GE announced it has formed a joint venture with Chinese company Harbin Power Equipment to service the $13 billion wind industry in China. The country is the world’s biggest market for wind turbine sales, according to the release, and is expected to grow 500 percent from 2009 to 150 gigawatts of installed wind capacity by 2020. China’s electricity demands are growing at 12 percent a year, and the government’s encouraging renewable-energy policies convinced GE to invest in the venture, the company said. GE’s share of the venture is valued at $27.8 million, Bloomberg reports.
Biomaterials company Amyris announced today a $16 share price in its initial public offering, which was below the planned range of $18-$20 per share, an unnamed underwriter tells Reuters. The company sold 5.3 million shares at $16 each, raising $84.8 million. As the article notes, the company’s losses have increased each year. The company’s technology has been used to turn feedstocks like sugar cane into biofuels and chemicals used in consumer products like detergent. Shares will trade on Nasdaq under “AMRS.”
PVT Solar announced it has closed on $13.7 million in second-round financing. The company has also appointed a new CEO, Vikas Desai, who was previously a vice president at SunPower. PVT makes Echo, a solar thermal energy system that the company claims generates twice the energy of the average solar energy system – the Echo system generates electricity as well as hot water and thermal energy. The company has landed deals with home builders to install the systems in new homes, and also added to its team managers from McDonald’s and Masco Corp.
Chinese solar manufacturer LDK Solar will borrow $8.9 billion from China Development Bank Corp. over five years. The money will go towards ramping up and serving the growing demand for solar in the U.S. and abroad. The company reported a profit in the second quarter.
Coulomb and Madison Gas and Electric announced today they will install 18 electric vehicle charging stations in Wisconsin’s Dane County area. The stations will be available to the community as part of a three-year demonstration project and have been financed by a Department of Energy grant. This brings the total number of Coulomb ChargePoint stations in that area to 24.