Way after the market close on Monday February 9, 2009, at 10:47 pm EST, EMCORE Corporation (EMKR) released “EMCORE Corporation Announces Preliminary Unaudited Results for Its First Quarter Ended December 31, 2008”.
However, neither the earning release nor the webcast from the 11th Annual Needham Growth Stock Conference on January 6, 2009, addresses the “project claims without update as 2008 closes” from my EMCORE Concentrator PhotoVoltaic Encore post. Since the year end 2008 post, I have been trying without result to obtain an update on these points from EMCORE.
In reviewing the AeA Financial Conference November 3-4, 2008 – San Diego, CA Presentation Slides:
- IEC certification of System expected by November 2008.
Has this been completed or deferred until Gen-III?
- Extremadura (0.85MW in 2008)
Completed construction and connected to the power grid in September 2008.
Is this true? This conflicts with the permit statement, “In early October, EMCORE was also granted access permits for its 850-kW commercial solar park installation in the Extremadura region of Spain,” from “EMCORE Deploys First Concentrator Solar Photovoltaic System in China with the XinAo Group.”
Who is the utility or project partner(s) for the project?
- ISFOC (0.3MW in 2008)
Shipped all modules, construction and connection to complete by December
Has the ISFOC, Instituto de Sistemas Fotovoltaicos de Concentración S.A., installation been completed? These must be Gen-II?
- SolarIG (0.1MW in 2008)
100-kW pilot modules shipped and installation scheduled to complete by end of November
Has this project been completed and where is it located in Spain?
Is it the SOLARIG parks, “Pajarejos”, as some have speculated? SOLARIG claims Pajarejos has four 25 kWp (kiloWatt-peak) CPV trackers.
|From EMCORE at the 11th Annual Needham Growth Stock Conference|
At the 11th Annual Needham Growth Stock Conference, EMCORE summarized the Spanish projects as follows:
- Total installations of >1MW in three projects were completed in 2008
- Future project opportunities are being developed
Given EMCORE’s lousy track record on speculative CPV partners and projects, the management team should parse their presentations and comment on the status of each project. I’ve also pressed EMCORE for photos of completed installations. Again, nothing so far.
The EMCORE conference call to discuss the Q1 2009 results will be held this morning, Tuesday, February 10, 2009 at 9:00 am EST.
It sounds as though there has been some executive turnover at EMCORE impacting the solar photovoltaics segment. Another good question to ask the management team?
In the earnings release, EMCORE said:
As previously disclosed, the Company has received indications of interest from several investors regarding a minority equity investment directly into the Company’s wholly-owned Photovoltaics subsidiary which would serve as an initial step towards a potential spin off of that business. The Company’s management is aggressively pursuing these opportunities.
Is Coronasys or Corona Systems the name of the photovoltaic spin off company? The web address links to a copy of the current EMCORE website. Will this name alone enable new latitudes for effective CPV system operation?
Disclosure: No position in EMKR.