Sector Confidence for New Year Could Result in Significant Upward Trends
POINT ROBERTS, WA óDecember 17, 2008 -- www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up on renewable energy and solar stocks based on overall upward trends in the market that reflected strong gains in some of the sector leaders. First Solar, Inc. (NasdaqGS: FSLR) was up $15.41 (13.86%) on the close.
Dr. Robert Wilder, of the WilderHill Clean Energy Index (^ECO) noted, "Stocks across the board showed up green today after the Fed's announcement targeting a rate cut, so there was little to differentiate clean energy, which also gained, from the rest. Clean energy clearly was hit much harder than most sectors over 2008 however, and so whether credit frees up boosting expansion of solar power, wind, electric cars, and the like which all demand readily available capital, remains to be seen. I think what happens the next few months will be telling. Clean energy could move up, very smartly off deep 75% declines for the year... or, it could revert to 2008's downward trend. The greatest single thing missing is probably "confidence". Restore that, and clean energy could perhaps re-climb farther upwards than most sectors in reverting to mean."
The WilderHill Clean Energy Index (^ECO) was up 5.61 (6.77%).
In terms of confidence within the sector, industry participants are betting on Obama." Technology breakthroughs are fueling a surge in new energy development that is no longer hostage to the ups and downs of petroleum", said Riggs Eckelberry, CEO of OriginOil (OTCBB: OOIL). He added, "The incoming Administration's unqualified support is a key factor. We are very optimistic about New Energy's prospects for 2009."
According to Tom Djokovich, CEO of XsunX (OTCBB:XSNX),"The failure for the US government to pass an extension to the 30% Federal Investment Tax Credit (ITC) earlier this year placed downward pressure on solar stocks. By the time an eight-year extension to the ITC was passed, as part of the TARP legislation, the economy had fallen into tremendous disarray.
In reality the underlying fundamentals associated with the need and demand for electricity and solar have and continue to be very strong. You have the ITC now allowing utilities to monetize the 30% tax credits which is huge, we're seeing increased legislation requiring and expanding renewable portfolio minimums on utilities here in the USA and abroad, and for the first time the US Environmental Protection Agency (EPA) appeals panel rejected a federal permit for a newly planned coal fired electrical production plant in Utah requiring that the EPA consider CO2 emissions when issuing permits. This could place in jeopardy nearly 100 planned coal fired plants.
We even have a new President elect committing to build a new clean energy economy, and the scope of this endeavor is beyond comprehension for most citizens. The economic situation may be causing investors to look the other way but I think they are ignoring a freight train of opportunity headed their way in the form of solar sector opportunities. I know XsunX is working hard to deliver solar products to help fill the demand for solar," concluded Djokovich.
Sector Close-Up as of Trading Close December 16, 2008:
Akeena Solar Inc. (NASDAQ:AKNS) (Market, News) closed up $0.12 (7.14%).
Archer-Daniels-Midland Co. (NYSE:ADM) (Market, News) had gains of $2.34 (8.89%).
Carbon Sciences, Inc. (OTCBB: CABN) (Market, News) closed up $0.02 (11.11%).
Clean Energy Fuels Corp. (NASDAQ:CLNE) (Market, News) was up $0.40 (8.62%) on the day.
Evergreen Solar Inc (NASDAQ:ESLR) (Market, News) moved up $ 0.15 (5.62%).
First Solar, Inc. (NASDAQ: FSLR) (Market, News) closed up $15.41 (13.86%).
ICP Solar Technologies Inc. (OTCBB: ICPR) was up $0.02 (8.70%).
Mantra Venture Group Ltd. (OTCBB: MVTG) (Market, News) was unchanged at $0.36.
OriginOil, Inc (OTCBB: OOIL) (Market, News) had gains of $0.05 (20.00%).
Smartcool Systems Inc. (TSXV: SSC) (Market, News) was unchanged on the day.
SunPower Corporation (SPWRA) (Market, News ) was up $1.71 (5.60%).
Suntech Power Holdings Co. Ltd. (STP) (Market, News) moved up $0.40 (4.21%).
Westport Innovations Inc. (WPT.TO) (Market, News) closed up $0.16 (3.31%).
Yingli Green Energy (YGE) (Market, News) was up $0.46 (8.95%).
XsunX Inc. (OTCBB: XSNX) (Market, News) closed at $0.20.
For investors following solar stocks, the RenewableEnergyStocks.com website provides a comprehensive list of photovoltaic and solar stocks to research.
Featured Showcase Renewable Energy Stocks:
XsunX Inc.: (OTCBB: XSNX) Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi- megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/
OriginOil, Inc: (OTCBB: OOIL)
OriginOil, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products such as diesel, gasoline, jet fuel, plastics and solvents without the global warming effects of petroleum. Other oil producing feedstock such as corn and sugarcane often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. www.originoil.com.
Carbon Sciences, Inc. (OTCBB: CABN)
Carbon Sciences, Inc. is developing a breakthrough technology to transform carbon dioxide (CO2) emissions into the basic fuel building blocks required to produce gasoline, diesel fuel, jet fuel and other portable fuels. Innovating at the intersection of chemical engineering and bio-engineering disciplines, we are developing a highly scalable biocatalytic process to meet the fuel needs of the world. Company Showcase Profile page: http://www.investorideas.com/co/cabn/
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Source: RenewableEnergyStocks.com, XsunX, OriginOil, Inc, Carbon Sciences, Inc