GE has acquired Calnetix, a company that takes waste heat from industrial processes and converts it into electricity. In a release, GE forecasted the waste-to-energy sector as future $1 billion industry, and said it had also acquired intellectual property from Calnetix to help it begin offerings in that space. Calnetix will be integrated with GE’s Jenbacher gas engine business based in Austria.
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.
Battery company Ener1 is selling $20 million in stock as part of efforts to expand capacity at its plants, Dow Jones Newswires reports. Ener1 batteries are geared towards electric vehicle use. The company announced a $65 million capital raise earlier this month. It has raised over $160 million in equity so far and also earned a government grant.
A clean-energy bill sees revival on Capitol Hill. A bipartisan group of senators will propose legislation that would set a goal of 15 percent renewable energy by 2021. The bill would require utilities to start drawing from renewable energy sources starting in 2012. It’s set to be voted on after the Nov. 2 elections.
Smart meter systems company Elster has filed for an IPO, offering 16.2 million initial shares that will be priced between $16 and $18. It is expected to net $152 million from the offering. As Green Tech Media notes, the company’s main business is in gas, and it hasn’t made significant headway into the advanced metering infrastructure business. The IPO would presumably to go pay off some of its debt.
In June, California voters shot down Proposition 16, a measure backed by Pacific Gas & Electric that would have made it much harder for local governments to form their own utilities. Now one Northern California municipal utility is demonstrating why this was a wise choice.
The U.S. Department of Energy announced today that it has finally closed its $117 million low-interest loan guarantee to Kahuku Wind Power, developer of a 30-megawatt wind power project slated to keep the lights on in 7,700 homes in Kahuku, Hawaii, and to create 200 jobs on the island of Oahu.
Terra-Gen Power, a major developer of wind, solar and geothermal energy projects in the U.S., is $1.2 billion closer to building the country’s largest wind farm. This new capital, announced today, will help the company aggregate 570 megawatts-worth of power at its Alta Wind Energy Center site in Kern County, Calif.
Google announced today that it will be buying wind-generated power from a company called NextEra Energy Resources to sell back to the local grid operator in exchange for Renewable Energy Certificates (basically, credits to offset its carbon emissions).
Last week, electric car maker Tesla Motors made history as the first automotive company to go public since Ford in the 1950s, but its share price continues to drop, down another 9.24 percent so far today. Despite its buzz and sex appeal, it looks like the company won’t be able to escape the fate of other green stocks, which continue to perform miserably.
The federal government has finally approved a 130-turbine wind farm off the coast of Cape Cod, dubbed Cape Wind, that has been in the works for nearly a decade. Renewable energy proponents are celebrating the U.S.’s decision to catch up with the rest of the world in offshore wind, but, as expected, the announcement has spurred all kinds of controversy.