InvestSource Inc.: SymPowerco Receives Fuel Cell Interest

Jul 17, 2008 (M2 PRESSWIRE via COMTEX) -- SYMX | Quote | Chart | News | PowerRating -- Stocks in the News: SymPowerco Corporation (PINKSHEETS: SYMW), Synthesis Energy Systems, Inc. (NASDAQ: SYMX), LDK Solar Co., Ltd. (NYSE: LDK), First Solar, Inc. (NASDAQ: FSLR)

Jul 16, 2008 -- SymPowerco Corporation (PINKSHEETS: SYMW), an emerging developer of advanced fuel cell and power delivery systems, today announced that it has received an expression of interest in its unique Flowing Electrolyte Direct Methanol Fuel Cell technologies for use in motorbike applications in the Far East. The motorbike is the primary means of personal transportation in many Far Eastern countries. For instance, there are more than 13,000,000 gasoline-powered motorbikes in Taiwan. To counter the pollution these motorbikes cause, the government has implemented incentive programs to help consumers switch to electric motorbikes powered by rechargeable batteries. These programs have failed because of the short operating range of the batteries and the lack of charging stations. Stated SymPowerco CEO, John Davenport, "The pollution problems that are evident in the Far East, including those in Beijing at the 2008 Summer Olympic Games, are exactly the types of problems we believe that our fuel cell technologies can help solve. We will pursue this and similar opportunities with great interest."

Jul 16, 2008 -- Synthesis Energy Systems, Inc. (NASDAQ: SYMX | Quote | Chart | News | PowerRating) and The North American Coal Corporation, a subsidiary of NACCO Industries, Inc. have entered into a joint development agreement through which the two companies will conduct a pre-feasibility study to explore the development of a coal-based gasification facility utilizing SES's proprietary U-GAS technology. The location for the study is NAC's Red Hills Mine Operations near Ackerman, Mississippi. If constructed, it is expected that the facility will produce synthetic gasoline, chemical feedstocks and/or synthetic natural gas. Following the completion of the pre-feasibility study, the companies will determine if they will engage in a front-end engineering design study to further develop the opportunity. This joint development agreement will be in addition to SES's on-going development work with Consol Energy in the U.S., and Hai Hua, Golden Concord and YIMA in China. "We are pleased to be working with NAC on the potential development of our second coal gasification project in the United States," said Tim Vail, President and CEO of SES. "By utilizing lignite coal as the raw material in the gasification process, we believe that SES will demonstrate the versatility of its U-GAS technology, a key operational advantage," Vail added. Lignite is a high ash and high moisture feedstock that is abundant throughout the southern states, in addition to other areas in the United States, and is well suited for conversion in SES's U-GAS technology. U-GAS is advantaged over other commercially available gasification technology in that it can efficiently convert low-rank lignite coals into high value commodity products such as synthetic gasoline and synthetic natural gas.

Jul 16, 2008 -- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, today announced that it has signed a ten-year contract to supply multicrystalline solar wafers to Belgium-based Photovoltech. Under the terms of the agreement, LDK Solar will deliver approximately 400 MW of multicrystalline silicon solar wafers to Photovoltech over a ten-year period commencing in 2009 through 2018. Photovoltech will make a down payment representing a portion of the contract value to LDK Solar. "We are very pleased to enter into this long-term agreement with Photovoltech," stated Xiaofeng Peng, Chairman and CEO. "This most recent supply contract further displays the strong demand for our wafers and also enables us to continue expanding our presence in Europe." Johan Nijs, General Manager of Photovoltech, commented, "As we work to achieve our capacity expansion and growth goals to meet the increasing demands of the photovoltaic market in the coming years, we are very pleased to have LDK Solar as a long-term partner and look forward to their supply, in order to secure an important part of our wafer needs."

Jul 16, 2008 -- First Solar, Inc. (NASDAQ: FSLR | Quote | Chart | News | PowerRating) announced today that Southern California Edison (SCE) has selected First Solar to engineer and supply the PV power plant system for a 2 megawatt project to be installed on the roof of a commercial building in Fontana, CA. This is the first installation in SCE's plan to install 250 megawatts of solar generating capacity on large commercial rooftops throughout Southern California over the next five years. SCE began installation of this initial project on July 14, 2008, and expects to connect the PV power plant to the grid in September 2008. In March, SCE, with California Governor, Arnold Schwarzenegger, announced the five-year solar PV installation project, which is the largest rooftop solar program ever proposed by a U.S. utility. In addition, on July 10, 2008, the CPUC approved project terms of a 20 year power purchase agreement between First Solar and SCE for the sale of electricity generated by a PV power plant. First Solar plans to build the new plant in Blythe, CA. The PV power plant will be a minimum of 7.5 megawatts, with an option by First Solar to increase the size to 21 megawatts, and when completed will be the largest ground based PV power plant in California. First Solar will serve as the engineering, procurement and construction (EPC) contractor for the PV power plant, and maintain the PV power plant over its lifetime. Subject to the satisfaction of remaining contingencies, including the extension of the federal solar investment tax credit, First Solar expects to begin construction of the PV power plant in 2009. "By harnessing the clean, renewable energy of the sun that is abundant in California, these innovative solar projects are helping to meet our long-term energy and climate change goals," Governor Arnold Schwarzenegger said. "These projects are evidence that California's ingenuity is spurring a clean tech boom that will bring companies and investment dollars to California while reducing the state's carbon footprint." The Governor has set a goal of increasing California's renewable energy sources to 20 percent by 2010, and he supports reaching 33 percent by 2020. "These projects represent significant steps towards the deployment of low cost, solar electric generation resources for California," said Mike Ahearn, CEO of First Solar. "First Solar looks forward to developing these and other projects which will move California closer to its renewable energy and greenhouse gas reduction goals."

Market Wrap for July 16th, 2008

On Wednesday, the financial sector soared the most in its 19-year history after Wells Fargo (WFC 27.14, +6.63) reported better-than-expected earnings, sparking a rally that was compounded by short-covering. As a result, the stock market posted a large 2.5% gain, as a steep drop in crude prices helped overshadow a disappointingly high inflation reading. This, along with better-than-expected earnings from Charles Schwab (SCHW 21.91, +2.69), Northern Trust (NTRS 76.00, +8.81) and Marshall & Ilsley (13.61, +2.02) sent the financial sector soaring to a 12.3% gain -- the largest advance since it was created in 1989. It was a solid session outside of financials as well, with eight of the ten economic sectors posting an advance, aided by the second straight day of tumbling oil prices, bargain hunting and short-covering. With regard to crude oil, prices fell 3.1% after a government report showed an unexpected crude and gasoline inventory build, sparking a rally in energy-price sensitive areas. The consumer discretionary sector jumped 4.4%. General Motors (GM 11.46, +1.62) and Ford (F 5.49, +0.84) posted their largest one-day gain in years as investors scooped up the beaten down names. Meanwhile, retailers spiked 5.5% as oil prices eased. Airlines surged 18% thanks to the drop in crude prices and better-than-expected earnings from American Airline parent AMR Corp (AMR 5.74, +1.33) and Delta Airlines (DAL 6.03, +1.36). The tech sector performed roughly in-line with the market, unable to outperform despite Intel (INTC 20.91, +0.20) reporting earnings that topped estimates. The semiconductor-giant's margins were on the low side of previous guidance, which kept buying interest in check. The energy sector was a laggard after the drop in crude prices took a toll on oil producers (-3.0%). The defensive-oriented utility sector slipped 1.9%. On the economic front, June inflation rose by a higher-than-expected amount due to rising energy and food costs. Core inflation also was higher than expectations due to larger increases in the indexes for shelter, tobacco and smoking products, and the apparel index. Specifically, June CPI rose 1.1% month-over-month, higher than the expected increase of 0.7%. Core CPI, which excludes food and energy, rose 0.3%, which is also higher than the consensus estimate of 0.2%. CPI is now up 5.0% year-over-year (highest since 1991) and core CPI is up 2.4%.

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