One thing that appears to not be factual in Citron's analysis is the characterization of Green & Gold Energy as some sort of scam opperation that isn't committed to following through on their large order with Emcore. As far as I can tell, Green & Gold Energy is real, and is already manufacuturing and selling suncubes, which are half the price of traditional solar panels, and should sell very well, bringing in revenues for Emcore.
Check out this recent media report about the suncube from Australia:
youtube.com
Just today, Green & Gold Energy announced a 450K contract with the South Australia state government for three suncube solar farms. Not a large order, but more proof that GGE is not a scam and is in business to make money. Would the South Australia state government do business with a local company that was not reputable? Citron was off the mark on this matter.
Media Release
(26 March 2008)
Green and Gold Energy receives a AU$450,000 order from the South Australia government to supply, build, commission and operate 3 grid connected SunCube™ Energy Farms. The CEO of Green & Gold Energy Pty Ltd (GGE), Mr Greg Watson today announced GGE has received an AU$450,000 order to supply, build, commission and operate 3 grid connected SunCube™ Energy Farms (SEFs) in various locations across South Australia. GGE has started manufacturing the SunCubes™ at our Glynde manufacturing facility and expects to start site works in April with the 3 SEFs to be completed and “On Line” before the end of June 2008. Mr Watson says this order represents the second project funding GGE has received from the South Australian government in support of GGE’s SunCube™ development and commercialization program.
Following joint evaluation of the 3 SEFs by the South Australian government, local electricity utilities, GGE
and other interested parties, GGE will proceed to build, commission and operate much larger SEFs at areas
of high solar availability in South Australia and other locations in Australia.
After many years of research and development, GGE has achieved a world breakthrough with its high
efficiency, smart 2 axis tracking SunCube™ CPV technology, which Mr Watson says is well ahead of its
competitors in supplying cost effective renewable energy to Australia’s electricity grid.
The SunCube™ has been recently launched into the Australia market, into the India market and shortly into
the EU market during the CPV Summit 08 in Madrid Spain 1-2 April 2008.
Mr Watson says GGE has contracts with commercial partners in South Korea, Spain, India, Israel, USA, and
Australia to supply approximately 400 MW’s of SunCubes™ per year with-in 2 years.
Significantly, GGE has also placed a ~US$80m purchase order with Emcore Corporation of the US to
supply 215 MWs / 6.2 million of their world-leading 38% efficient triple junction cell receiver assemblies.
Mr Watson says South Australia could lead the green energy manufacturing revolution thanks to a number of
important national and international factors that have changed the renewable energy business in Australia
forever and have opened up enormous potential for our state.
“The first act of the Rudd government was to ratify Kyoto. This event has opened the world market to GGE,
which can now engage in renewable energy generation projects, via the UN’s Clean Development
Mechanism (CDM), in developing countries worldwide, bringing back to South Australian both carbon credits
and a share of the foreign generated power profits.
“Currently coal exports earn Australia about US$0.03 / kWh of foreign generated power. GGE’s carbon
credits and share of the profits from CDM renewable energy generation projects, measured on a $ / kWh
generated, would more than double the income from coal exports.”
greenandgoldenergy.com.au |
