The Business Day In Global Warming (BP, GE, RZ, CCTC, SAI, ASTI, TTEK)
BP plc (NYSE: BP) announced that it has moved into full construction of Phase One of the Sherbino Wind Farm, a 150 megawatt renewable wind energy project that is roughly 30 miles east of Ft. Stockton, Texas. BP also valued its green businesses in wind, hydrogen, bio-mass, and solar as being worth $5 to $7 Billion, and said it will look at how best to realize that growing value for shareholders. This may be a sale or spin-off, if not look for joint-ventures or partnerships.
General Electric (NYSE: GE) disclosed that it entered into a more than $700 million supply pact for more than 500 megawatts of renewable wind energy with Renewable Energy Systems Americas Inc., an Austin, Texas, wind developer, with wind turbines for projects in 2009 and 2010.
We’d also note that last night Jim Cramer interviewed presidential candidate Hillary Clinton, and they briefly discussed “all renewables” as a solution to dependence upon foreign oil. No mention was made of nuclear though.
We saw some key downgrades in the solar sector yesterday out of Banc of America.
Raser Technologies, Inc. (NYSE Arca: RZ) signed a memorandum of understanding with Tecstar, LP and Wheel to Wheel, LLC, outlining their intent to work together with Raser to manufacture plug-in hybrid electric vehicles (PHEV) for utility, government, and other fleets.
Clean Coal Technologies, Inc. (Pink Sheets:CCTC) signed an agreement with The Benham Companies, LLC, a subsidiary of Science Applications International Corporation or SAIC, inc. (NYSE: SAI) to support commercialization of CCTI’s coal cleaning plants in China.
Ascent Solar Technologies Inc. (NASDAQ: ASTI) and ITOCHU Corporation of Japan announced that the companies will begin work toward the development of one or more strategic cooperation relationship in machinery for Ascent Solar’s planned 100 MW manufacturing facility, raw materials for solar modules, future distribution of Ascent Solar products in Japan, and more.
Tetra Tech, Inc. (NASDAQ:TTEK) was awarded three wind energy projects for engineering, procurement, and construction services totaling about $150 million by western utility PacifiCorp. Work on the three projects will begin immediately and is expected to end in December 2008.
As a reminder, whether you prefer the term “Global Warming” or “Climate Change” is not the issue as far as 247WallSt.com covers it. Green business has become big business, and this affects many public companies today.
Jon C. Ogg
February 28, 2008