All articles tagged with #alternative energy
Enphase Energy's stock surged over 12% after the company's mixed fourth-quarter earnings report, which showed a significant drop in revenue but still managed to meet adjusted earnings expectations. Analysts and investors viewed the results as "good enough" and expressed confidence in the company's future trajectory, despite the challenges faced by the alternative-energy sector.
Plug Power's stock surged to a three-month high after the company announced the completion of its first fill of a tanker with liquid green hydrogen at its newly opened Georgia plant, which will be used by major clients like Walmart, Amazon, and Home Depot to power forklifts. The stock's recent momentum, including a 12% increase in Thursday morning trading following a 19% rise the day before, has been attributed to an analyst upgrade and positive assessments of the company's operations and financial flexibility, despite a 75% loss over the past year.
Analyst Craig Irwin upgraded Plug Power stock to buy from neutral, doubling the price target to $9, citing confidence in the company's new Georgia facility and its leadership team. The stock surged over 20% as it looks to end a month of wild swings, including a slide after announcing a stock-sale plan and a rally following an update on funding progress. Irwin sees flexibility in Plug Power's funding options, including potential Department of Energy loan facility, and views a successful loan application as a catalyst for the company.
General Motors and Honda have commenced commercial production of hydrogen fuel cell systems through their joint venture in Michigan, marking a significant step towards offering zero-emission solutions beyond battery-electric vehicles. The fuel cell systems are seen as a potential replacement for diesel in various applications such as heavy-duty trucks and generators. Both automakers plan to introduce fuel cell vehicles, with Honda's expected to be based on the CR-V and primarily sold in California. While the production volume is initially modest, the companies are optimistic about the technology's potential, despite challenges such as consumer acceptance and infrastructure.
Plug Power's stock surged in premarket trading after announcing a $1.6 billion loan facility agreement with the Department of Energy to support hydrogen-production facilities, addressing liquidity challenges and a going-concern warning. The company's CEO also highlighted the operational status of their Georgia plant and plans for a joint-venture plant in Louisiana, while the CFO detailed efforts to improve cash management and revenue performance, including pursuing price increases and implementing a hiring freeze.
Plug Power Inc. plans to sell up to $1 billion in common stock through an at-the-market issuance sales agreement with B. Riley Securities, as the company faces liquidity and supply challenges. The alternative-energy company's shares have plummeted over 80% in the past year, and it has experienced significant losses, supply-chain issues, and production delays. Susquehanna recently downgraded the stock due to delays in green hydrogen production facility buildout and challenges in securing external funding sources.
Plug Power and SunPower face downgrades as analysts expect continued headwinds in the residential alternative energy segment through the first half of the year, with both stocks having fallen over 70% in the last 12 months. Plug Power struggled in 2023, issuing a going-concern warning amid quarterly losses and a "severe" hydrogen shortage, while SunPower's stock is down 79% in the last year. Weak demand in the US residential solar market, higher interest rates, and net metering changes are contributing to the challenges, with analysts expecting a 12% decline in residential installations in 2024.
Jefferies analysts have initiated coverage on alternative energy stocks, giving buy ratings to First Solar, Enphase Energy, and SunRun. They believe that companies with exposure to utility-scale projects and strong balance sheets offer better risk/reward in times of uncertainty. The analysts rated SunPower and Array Technologies as hold. Catalysts for the sector include clarity on Inflation Reduction Act provisions and stabilization of interest rates. Solar power stocks have underperformed due to factors like higher interest rates and regulatory changes. First Solar is highlighted as a top pick due to its strong backlog, supportive pricing, and improving gross margins.
Chinese scientists at the Technical Institute of Physics and Chemistry have developed a record-breaking thermoacoustic Stirling generator, capable of delivering 102 kilowatts of power from a heat source of 530 degrees Celsius. The highly efficient and quiet generator has potential applications in submarines and the aerospace industry. The generator's reliability, simple design, and compatibility with various heat sources make it a promising technology for solar thermal, biomass power generation, and distributed energy systems.
New legislation proposed by Brooklyn Councilman Lincoln Restler would require ice cream trucks, including Mr. Softee, in New York City to switch from using fuel-powered generators to environmentally friendly alternatives like electric or solar power. The bill has faced criticism from colleagues who fear it could harm small businesses and disrupt the ice cream industry. Restler claims the measure is in response to complaints about diesel emissions from ice cream trucks. The proposed legislation would give vendors three years to make the switch.
High school students from Detroit's Heroes Alliance Solar Racing Club will participate in the 2023 Solar Car Challenge, a 1,400-mile race from Texas to California. The competition aims to motivate students in science, technology, and alternative energy fields. The students design and build their own solar vehicles, with the winner determined by the team that accumulates the most miles. The race will feature teams from various states, showcasing their cars along the route.
Airlines are under increasing pressure to address their environmental impact, with commercial aviation responsible for 2.5% of global CO2 emissions annually. The International Air Transport Association (IATA) has set a target of net-zero emissions by 2050, and airlines are exploring alternative fuel sources such as sustainable aviation fuel (SAF), electric, hybrid, and hydrogen technologies. However, SAF faces supply limitations and environmental concerns around production. Eco-conscious travelers are advised to choose to fly less and consider alternative, more climate-friendly means of transportation. Some airlines, including United, Widerøe, SAS, Wizz Air, Etihad Airways, Alaska Airlines, and Air Canada, have introduced sustainability measures such as the adoption of alternative-fuel technology, plastic and food waste-reduction programs, SAF credits, and eco-friendly materials.
A research team at the Institute for Basic Science in Seoul has developed a new photocatalytic platform for the mass production of hydrogen. The floatable photocatalytic matrix has a bilayer structure, which consists of an upper photocatalytic layer and a lower supporting layer. The platform is fabricated in the form of cryo aerogel, a solid substance filled with gas inside, exhibiting low density. The platform exhibits clear advantages in the photocatalytic hydrogen evolution reaction, and the scalability of the platform was also demonstrated under natural sunlight.
Chipotle has unveiled an all-electric restaurant concept that relies entirely on alternative energy to power its stoves, grills, and electric car charging ports. The fast-casual Mexican chain plans to use all-electric equipment and at least some elements of its new design at more than 100 locations it plans to open in 2024. The goal is to reduce greenhouse gas emissions by 50% by 2030, from 2019 levels, while offering more vegetarian and vegan menu items and purchasing 36.4 million pounds of local produce this year.