I am always on the lookout for interesting alternative energy plays and stumbled across one the other day. Camarillo, CA based Power-One (NASDAQ:PWER) is in one of the world’s largest producers of power conversion and management devices, which are going to play a crucial role in the rebuilding of our power grid. The company has a new management team that is shifting the firm’s focus away from traditional power management devices to those that service the burgeoning, hyper growth alternative energy space. These include 2kw to 2.5 mw inverters, which convert the DC power delivered by solar and wind sources to the AC power that you and I use. It is cutting costs by moving its manufacturing to China, like everyone else. Power-One also supplies routers, switches, data storage, servers, and wireless communications equipment. To learn more about Power-One, please visit their website at http://www.power-one.com/ , but don’t expect to understand much if you aren’t an electrical engineer (I’m not). However, I am able to grasp that the stock looks cheap, with sales that look attached to a rocket. Q1 2010 results show that it flipped from a loss last year to a small gain. Revenues rose 56% YOY and bookings are exploding at a 480% rate. Check it out.