To: 993racer who started this subject | 10/6/2000 7:13:45 PM | From: whiteneon95 | | | The CEO of H-Power speaks on Radio WallStreet.
radiowallstreet.com
Dr. Frank Gibbard discusses H-Power fuel cells and their plan to market them.
Some highlights:
Multiple markets targeted: Stationary Rural, Residential, and then infrastructure-less markets (the 2-billion people without power) Back-up power Portable power
Power cost forecasted to be in .12 per kWh range, could be very attractive to people in areas that are now deregulated (where costs have doubled or more).
They are working to deliver 20 thousand units in the next 36 months, mostly into the 81 Million-dollar ECO Fuelcell backorder. Stationary unit costs to fall to $ 5,000 price point in 36 months.
The units will be able to work on propane or natural gas and run in the high 60 percent efficiency range with the waste heat-recapturing feature. This is better than centralized power generation!
Go HPOW!! |
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To: Lhn5 who wrote (40) | 10/7/2000 2:22:27 PM | From: Secret_Agent_Man | | | patents hoovers.com^INDEX+0,,RANKTYPE=CHRON,,ELEMENT_SET=OF,,DBSELECT2=ALL,,FIELD_1=AN,,TERM_1=H+Power
Pat. No. Title 1. 6,093,501 Fuel cell using an aqueous hydrogen-generating process 2. 6,051,331 Fuel cell platelet separators having coordinate features 3. 6,048,634 Fuel cell using water-soluble fuel 4. 6,028,414 Fuel cell stand-by energy supply system 5. 5,925,322 Fuel cell or a partial oxidation reactor or a heat engine and an oxygen-enriching device and method therefor 6. 5,863,671 Plastic platelet fuel cells employing integrated fluid management 7. 5,858,567 Fuel cells employing integrated fluid management platelet technology 8. 5,840,270 Catalytic method of generating hydrogen 9. 5,830,426 Aqueous hydrogen generation process 10. 5,776,625 Hydrogen-air fuel cell 11. 5,690,902 Hydrogen-powered automobile with in situ hydrogen generation 12. 5,683,828 Metal platelet fuel cells production and operation methods 13. 5,643,352 Reactive iron material for use in a hydrogen-generating process in an electrical vehicle 14. 5,629,102 Electrical automobile having a fuel cell, and method of powering an electrical automobile with a fuel cell system 15. 5,510,201 Method of operating a fuel cell wherein hydrogen is generated by providing iron in situ |
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To: Secret_Agent_Man who wrote (42) | 10/25/2000 11:42:12 AM | From: D.Austin | | | time to buy........out of many in this sector HPOW looks really good.This may not be the best entry here but when is that ? cheers and good fortune d.a
p.s.I have a feeling I am attracted to boards that do not have much action. |
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To: 993racer who started this subject | 11/10/2000 1:00:34 PM | From: whiteneon95 | | | HPOW options will trade soon. I look forward to buying some calls!!
biz.yahoo.com
Thursday November 9, 3:02 pm Eastern Time
Philadelphia Stock Exchange to list H Power options
CHICAGO, Nov 9 (Reuters) - The Philadelphia Stock Exchange said it will start listing options on fuel-cell development company H Power Corp. (NasdaqNM:HPOW - news), options symbol (HQf) on Nov. 16.
Options on H Power will trade on the January expiration cycle with initial expiration months of December, January, April and July. Initial opening strike prices will be 15, 17.5 and 20.
Gateway Partners was named the specialist for H Power. |
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To: Secret_Agent_Man who wrote (42) | 12/11/2000 4:38:44 AM | From: Secret_Agent_Man | | | December 11, 2000
California Energy Officials Discontinue Price-Cap System, in a Surprise Move
By REBECCA SMITH Staff Reporter of THE WALL STREET JOURNAL
California grid officials unexpectedly abandoned their main tool for managing prices after it proved incapable of reining in runaway energy costs. Instead of capping bids at $250 per megawatt hour, they will now accept electricity at any price so long as suppliers can prove it is justified by production costs.
The unilateral move by the California Independent System Operator, or ISO, came at the end of a chaotic week in which energy prices spiraled out of control and the world's seventh-largest economy was threatened by blackouts. Originally meant to have a small role in the state's deregulated market, the ISO, which guarantees electricity reliability, has lately found itself buying as much as one-third of the power consumed daily. In order to do so, the ISO has paid ever-higher prices for last-minute power purchases. On Monday, it spent $5 million. By Friday, the figure had climbed to $81 million.
Generators, which already had 30% of the state's power plants down for repairs after running them hard all summer, offered progressively less power to a computerized day-ahead market run by a state-sanctioned auction. They held back thousands of megawatts, offering the juice to the ISO only if prices got high enough. That put the ISO in the position of having to beg and haggle for power, despite the fact that actual demand wasn't anything extraordinary.
"My people were making phone deals -- 10 to 15 an hour -- when I needed them running the grid," said Terry Winter, ISO chief executive. "We had a gun to our head."
In the end, the ISO took the rogue action of abandoning its "hard price cap" of $250. It did so without advance approval of its governing board, Gov. Gray Davis or even the Federal Energy Regulatory Commission, to which the ISO reports. Nevertheless, the four-member commission concurred with the move, at least temporarily, noting the "extraordinary circumstances occurring in California." The energy commission is expected to issue on Wednesday an important order on what is to be done with the California problem.
Mr. Winter said he got tired of waiting around as politicians and bureaucrats debated a fix for California's broken energy market, which saw prices soar to record levels even before last week and which has put the state's main utilities at risk of eventual insolvency. "I wanted some accountability for these outrageous costs," Mr. Winter said.
Gov. Davis, who has come under fire from consumer groups for the sharply rising energy costs, immediately lambasted the ISO for what he called an "outrageous assault" on consumers. Gov. Davis, who favors a $100 price cap -- a level that generators say is below their operating costs -- threatened to "dismantle" the ISO in retaliation.
Generators and traders, on the other hand, said that by freeing up prices, the ISO is actually doing what is necessary to make sure the market works. They argue a better match of supply and demand should eventually bring down prices. "Price caps distort the market," says Kenneth Lay, chairman of Enron Corp., the nation's largest energy trader.
Even if that is the case, relief may not come quickly. A cold snap is increasing electrical demand throughout much of the West, soaking up juice that otherwise could be available to California. What's more, the price of natural gas -- the fuel for many power plants -- has shot up to unprecedented highs recently. Natural-gas prices, at $2 to $3 per million British thermal units a year ago, are now trading on the spot market at around $40 to $60, by far the highest level in the country.
The ISO action, though, should give the organization some breathing room. By promising generators they can offer energy at more than $250 per megawatt hour and not have their bids rejected outright, the ISO saw the amount of juice offered on Friday jump from nearly zero to 3,000 megawatts, giving it the biggest cushion it had all week. Some of the offers came in below $250.
By Sunday, more trading had shifted back into the day-ahead market run by a sister organization, the California Power Exchange. But that pushed up its average price for power to be delivered Monday to a record $611.80 per megawatt hour, nearly one and a half times the prior daily high.
That price run-up may reflect the fact that the ISO, in its emergency market, now is forcing suppliers to provide "appropriate cost information" to the energy commission and state officials when they offer power at prices above $250 per megawatt hour. The daily auction has no such requirement. When emergencies are declared, the ISO also is asserting the right to fine generators who refuse to provide power.
The change in the pricing system is a risky one because generators may be able to justify sky-high prices because of their natural-gas purchases. There are only a handful of generators serving California, and some buy their natural gas from affiliate companies, opening the door to sweetheart deals. "There's no arms-length relationship between the gas and electric companies," say Harvey Morris, an attorney at the state Public Utilities Commission who has filed an action against El Paso Energy, owner of a major gas pipeline serving California, alleging that contractual arrangements between its units have driven up gas prices. El Paso denies that is the case.
Under traditional cost-based regulation, such arrangements weren't allowed. Electric generators -- utilities -- were required to show they bought their gas at reasonable prices. Today, they are allowed to buy gas from anyone and at any price because the assumption was that a competitive electricity market would make it impossible for them to pass through inflated costs.
Energy experts say that the ISO's actions will only have a positive effect if the energy commission sets standards for permissible costs and then audits generators and traders aggressively.
Write to Rebecca Smith at rebecca.smith@wsj.com |
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To: Secret_Agent_Man who wrote (45) | 12/15/2000 4:17:56 PM | From: Secret_Agent_Man | | | New SEC Filing for HPOW
A SC 13D has been released by HPOW! Click 10kwizard.ragingbull.com to view this filing! Form SC 13D : Filing by person(s) reporting owned shares of common stock in a public company >5ª SEC filing alerts brought to you by Raging Bull. This Schedule 13D is filed jointly on behalf of CDPQ, a corporation without share capital and an agent of the Crown in right of the Province de Quebec, created by a special act of the Legislature of the Province de Quebec, and Sofinov, a legal entity duly incorporated under part 1A of the Companies ACT (Quebec) and a wholly-owned subsidiary of CDPQ, pursuant to Rule 13d-1(f)(1) under the Exchange Act.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,458,335 COMMON SHARES PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12%
no wonder they are in trials in France...thinbgs that make you say hmmm...
C4T ragingbull.altavista.com |
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To: Secret_Agent_Man who wrote (47) | 1/10/2001 11:36:30 PM | From: Secret_Agent_Man | | | Wednesday January 10, 5:08 pm Eastern Time
Press Release
H Power Reports Second Quarter Results
H Power Meets Milestones By Shipping Beta Unit In December And Signing Lease For 80,000 Square Foot Manufacturing Facility
CLIFTON, N.J.--(BUSINESS WIRE)--Jan. 10, 2001--H Power Corp. (NASDAQ:HPOW - news), a leading fuel cell development company, today reported financial results for the second fiscal quarter and six months ended November 30, 2000.
H. Frank Gibbard, chief executive officer of H Power Corp., also announced that the company met two key milestones by shipping its first beta unit to ECO Fuel Cells, LLC (ECO) in December and by signing a lease for an 80,000 square foot manufacturing facility.
Net revenues for the quarter were $776,000, compared with $1,084,000 for the second quarter of last year. The company reported a second quarter net loss attributable to common stockholders of $3,532,000, or seven cents per share, versus a comparable net loss a year ago of $2,268,000, or seven cents per share. Compared with the same period last year, second quarter revenues from product sales rose 51 percent to $473,000, while revenues from contracts decreased to $303,000, reflecting the company's emphasis on commercialization.
On a consecutive quarter basis, H Power's net loss attributable to common stockholders decreased from the first quarter's net loss of $4,045,000, or 10 cents per share. Revenues for the period were also lower compared with first quarter revenues of $1,214,000. Low- power product sales increased slightly in the second quarter over the first quarter.
For the first six months of fiscal 2001, net revenues rose four percent to $1,990,000, up from $1,909,000 for the first half of last year. For the period, the company reported a net loss attributable to common stockholders of $7,577,000, or 16 cents per share, compared with a net loss of $3,781,000, or 12 cents per share, a year ago. First half product sales rose substantially to $1,125,000, while revenues from contracts decreased to $865,000.
In December, the company shipped its first prototype beta unit for evaluation and testing to ECO, an association of over 300 rural electric cooperatives. H Power had previously granted ECO the right to market its products to more than 900 cooperatives whose service territory includes 83 percent of U.S. counties in 47 states. Additional beta units are expected to be shipped to ECO over the next several months.
``We continue to make steady progress toward our primary goal of commercial fuel cell production in the second half of calendar 2001,'' said Gibbard. ``Beginning shipment of the beta units before the end of calendar 2000 was an important milestone for H Power.''
Due to enhancements made to the fuel cell system by H Power and ECO, principally increasing the fuel cell system capacity by 50 percent to 4.5 kW, and simultaneously decreasing the system size by 25 percent, the shipment of the first beta unit was extended from October to December. This had the effect of shifting beta unit revenue from the second quarter to the second half of fiscal 2001.
``We are continuing our aggressive cost-reduction program to reduce our fuel cell subsystem and component costs. The initial costs for certain system components are higher than originally estimated as is common with developmental products. We already signed an agreement with SGL Carbon that is intended to reduce the cost of graphite plates up to 90 percent and we are currently seeking other similar strategic supplier partnerships,'' Gibbard concluded.
H Power intends to meet its milestone of commencing commercial shipments of fuel cell systems to ECO in the second half of calendar 2001. H Power also expects to adhere to the company's contract with ECO for delivery of 12,300 units within 30 months following delivery of its tenth commercial unit, which the company plans to ship in the second half of calendar 2001. H Power expects its delivery schedule to accelerate over this 30 month period.
Gibbard also noted that H Power met another important milestone by signing a lease for an 80,000 square foot manufacturing facility in Monroe, North Carolina. H Power expects this facility to be ready for commercial production in the second half of calendar 2001 in order to meet its delivery obligations to ECO and other customers. This lease culminates an extended search and selection process for the most favorable location for H Power's first manufacturing facility.
Balance Sheet Highlights
As of November 30, 2000, the company's balance sheet included cash, cash equivalents and marketable securities of $105,391,000, compared with $110,694,000, at the end of the first quarter. Working capital was $107,137,000, compared with $110,907,000 at August 31, 2000. Shareholders' equity at the end of the second fiscal quarter was $107,751,000, compared with $111,353,000 at the end of the first quarter. H Power's initial public offering (IPO) in August 2000 netted the company $104.2 million to fund the company's plan to commercialize fuel cell production.
H Power's goal is to establish fuel cells as a major alternative energy source and to become the leading commercial provider of fuel cells and systems. The company focuses primarily on existing markets for stationary power products such as the rural residential market. Going forward, the company intends to strengthen and expand strategic relationships, penetrate the markets for portable and mobile fuel cell products and develop low-cost, state-of-the-art manufacturing capabilities. In addition, H Power plans to capitalize on its technological advantages over other fuel cell developers and other potential alternative power sources, and develop and acquire advanced complementary technologies.
About H Power Corp.
H Power Corp. is a leading fuel cell development company and one of the first to complete a commercial sale of a proton-exchange membrane (PEM) fuel cell system. PEM fuel cells generate electricity efficiently and cleanly from the electrochemical reaction of hydrogen and oxygen. Hydrogen is typically derived from conventional fuels such as natural gas or propane, and oxygen is drawn from the air. H Power's fuel cells are designed to provide electricity for a wide range of stationary, portable and mobile applications including residential cogeneration products for rural, remote homes, and backup power units for mobile applications.
For additional information, please visit our website at www.hpower.com
Certain expectations and projections regarding the future performance of H Power discussed in this news release are forward-looking and are made under the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These expectations are based on currently available competitive, financial and economic data along with the Company's operating plans and are subject to future events and uncertainties. Management cautions the reader that the following factors, amongst others, may cause H Power's plans to differ or results to vary from those expected, including the impact of competition, pricing, market demand and marketplace acceptance, and other risks set forth from time to time in H Power's filings with the Securities and Exchange Commission, including, but not limited to the risks set forth in H Power's Registration Statement on Form S-1. H Power undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The events highlighted herein should not be assumed to be items that could affect the future performance of the Company.
Table Follows
Conference Call
H Power will hold a conference call discussion of second quarter results tomorrow morning, January 11, 2001 at 11 a.m. eastern time. To listen, please visit www.hpower.com. A replay of the call will be available until 1/25/01. To listen to the replay, please visit www.hpower.com or call (800) 642 - 1687, and use the reference code No. 416602.
H Power Corp. Second Quarter And Six Month Financial Results (unaudited)
Three Months Ended Six Months Ended Income Statement Data: November 30, November 30,
2000 1999 2000 1999 ---- ---- ---- ---- Net revenues $776,000 $1,084,000 $1,990,000 $1,909,000
Loss from operations ($4,892,000) ($2,324,000) ($9,375,000) ($3,783,000)
Net loss ($3,532,000) ($2,216,000) ($7,536,000) ($3,676,000)
Net loss attributable to common shareholders ($3,532,000) ($2,268,000) ($7,577,000) ($3,781,000)
Loss per share, basic and diluted ($0.07) ($0.07) ($0.16) ($0.12)
Weighted average shares outstanding, basic and diluted 53,233,000 34,020,000 47,436,000 31,668,000
Balance Sheet Data: November 30, 2000 May 31, 2000 ----------------- ------------ Cash, cash equivalents and marketable securities $105,391,000 $11,257,000
Working capital 107,137,000 13,213,000
Total assets 113,354,000 18,650,000
Long-term debt 65,000 67,000
Minority interest 0 5,000,000
Mandatory redeemable preferred stock 0 15,327,000
Total stockholders' equity (deficit) 107,751,000 (6,938,000)
Contact:
H Power Corp. Thomas Michael, 973/249-5444 x 500 or The Dilenschneider Group Ken Di Paola/Reid Gearhart, 212/922-0900 |
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To: Secret_Agent_Man who wrote (48) | 1/14/2001 10:49:27 PM | From: Secret_Agent_Man | | | Calif. Gov. to Push Plan to Buy Power
Jan 14 7:17pm ET
By Nigel Hunt
LOS ANGELES (Reuters) - California Gov. Gray Davis will talk with California lawmakers over the next couple of days to push a plan under which the state would buy power for its near bankrupt utilities, his spokesman said on Sunday.
The proposal involves the state signing long-term contracts with power producers which would then be resold at cost to the California's two largest utilities, Southern California Edison and Pacific Gas and Electric.
California is in the midst of a power crisis with a chronic shortage of supply threatening to plunge the country's most populous state into darkness. The supply crunch has helped to send wholesale prices to record levels.
San Francisco-based Pacific Gas and Electric and Southern California Edison, which is based in the Los Angeles' suburb of Rosemead, have run up billions of dollars of debt this year because they have not been allowed to pass on skyrocketing wholesale power costs due to a rate freeze imposed under the state's much-criticized power deregulation program.
The burden has driven them to the brink of bankruptcy.
Neither utility would comment on Sunday, saying they needed more time to study Davis' proposal.
Last week the lights nearly went out in 2 million homes with the two utilities credit problems contributing to a desperate shortage of electricity.
Blackout were averted only when a solvent state agency -- the California Department of Water Resources -- stepped in to buy power on behalf of the utilities.
Davis wants the state legislature to approve setting up a fund to buy and sell electricity for the utilities. His spokesman, Steve Maviglio, noted that the CDWR did not have sufficient money to finance deals indefinitely.
"There is not an unlimited till (at the CDWR)," he said.
Southern California Edison is a unit of Edison International while Pacific Gas and Electric is a subsidiary of PG&E Corp. . They serve a total of about 24 million of the state's 34 million residents.
A leading consumer group reacted with caution to the plan, demanding that any deal should include provisions preventing the utilities from collecting previously incurred costs.
A statement issued by the Foundation for Taxpayer and Consumer Right said the deal could force California ratepayers to spend an extra $10 billion to bail out the two utilities from the effects of deregulation.
FTCR wanted the state legislature to ensure the two utilities cannot collect excess charges from customers to help pay down the billions of dollars of debt they have already incurred, limiting any recovery to future costs.
Clinton administration officials on Saturday ended a marathon negotiating session saying it was up to California lawmakers and the governor to finalize a plan by Tuesday to stave off bankruptcy for the utilities.
Gene Sperling, director of the president's National Economic Council, made it clear that the ball was now in the court of Gov. Davis and state lawmakers. They must hammer out a solution to the state's chronic power woes over the next two days before Wall Street reopens on Tuesday.
"The governor laid out a framework for him and the legislative leadership to work on," Sperling told reporters after a meeting with state officials and industry executives. "The issue is now for them to work out the proposal."
Tuesday is considered crucial because that is when Wall Street traders and analysts return to work after a three-day U.S. holiday weekend. Financial markets have been anxiously watching the negotiations to evaluate the bankruptcy threat to PG&E and Edison.
siliconinvestor.com |
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