ASHEVILLE, N.C., May 7, 2017 /PRNewswire/ -- Innovative Solar Systems, an Asheville, NC based Solar Farm Developer has just closed a joint venture deal with VIVO Power that totals 37 Solar Farms or 1.8GW's and spans many key US states. The JV is worth Billions of dollars and this is just the first of many joint ventures to occur between the two companies. Innovative Solar Systems is ranked as the #1 US Developer of Solar Farms in the US and currently has a revolving yearly pipeline of over 10GW's per year. The company is quickly selling off the remainder of their 2017/2018 projects but still has some crown jewel projects ready for immediate purchase by interested buyers and investors. ISS will only form relationships with new client buyers if the buyer is able to purchase minimum blocks of 300MW's or more of their Solar Farm projects. In fact, Innovative will be closing down the new client list soon as the company is almost at max. Capacity for new clients.

Read About the VIVO 1.8GW Joint Venture  

Solar Farms for Sale - Another 1.8GW's Just Sold - More Premium Projects Still Available - Contact ISS's CFO (MR Craig Sherman) at +1 828 767 1015 for project prices and terms.
Solar Farms for Sale - Another 1.8GW's Just Sold - More Premium Projects Still Available - Contact ISS's CFO (MR Craig Sherman) at +1 828 767 1015 for project prices and terms.

Investors have come to know ISS as the gold standard for Solar Farm projects in the US for the following reasons; 1) ISS handles it all from early stage project development through construction and COD, 2) ISS negotiates and secures better rate/term PPA's for their projects, 3) Lower EPC Build Out Costs, 4) Higher Returns for the reasons mentioned above. With Solar PV Panel prices dipping into the low 20 cent/watt range the company is getting investors unheard of returns on their Utility Scale Solar Farm projects and things will just get better, however, if an investor is not partnered up with a large scale developer of Solar Farms like ISS they will be left out in the cold as few other companies in the US are willing to develop, design, build and sell projects to others. ISS is a rare company and large funds, family office money and foreign entities that wish to gain large market share in US Solar have come to love ISS.

Innovative Solar Systems is at an inflection point and typically only works with clients that wish to be involved from project inception all the way through COD. Project development and construction is a detailed process on these Utility Scale Solar Farms and ISS now works with some of the largest and most sophisticated Billion Dollar investors in the World. Most new clients to ISS have all shared this same fact quoted ISS's CEO recently, "We looked at every Developer of Solar Farms in the US and in the end the decision was simple – ISS is the only truly sophisticated developer of large scale Solar Farms in the US." These comments are echoed repeatedly to ISS as they form relationships with new clients on large blocks of projects here in the US. ISS is truly the only real player when it comes to Solar Farm development and deployment here in the US. ISS has the oldest and best track record in the business.

For the purchase of Large Blocks of 20MW-80MW size projects please contact us below for initial call;

SEE PAST ISS Projects Here 

To become a New Client please contact us below for project prices, terms and details;

Contact - CFO (Mr. Craig Sherman) at +1 828 767 1015   
Contact - CEO (John E Green) at +1 828 215 9064   
Email – This email address is being protected from spambots. You need JavaScript enabled to view it.   
Email – This email address is being protected from spambots. You need JavaScript enabled to view it.   

*THIS CONTENT IS NOT INTENDED TO BE CONSTRUED AS AN OFFER FOR SALE OF AN INVESTMENT OR SECURITIES, NOR IS ANY LEGAL OR TAX ADVICE BEING OFFERED. *

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iss-sells-2gw-solar-farm-portfolio--more-projects-worth-billions-still-available-300452773.html

SOURCE Innovative Solar Systems

Related Links

http://solarfarmsales.com

Read more: ISS Sells 2GW Solar Farm Portfolio - More...

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