NASA news -
LCROSS Impact Data Indicates Water on Moon
11.13.09
The visible camera image showing the ejecta plume at about 20 seconds after impact. Credit: NASA
Data from the down-looking near-infrared spectrometer. The red curve shows how the spectra would look for a "grey" or "colorless" warm (230 C) dust cloud. The yellow areas indicate the water absorption bands.Credit: NASAClick image for full resolution.Data from the ultraviolet/visible spectrometer taken shortly after impact showing emission lines (indicated by arrows). These emission lines are diagnostic of compounds in the vapor/debris cloud.Credit: NASAClick image for full resolution.
Click here for more images of the results. The argument that the moon is a dry, desolate place no longer holds water.Secrets the moon has been holding, for perhaps billions of years, are now being revealed to the delight of scientists and space enthusiasts alike. NASA today opened a new chapter in our understanding of the moon. Preliminary data from the Lunar CRater Observation and Sensing Satellite, or LCROSS, indicates that the mission successfully uncovered water during the Oct. 9, 2009 impacts into the permanently shadowed region of Cabeus cater near the moon’s south pole. The impact created by the LCROSS Centaur upper stage rocket created a two-part plume of material from the bottom of the crater. The first part was a high angle plume of vapor and fine dust and the second a lower angle ejecta curtain of heavier material. This material has not seen sunlight in billions of years. "We're unlocking the mysteries of our nearest neighbor and by extension the solar system. It turns out the moon harbors many secrets, and LCROSS has added a new layer to our understanding," said Michael Wargo, chief lunar scientist at NASA Headquarters in Washington. Scientists have long speculated about the source of vast quantities of hydrogen that have been observed at the lunar poles. The LCROSS findings are shedding new light on the question of water, which could be more widespread and in greater quantity than previously suspected. Permanently shadowed regions could hold a key to the history and evolution of the solar system, much as an ice core sample taken on Earth reveals ancient data. In addition, water, and other compounds represent potential resources that could sustain future lunar exploration. Since the impacts, the LCROSS science team has been working almost nonstop analyzing the huge amount of data the spacecraft collected. The team concentrated on data from the satellite's spectrometers, which provide the most definitive information about the presence of water. A spectrometer examines light emitted or absorbed by materials that helps identify their composition. "We are ecstatic," said Anthony Colaprete, LCROSS project scientist and principal investigator at NASA's Ames Research Center in Moffett Field, Calif. "Multiple lines of evidence show water was present in both the high angle vapor plume and the ejecta curtain created by the LCROSS Centaur impact. The concentration and distribution of water and other substances requires further analysis, but it is safe to say Cabeus holds water." The team took the known near infrared spectral signatures of water and other materials and compared them to the spectra collected by the LCROSS near infrared spectrometer of the impact. "We were only able to match the spectra from LCROSS data when we inserted the spectra for water," said Colaprete. "No other reasonable combination of other compounds that we tried matched the observations. The possibility of contamination from the Centaur also was ruled out." Additional confirmation came from an emission in the ultraviolet spectrum that was attributed to hydroxyl, one product from the break-up of water by sunlight. When atoms and molecules are excited, they release energy at specific wavelengths that are detected by the spectrometers. A similar process is used in neon signs. When electrified, a specific gas will produce a distinct color. The ultraviolet visible spectrometer detected hydroxyl signatures just after impact that are consistent with a water vapor cloud in sunlight. Data from the other LCROSS instruments are being analyzed for additional clues about the state and distribution of the material at the impact site. The LCROSS science team along with colleagues are poring over the data to understand the entire impact event, from flash to crater, with the final goal being the understanding of the distribution of materials, and in particular volatiles, within the soil at the impact site. "The full understanding of the LCROSS data may take some time. The data is that rich," said Colaprete. "Along with the water in Cabeus, there are hints of other intriguing substances. The permanently shadowed regions of the moon are truly cold traps, collecting and preserving material over billions of years." LCROSS was launched June 18, 2009 as a companion mission to the Lunar Reconnaissance Orbiter, or LRO, from NASA's Kennedy Space Center in Florida. After separating from LRO, the LCROSS spacecraft held onto the spent Centaur upper stage rocket of the launch vehicle, executed a lunar swingby and entered into a series of long looping orbits around the Earth. After traveling approximately 113 days and nearly 5.6 million miles (9 million km), the Centaur and LCROSS separated on final approach to the moon. Traveling as fast as a speeding bullet, the Centaur impacted the lunar surface shortly after 4:31 a.m. PDT Oct. 9 with LCROSS watching with its onboard instruments. Approximately four minutes of data was collected before the LCROSS itself impacted the lunar surface. Working closely with scientists from LRO and other observatories that viewed the impact, the LCROSS team is working to understand the full scope of the LCROSS data. LRO continues to make passes over the impact site to give the LCROSS team additional insight into the mechanics of the impact and its resulting craters. What other secrets will the moon reveal? The analysis continues!
Jonas Dino NASA Ames Research Center
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Saturday, November 14, 2009
Tuesday, November 10, 2009
The Next Big Play in Cleantech – Investing in Water
Water Stocks Marketplace update for Investing In Water Companies for Accredited Investors
POINT ROBERTS, WA and DELTA, BC –November 11, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, updates the Investor Ideas Marketplace for accredited investors seeking opportunities for investing in emerging water companies.
Accredited water investors and water companies seeking funding or partners can register at the Marketplace and request info online. Approved accredited investors can view the secure marketplace pages featuring executive summaries of each company. Approved companies can be added to the growing list of companies.
Entrepreneurs and Investors can also subscribe to the Marketplace Business, Venture, Capital and Funding News RSS Feed.
Sign up page: Register and sign up to view the private access link or to have your company added:
Investors following publicly traded water companies can also research water stocks at the www.Water-Stocks.com and Investorideas.com water stocks directory.
Water-stocks and Investorideas.com have also launched the new water news feed, Water Stocks News at Investorideas.com .
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml.
Water companies can submit news and press releases online to be included in the new syndicated feed at
http://www1.investorideas.com/NewsUploader/Default.aspx.
About us www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Visit the Investorideas.com Marketplace for water opportunities for business and investors
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies including Wescorp Energy (WSCE), news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com or cvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
POINT ROBERTS, WA and DELTA, BC –November 11, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, updates the Investor Ideas Marketplace for accredited investors seeking opportunities for investing in emerging water companies.
Accredited water investors and water companies seeking funding or partners can register at the Marketplace and request info online. Approved accredited investors can view the secure marketplace pages featuring executive summaries of each company. Approved companies can be added to the growing list of companies.
Entrepreneurs and Investors can also subscribe to the Marketplace Business, Venture, Capital and Funding News RSS Feed.
Sign up page: Register and sign up to view the private access link or to have your company added:
Investors following publicly traded water companies can also research water stocks at the www.Water-Stocks.com and Investorideas.com water stocks directory.
Water-stocks and Investorideas.com have also launched the new water news feed, Water Stocks News at Investorideas.com .
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml.
Water companies can submit news and press releases online to be included in the new syndicated feed at
http://www1.investorideas.com/NewsUploader/Default.aspx.
About us www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Visit the Investorideas.com Marketplace for water opportunities for business and investors
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies including Wescorp Energy (WSCE), news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com or cvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Water- Stocks.com Interview with Bill Brennan, Brennan Investment Partners LLC Discusses Investing in Global Water Equities 2009 & Beyond
Where the opportunities exist for investors, as companies provide solutions to the ever growing water crisis
Point Roberts WA, DELTA, BC –November 10, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents an interview with Bill Brennan, President & CIO
of Brennan Investment Partners LLC, an investment advisor that specializes in the analysis of and investment in domestic and foreign securities of the global water business
Q- Dawn Van Zant at Water-stocks.com
Bill can you give our readers some background on your history in the water sector and some insight into your firm’s focus and direction.
A- Bill Brennan
Brennan Investment Partners LLC
I started out as an engineer in the environmental area dealing with ground water quality issues and the actual construction of drinking water and waste water plants globally 20 years ago. I then went to Coopers & Lybrand where I headed up the environmental consulting arm in the Eastern US. After business school I went over to the public company side as an equity analyst with Pacific Growth Equities in San Francisco where I focused on industrial and environmental companies. My specific water focus regarding equities is directly attributed to John Dickerson at Summit Global in San Diego and the direction he has provided me since 1994. John liked the fact that I had actual experience as an engineer/consultant and public equity experience in the water space. He taught me a great deal about becoming a true value investor in the water space and has heavily influenced my value approach to investing. Over the last ten years I have managed various water products here in the States and in Europe. I presently manage the Kinetics Water Infrastructure Fund-KWINX as the portfolio manager and the sub advisor.
Q- Dawn Van Zant at Water-stocks.com
Bill, your firm issued a report, Investing in Global Water Equities 2009 & Beyond that examines the substantial opportunity in the sector. Can you give our readers a summary of the scope and size of the market potential?
A- Bill Brennan
Brennan Investment Partners LLC
The size of the market and the global opportunity is staggering. We estimate that approximately 550+ companies around the world provide numerous services and products into the water sector which is the third largest industry from an embedded capital standpoint at almost $700 Billion in spending. Besides the core water providers such as utilities and industrials, companies involved in agriculture, hydroelectric, waste management also have significant exposure to the water space since it is the backbone of their respective industries. The paper, which can be found on your site, also addresses where the opportunities exist for investors as companies in our universe provide solutions to the ever growing water crisis.
Q- Dawn Van Zant at Water-stocks.com
Can you break down the water investment sector into sub sectors for us and what sub sector presents the most opportunity in the short term and long term and what factors are driving it?
A- Bill Brennan
Brennan Investment Partners LLC
We like the water utilities since they have a monopoly as far as controlling the commodity to a large degree. With a guaranteed growth due to the public utility commission aspect of the business that reimburse for capital expenditures as we rebuild our water network in the US and build out water infrastructure in emerging countries. We also invest in various industrial aspects of the business such as pipes, membranes, water meters and desalination that have the potential for above average returns over the long run. The spending on water is especially strong in emerging markets. The growth experienced in the US in the 20th century will be mirrored in emerging markets but at a very compressed timeline-we estimate within the next ten years. Government will always have a hand in the oversight of water management and rates which in our opinion is a positive. Global governments realize GDP is completely dependent on water availability and use/reuse in order to sustain growth rates over extended periods of time. Therefore we tend to have a longer time horizon regarding our approach. We emphasize risk management with an eye on minimizing volatility in our products.
Q- Dawn Van Zant at Water-stocks.com
Its been noted that water is still a relatively small part of the overall investment in the cleantech space to date, with some of the well known names like Khosla recently making investments . Why do you think that is and what is it going to take to make water a more significant play in cleantech?
A- Bill Brennan
Brennan Investment Partners LLC
I can’t tell you how many times I have been asked this question over the last year. When we look at the Private Equity-Cleantech situation, there are several entry points starting with true venture investing and ending with the classic buyout investment. The Growth capital aspect of PE is tough in this sector because a lot of good properties have been bought by the larger water platforms-GE, Siemens, etc. The companies that are still private are private for a reason-either they cannot be effectively scaled or the owners don’t need or want a strategic investor. One of our Advisors, Dr. Rengarajan Ramesh, the former CTO of GE Water has broken the main issues into four areas that I think private equity should focus on before any investment is undertaken. The issues are as follows: 1. Existing laws not enforced. - Leading to significant increase in healthcare costs. Johns Hopkins estimates that costs of water related illness is about 12 -14% of the total US healthcare costs. This can be verified and validated by Bloomberg school of Public Health at Johns Hopkins University. 2. Water problems are all local - Lack of availability, with no progress towards conservation like rainwater harvesting, storage, and water reuse. So, each community should take the responsibility both for conservation and reuse. Similarly each community should have a strategy to protect, preserve and prolong their underground assets to ensure safe, clean drinking water to their homes. If they fail to do so, they will be faced with very high costs and a failed infrastructure. Problem needs to be treated locally and on a state by state basis. 3. Price - Historically prices have been low. Now it is clear that the prices are moving up where we will move towards full cost pricing that encompasses the cost associated with treatment, conveyance and the energy to do both. The cost to treat and move water has gone up and the current price increases for water still does not reflect the true costs and only addresses the higher energy costs associated with moving the water. One way to keep prices under check is to leverage harvesting of rainwater and reuse with distributed systems. 4. Agriculture - Lack of water efficiency in agriculture and current use it or lose it water rights do not help in promoting conservation in agriculture. Subsidies / incentives need to be given to promote water efficiency along with penalties for polluters (groundwater contamination due to agricultural drainage). So the opportunity exists for investments in a combination of pre-existing technologies into a comprehensive solution set that can be provided in a turnkey fashion and for water conservation technologies at the residential, commercial, and agriculture levels.
More info:
Brennan Investment Partners LLC www.brennaninvestment.com
Read: Brennan Investment Partners LLC: Investing in Global Water Equities 2009 & Beyond
A Dynamic and Profitable Theme in Any Economy – William S. Brennan, President & CIO
Water: A Global Growth Sector
Research more global water stocks at the water Stocks Directory
Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc. is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Wescorp's patented, highly scalable H2Omaxx microscopic aeration technology increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Showcase Profile Page: http://www.water-stocks.com/CO/WSCE/Default.asp
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Marketplace water opportunities for business and investors:
Sign up here: http://www.investorideas.com/marketplace/signup.asp
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies (WSCE), news submissions and online advertising. Compensation Disclosure and disclaimers: www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
Water- Stocks.com Interview with Bill Brennan, Brennan Investment Partners LLC Discusses Investing in Global Water Equities 2009 & Beyond
Where the opportunities exist for investors, as companies provide solutions to the ever growing water crisis
Point Roberts WA, DELTA, BC –November 10, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents an interview with Bill Brennan, President & CIO
of Brennan Investment Partners LLC, an investment advisor that specializes in the analysis of and investment in domestic and foreign securities of the global water business
Q- Dawn Van Zant at Water-stocks.com
Bill can you give our readers some background on your history in the water sector and some insight into your firm’s focus and direction.
A- Bill Brennan
Brennan Investment Partners LLC
I started out as an engineer in the environmental area dealing with ground water quality issues and the actual construction of drinking water and waste water plants globally 20 years ago. I then went to Coopers & Lybrand where I headed up the environmental consulting arm in the Eastern US. After business school I went over to the public company side as an equity analyst with Pacific Growth Equities in San Francisco where I focused on industrial and environmental companies. My specific water focus regarding equities is directly attributed to John Dickerson at Summit Global in San Diego and the direction he has provided me since 1994. John liked the fact that I had actual experience as an engineer/consultant and public equity experience in the water space. He taught me a great deal about becoming a true value investor in the water space and has heavily influenced my value approach to investing. Over the last ten years I have managed various water products here in the States and in Europe. I presently manage the Kinetics Water Infrastructure Fund-KWINX as the portfolio manager and the sub advisor.
Q- Dawn Van Zant at Water-stocks.com
Bill, your firm issued a report, Investing in Global Water Equities 2009 & Beyond that examines the substantial opportunity in the sector. Can you give our readers a summary of the scope and size of the market potential?
A- Bill Brennan
Brennan Investment Partners LLC
The size of the market and the global opportunity is staggering. We estimate that approximately 550+ companies around the world provide numerous services and products into the water sector which is the third largest industry from an embedded capital standpoint at almost $700 Billion in spending. Besides the core water providers such as utilities and industrials, companies involved in agriculture, hydroelectric, waste management also have significant exposure to the water space since it is the backbone of their respective industries. The paper, which can be found on your site, also addresses where the opportunities exist for investors as companies in our universe provide solutions to the ever growing water crisis.
Q- Dawn Van Zant at Water-stocks.com
Can you break down the water investment sector into sub sectors for us and what sub sector presents the most opportunity in the short term and long term and what factors are driving it?
A- Bill Brennan
Brennan Investment Partners LLC
We like the water utilities since they have a monopoly as far as controlling the commodity to a large degree. With a guaranteed growth due to the public utility commission aspect of the business that reimburse for capital expenditures as we rebuild our water network in the US and build out water infrastructure in emerging countries. We also invest in various industrial aspects of the business such as pipes, membranes, water meters and desalination that have the potential for above average returns over the long run. The spending on water is especially strong in emerging markets. The growth experienced in the US in the 20th century will be mirrored in emerging markets but at a very compressed timeline-we estimate within the next ten years. Government will always have a hand in the oversight of water management and rates which in our opinion is a positive. Global governments realize GDP is completely dependent on water availability and use/reuse in order to sustain growth rates over extended periods of time. Therefore we tend to have a longer time horizon regarding our approach. We emphasize risk management with an eye on minimizing volatility in our products.
Q- Dawn Van Zant at Water-stocks.com
Its been noted that water is still a relatively small part of the overall investment in the cleantech space to date, with some of the well known names like Khosla recently making investments . Why do you think that is and what is it going to take to make water a more significant play in cleantech?
A- Bill Brennan
Brennan Investment Partners LLC
I can’t tell you how many times I have been asked this question over the last year. When we look at the Private Equity-Cleantech situation, there are several entry points starting with true venture investing and ending with the classic buyout investment. The Growth capital aspect of PE is tough in this sector because a lot of good properties have been bought by the larger water platforms-GE, Siemens, etc. The companies that are still private are private for a reason-either they cannot be effectively scaled or the owners don’t need or want a strategic investor. One of our Advisors, Dr. Rengarajan Ramesh, the former CTO of GE Water has broken the main issues into four areas that I think private equity should focus on before any investment is undertaken. The issues are as follows: 1. Existing laws not enforced. - Leading to significant increase in healthcare costs. Johns Hopkins estimates that costs of water related illness is about 12 -14% of the total US healthcare costs. This can be verified and validated by Bloomberg school of Public Health at Johns Hopkins University. 2. Water problems are all local - Lack of availability, with no progress towards conservation like rainwater harvesting, storage, and water reuse. So, each community should take the responsibility both for conservation and reuse. Similarly each community should have a strategy to protect, preserve and prolong their underground assets to ensure safe, clean drinking water to their homes. If they fail to do so, they will be faced with very high costs and a failed infrastructure. Problem needs to be treated locally and on a state by state basis. 3. Price - Historically prices have been low. Now it is clear that the prices are moving up where we will move towards full cost pricing that encompasses the cost associated with treatment, conveyance and the energy to do both. The cost to treat and move water has gone up and the current price increases for water still does not reflect the true costs and only addresses the higher energy costs associated with moving the water. One way to keep prices under check is to leverage harvesting of rainwater and reuse with distributed systems. 4. Agriculture - Lack of water efficiency in agriculture and current use it or lose it water rights do not help in promoting conservation in agriculture. Subsidies / incentives need to be given to promote water efficiency along with penalties for polluters (groundwater contamination due to agricultural drainage). So the opportunity exists for investments in a combination of pre-existing technologies into a comprehensive solution set that can be provided in a turnkey fashion and for water conservation technologies at the residential, commercial, and agriculture levels.
More info:
Brennan Investment Partners LLC www.brennaninvestment.com
Read: Brennan Investment Partners LLC: Investing in Global Water Equities 2009 & Beyond
A Dynamic and Profitable Theme in Any Economy – William S. Brennan, President & CIO
Water: A Global Growth Sector
Research more global water stocks at the water Stocks Directory
Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc. is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Wescorp's patented, highly scalable H2Omaxx microscopic aeration technology increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Showcase Profile Page: http://www.water-stocks.com/CO/WSCE/Default.asp
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Marketplace water opportunities for business and investors:
Sign up here: http://www.investorideas.com/marketplace/signup.asp
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies (WSCE), news submissions and online advertising. Compensation Disclosure and disclaimers: www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Point Roberts WA, DELTA, BC –November 10, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents an interview with Bill Brennan, President & CIO
of Brennan Investment Partners LLC, an investment advisor that specializes in the analysis of and investment in domestic and foreign securities of the global water business
Q- Dawn Van Zant at Water-stocks.com
Bill can you give our readers some background on your history in the water sector and some insight into your firm’s focus and direction.
A- Bill Brennan
Brennan Investment Partners LLC
I started out as an engineer in the environmental area dealing with ground water quality issues and the actual construction of drinking water and waste water plants globally 20 years ago. I then went to Coopers & Lybrand where I headed up the environmental consulting arm in the Eastern US. After business school I went over to the public company side as an equity analyst with Pacific Growth Equities in San Francisco where I focused on industrial and environmental companies. My specific water focus regarding equities is directly attributed to John Dickerson at Summit Global in San Diego and the direction he has provided me since 1994. John liked the fact that I had actual experience as an engineer/consultant and public equity experience in the water space. He taught me a great deal about becoming a true value investor in the water space and has heavily influenced my value approach to investing. Over the last ten years I have managed various water products here in the States and in Europe. I presently manage the Kinetics Water Infrastructure Fund-KWINX as the portfolio manager and the sub advisor.
Q- Dawn Van Zant at Water-stocks.com
Bill, your firm issued a report, Investing in Global Water Equities 2009 & Beyond that examines the substantial opportunity in the sector. Can you give our readers a summary of the scope and size of the market potential?
A- Bill Brennan
Brennan Investment Partners LLC
The size of the market and the global opportunity is staggering. We estimate that approximately 550+ companies around the world provide numerous services and products into the water sector which is the third largest industry from an embedded capital standpoint at almost $700 Billion in spending. Besides the core water providers such as utilities and industrials, companies involved in agriculture, hydroelectric, waste management also have significant exposure to the water space since it is the backbone of their respective industries. The paper, which can be found on your site, also addresses where the opportunities exist for investors as companies in our universe provide solutions to the ever growing water crisis.
Q- Dawn Van Zant at Water-stocks.com
Can you break down the water investment sector into sub sectors for us and what sub sector presents the most opportunity in the short term and long term and what factors are driving it?
A- Bill Brennan
Brennan Investment Partners LLC
We like the water utilities since they have a monopoly as far as controlling the commodity to a large degree. With a guaranteed growth due to the public utility commission aspect of the business that reimburse for capital expenditures as we rebuild our water network in the US and build out water infrastructure in emerging countries. We also invest in various industrial aspects of the business such as pipes, membranes, water meters and desalination that have the potential for above average returns over the long run. The spending on water is especially strong in emerging markets. The growth experienced in the US in the 20th century will be mirrored in emerging markets but at a very compressed timeline-we estimate within the next ten years. Government will always have a hand in the oversight of water management and rates which in our opinion is a positive. Global governments realize GDP is completely dependent on water availability and use/reuse in order to sustain growth rates over extended periods of time. Therefore we tend to have a longer time horizon regarding our approach. We emphasize risk management with an eye on minimizing volatility in our products.
Q- Dawn Van Zant at Water-stocks.com
Its been noted that water is still a relatively small part of the overall investment in the cleantech space to date, with some of the well known names like Khosla recently making investments . Why do you think that is and what is it going to take to make water a more significant play in cleantech?
A- Bill Brennan
Brennan Investment Partners LLC
I can’t tell you how many times I have been asked this question over the last year. When we look at the Private Equity-Cleantech situation, there are several entry points starting with true venture investing and ending with the classic buyout investment. The Growth capital aspect of PE is tough in this sector because a lot of good properties have been bought by the larger water platforms-GE, Siemens, etc. The companies that are still private are private for a reason-either they cannot be effectively scaled or the owners don’t need or want a strategic investor. One of our Advisors, Dr. Rengarajan Ramesh, the former CTO of GE Water has broken the main issues into four areas that I think private equity should focus on before any investment is undertaken. The issues are as follows: 1. Existing laws not enforced. - Leading to significant increase in healthcare costs. Johns Hopkins estimates that costs of water related illness is about 12 -14% of the total US healthcare costs. This can be verified and validated by Bloomberg school of Public Health at Johns Hopkins University. 2. Water problems are all local - Lack of availability, with no progress towards conservation like rainwater harvesting, storage, and water reuse. So, each community should take the responsibility both for conservation and reuse. Similarly each community should have a strategy to protect, preserve and prolong their underground assets to ensure safe, clean drinking water to their homes. If they fail to do so, they will be faced with very high costs and a failed infrastructure. Problem needs to be treated locally and on a state by state basis. 3. Price - Historically prices have been low. Now it is clear that the prices are moving up where we will move towards full cost pricing that encompasses the cost associated with treatment, conveyance and the energy to do both. The cost to treat and move water has gone up and the current price increases for water still does not reflect the true costs and only addresses the higher energy costs associated with moving the water. One way to keep prices under check is to leverage harvesting of rainwater and reuse with distributed systems. 4. Agriculture - Lack of water efficiency in agriculture and current use it or lose it water rights do not help in promoting conservation in agriculture. Subsidies / incentives need to be given to promote water efficiency along with penalties for polluters (groundwater contamination due to agricultural drainage). So the opportunity exists for investments in a combination of pre-existing technologies into a comprehensive solution set that can be provided in a turnkey fashion and for water conservation technologies at the residential, commercial, and agriculture levels.
More info:
Brennan Investment Partners LLC www.brennaninvestment.com
Read: Brennan Investment Partners LLC: Investing in Global Water Equities 2009 & Beyond
A Dynamic and Profitable Theme in Any Economy – William S. Brennan, President & CIO
Water: A Global Growth Sector
Research more global water stocks at the water Stocks Directory
Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc. is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Wescorp's patented, highly scalable H2Omaxx microscopic aeration technology increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Showcase Profile Page: http://www.water-stocks.com/CO/WSCE/Default.asp
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Marketplace water opportunities for business and investors:
Sign up here: http://www.investorideas.com/marketplace/signup.asp
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies (WSCE), news submissions and online advertising. Compensation Disclosure and disclaimers: www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
Water- Stocks.com Interview with Bill Brennan, Brennan Investment Partners LLC Discusses Investing in Global Water Equities 2009 & Beyond
Where the opportunities exist for investors, as companies provide solutions to the ever growing water crisis
Point Roberts WA, DELTA, BC –November 10, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents an interview with Bill Brennan, President & CIO
of Brennan Investment Partners LLC, an investment advisor that specializes in the analysis of and investment in domestic and foreign securities of the global water business
Q- Dawn Van Zant at Water-stocks.com
Bill can you give our readers some background on your history in the water sector and some insight into your firm’s focus and direction.
A- Bill Brennan
Brennan Investment Partners LLC
I started out as an engineer in the environmental area dealing with ground water quality issues and the actual construction of drinking water and waste water plants globally 20 years ago. I then went to Coopers & Lybrand where I headed up the environmental consulting arm in the Eastern US. After business school I went over to the public company side as an equity analyst with Pacific Growth Equities in San Francisco where I focused on industrial and environmental companies. My specific water focus regarding equities is directly attributed to John Dickerson at Summit Global in San Diego and the direction he has provided me since 1994. John liked the fact that I had actual experience as an engineer/consultant and public equity experience in the water space. He taught me a great deal about becoming a true value investor in the water space and has heavily influenced my value approach to investing. Over the last ten years I have managed various water products here in the States and in Europe. I presently manage the Kinetics Water Infrastructure Fund-KWINX as the portfolio manager and the sub advisor.
Q- Dawn Van Zant at Water-stocks.com
Bill, your firm issued a report, Investing in Global Water Equities 2009 & Beyond that examines the substantial opportunity in the sector. Can you give our readers a summary of the scope and size of the market potential?
A- Bill Brennan
Brennan Investment Partners LLC
The size of the market and the global opportunity is staggering. We estimate that approximately 550+ companies around the world provide numerous services and products into the water sector which is the third largest industry from an embedded capital standpoint at almost $700 Billion in spending. Besides the core water providers such as utilities and industrials, companies involved in agriculture, hydroelectric, waste management also have significant exposure to the water space since it is the backbone of their respective industries. The paper, which can be found on your site, also addresses where the opportunities exist for investors as companies in our universe provide solutions to the ever growing water crisis.
Q- Dawn Van Zant at Water-stocks.com
Can you break down the water investment sector into sub sectors for us and what sub sector presents the most opportunity in the short term and long term and what factors are driving it?
A- Bill Brennan
Brennan Investment Partners LLC
We like the water utilities since they have a monopoly as far as controlling the commodity to a large degree. With a guaranteed growth due to the public utility commission aspect of the business that reimburse for capital expenditures as we rebuild our water network in the US and build out water infrastructure in emerging countries. We also invest in various industrial aspects of the business such as pipes, membranes, water meters and desalination that have the potential for above average returns over the long run. The spending on water is especially strong in emerging markets. The growth experienced in the US in the 20th century will be mirrored in emerging markets but at a very compressed timeline-we estimate within the next ten years. Government will always have a hand in the oversight of water management and rates which in our opinion is a positive. Global governments realize GDP is completely dependent on water availability and use/reuse in order to sustain growth rates over extended periods of time. Therefore we tend to have a longer time horizon regarding our approach. We emphasize risk management with an eye on minimizing volatility in our products.
Q- Dawn Van Zant at Water-stocks.com
Its been noted that water is still a relatively small part of the overall investment in the cleantech space to date, with some of the well known names like Khosla recently making investments . Why do you think that is and what is it going to take to make water a more significant play in cleantech?
A- Bill Brennan
Brennan Investment Partners LLC
I can’t tell you how many times I have been asked this question over the last year. When we look at the Private Equity-Cleantech situation, there are several entry points starting with true venture investing and ending with the classic buyout investment. The Growth capital aspect of PE is tough in this sector because a lot of good properties have been bought by the larger water platforms-GE, Siemens, etc. The companies that are still private are private for a reason-either they cannot be effectively scaled or the owners don’t need or want a strategic investor. One of our Advisors, Dr. Rengarajan Ramesh, the former CTO of GE Water has broken the main issues into four areas that I think private equity should focus on before any investment is undertaken. The issues are as follows: 1. Existing laws not enforced. - Leading to significant increase in healthcare costs. Johns Hopkins estimates that costs of water related illness is about 12 -14% of the total US healthcare costs. This can be verified and validated by Bloomberg school of Public Health at Johns Hopkins University. 2. Water problems are all local - Lack of availability, with no progress towards conservation like rainwater harvesting, storage, and water reuse. So, each community should take the responsibility both for conservation and reuse. Similarly each community should have a strategy to protect, preserve and prolong their underground assets to ensure safe, clean drinking water to their homes. If they fail to do so, they will be faced with very high costs and a failed infrastructure. Problem needs to be treated locally and on a state by state basis. 3. Price - Historically prices have been low. Now it is clear that the prices are moving up where we will move towards full cost pricing that encompasses the cost associated with treatment, conveyance and the energy to do both. The cost to treat and move water has gone up and the current price increases for water still does not reflect the true costs and only addresses the higher energy costs associated with moving the water. One way to keep prices under check is to leverage harvesting of rainwater and reuse with distributed systems. 4. Agriculture - Lack of water efficiency in agriculture and current use it or lose it water rights do not help in promoting conservation in agriculture. Subsidies / incentives need to be given to promote water efficiency along with penalties for polluters (groundwater contamination due to agricultural drainage). So the opportunity exists for investments in a combination of pre-existing technologies into a comprehensive solution set that can be provided in a turnkey fashion and for water conservation technologies at the residential, commercial, and agriculture levels.
More info:
Brennan Investment Partners LLC www.brennaninvestment.com
Read: Brennan Investment Partners LLC: Investing in Global Water Equities 2009 & Beyond
A Dynamic and Profitable Theme in Any Economy – William S. Brennan, President & CIO
Water: A Global Growth Sector
Research more global water stocks at the water Stocks Directory
Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc. is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Wescorp's patented, highly scalable H2Omaxx microscopic aeration technology increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Showcase Profile Page: http://www.water-stocks.com/CO/WSCE/Default.asp
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Marketplace water opportunities for business and investors:
Sign up here: http://www.investorideas.com/marketplace/signup.asp
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies (WSCE), news submissions and online advertising. Compensation Disclosure and disclaimers: www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Monday, November 9, 2009
Water Stocks News - American Water Works (NYSE: AWK) Reports Third Quarter 2009 Results
Net Income of $91.6 million, or $0.52 per share Revenues increase by $7.8 million to $680.0 million, despite wet, cool summer Decreases in water sold results in estimated reduction of $0.14 per share $53.2 million in new tax-exempt bonds issued during the third quarter 2009 Cash flow from operations increase by almost $80 million to approximately $472 million for the nine months 2009 Stock price remains steady as RWE reduces ownership to 23.5 percent
VOORHEES, N.J.---American Water Works Company, Inc. (NYSE: AWK), the largest investor-owned U.S. water and wastewater utility company, today reported results for the third quarter ended September 30, 2009. For the quarter, the company reported operating revenues of $680.0 million, a 1.2 percent increase of $7.8 million over the same period in 2008. Net income in the third quarter was $91.6 million, or $0.52 per basic and diluted common share, compared with $88.2 million or $0.55 per basic and diluted common share in the third quarter of 2008.
“The results of this quarter were impacted by one of the wetter summers experienced by much of the country,” said Don Correll, president and CEO of American Water. “Eleven out of 20 of our regulated state operations experienced either above average rainfall, cooler temperatures, or in most cases, both. Despite the weather, we achieved an increase in both revenues and net income as we continue to execute our core strategies.”
The company’s Regulated Businesses revenues increased by $17.6 million, or 2.9 percent, in the third quarter 2009, largely a result of recent recognition of prudent investment through rate awards. Total volume of water sold decreased 7.4 percent for the quarter ended September 30, 2009, or 9.1 billion gallons from the same period in 2008, largely as a result of weather. This decrease in volume of water sold resulted in an estimated decrease of $44.2 million in revenues and approximately $23.7 million in net income, or $0.14 per basic and diluted common share.
The company’s Non-regulated Businesses’ revenues decreased by $8.6 million or 11.7 percent for the third quarter, compared to the same period in 2008. The decrease was primarily attributable to lower revenues in the Contract Operations Group.
Operating expenses for the three-month period ended September 30, 2009, totaled $465.6 million, an increase of $5.1 million or 1.1 percent over the same period in 2008. This was primarily driven by increased pension and other post-employment benefits expenses of $6.4 million and depreciation of $6.5 million. These increases were offset by lower costs in contract operations of $9.4 million.
Net cash provided by operating activities for the nine months ended September 30, 2009, increased approximately $78.6 million or 20 percent to $471.6 million.
Construction expenditures for the nine months ended September 30, 2009, were $592.9 million compared to $714.6 million in the prior year period. The company anticipates investing approximately $800 million in construction and other capital projects in 2009.
“American Water is committed to delivering reliable service to its customers,” said Correll. “We are making infrastructure investments across this country and in fact, recently reached a significant milestone in our current largest capital project. Our 31-mile watermain and 20 million gallon a day treatment plant project in Kentucky is more than 70 percent complete. This approximately $162 million project will ensure a sustainable supply for Central Kentucky for years to come and is another example of our commitment to providing water solutions.”
During the three months ended September 30, 2009, capital resource requirements were met with internally generated cash, commercial paper issuance, debt offerings, and access to bank credit lines. The company issued $53.2 million in new tax-exempt bonds during the third quarter 2009 at rates ranging from 1.27 percent to 6.25 percent. Additionally, the company remarketed, at fixed rates, $23.3 million in tax-exempt bonds at 6.25 percent during the third quarter 2009.
The company received authorizations for additional annualized revenues from general rate cases of $16.8 million in the third quarter 2009, which brings the total for the first nine months of the year to $31.4 million. As of September 30, 2009, the company was awaiting final orders for general rate cases in 10 states, requesting $258.0 million in total additional annual revenues.
Subsequent to the quarter’s end, the company settled its rate case in Pennsylvania, which grants an increase of approximately $30.8 million in annual revenue in addition to the approximately $23.0 million previously received through infrastructure surcharges. The company also filed a rate request in Missouri, which will generate an additional $48.7 million in additional revenue if approved as filed.
The extent to which requested rate increases will be granted by the applicable regulatory agencies will vary.
American Water announced two major military contracts during the quarter. Its Military Services Group was awarded contracts for the operation and maintenance of the water and the wastewater systems at Fort Belvoir, Virginia and Fort Meade, Maryland.
"American Water was extremely pleased to be awarded both contracts,” said Correll. “We will now be serving ten installations across the country and our growing portfolio clearly demonstrates our commitment to providing military bases with solutions to best manage their systems and delivering reliable water and wastewater services.”
American Water also announced the completion of a secondary public offering of 40.25 million shares of its common stock, priced at $19.25 per share, on August 18. In the offering, all the shares were sold by RWE, with all proceeds going to RWE. RWE’s ownership has been reduced to 23.5 percent of American Water's outstanding shares of common stock.
Also during the third quarter, the Board of Directors increased American Water’s quarterly cash dividend payment by five percent from $0.20 to $0.21 per share on July 31, 2009. On October 30, the Board declared its second dividend of $0.21 per share.
Non-GAAP Financial Measures
This press release includes a presentation of “Net income excluding impairment charge,” “Basic income per common share excluding impairment charge," “Diluted net income per common share excluding impairment charge,” and “Operating expenses excluding impairment charge.” Each of these items is derived from our consolidated financial information but is not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). The items constitute “non-GAAP financial measures” under Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure.
Management believes that the presentation of these adjusted measures is useful to investors because it provides a means of evaluating the company’s operating performance without giving effect to an impairment charge, which has been triggered principally by market factors that are largely out of the control of management and do not reflect the day-to-day operations of the company. Moreover, management believes that this presentation facilitates comparisons between the company and other companies in its industry. In preparing operating plans, budgets and forecasts, and in assessing historical performance, management relies, in part, on trends in the company’s historical results, exclusive of impairment charges.
Set forth below are tables that reconcile the non-GAAP financial measures to the most directly comparable GAAP financial measure.
Third Quarter 2009 Earnings Conference Call
The third quarter 2009 earnings conference call will take place Monday, November 9, 2009, at 9:00 a.m. Eastern Time. Interested parties may listen over the Internet by logging on to the Investor Relations page of the company’s Web site at www.amwater.com.
Following the earnings conference call, an audio archive of the call will be available through November 16, 2009, by dialing 303-590-3030 303-590-3030 for U.S. and international callers. The access code for replay is 4173835. The online archive of the webcast will be available through December 8, 2009, by accessing the Investor Relations page of the company’s Web site located at www.amwater.com.
About American Water
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 7,300 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada.
Cautionary Statement Concerning Forward-Looking Statements
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as weather conditions, patterns or events, including drought or abnormally high rainfall, changes in general economic, business and financial market conditions, fluctuations in the value of benefit plan assets and liabilities that could increase our costs and funding requirements, changes in laws, governmental regulations and policies, including environmental, health and water quality and public utility regulations and policies, the decisions of governmental and regulatory bodies, including decisions to raise or lower rates, the timeliness of regulatory commissions’ actions concerning rates, migration into or out of our service territories, our ability to obtain permits for expansion projects, changes in customer demand for, and patterns of use of, water, such as may result from conservation efforts, the availability of adequate and cost-effective supplies of chemicals, electricity, fuel, water and other raw materials that are needed for our operations, our ability to successfully acquire and integrate water and wastewater systems that are complementary to our operations and the growth of our business, our ability to manage the expansion of our business, our ability to control operating expenses and to achieve efficiencies in our operations, access to sufficient capital on satisfactory terms, fluctuations in interest rates, restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends, changes in our credit rating, changes in capital requirements, the incurrence of impairment charges, difficulty in obtaining insurance at acceptable rates and on acceptable terms and conditions, ability to retain and attract qualified employees, cost overruns relating to improvements or the expansion of our operations, and civil disturbance or terrorist threats or acts or public apprehension about future disturbances or terrorist threats or acts.
For further information regarding risks and uncertainties associated with American Water’s business, please refer to American Water’s annual, quarterly and periodic SEC filings. The Company undertakes no duty to update any forward-looking statement.
Financial tables see news at www.amwater.com.
Visit the water stocks directory at Investorideas.com and Water-stocks.com
http://www.investorideas.com/Water-Stocks/Stock_List.asp
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
VOORHEES, N.J.---American Water Works Company, Inc. (NYSE: AWK), the largest investor-owned U.S. water and wastewater utility company, today reported results for the third quarter ended September 30, 2009. For the quarter, the company reported operating revenues of $680.0 million, a 1.2 percent increase of $7.8 million over the same period in 2008. Net income in the third quarter was $91.6 million, or $0.52 per basic and diluted common share, compared with $88.2 million or $0.55 per basic and diluted common share in the third quarter of 2008.
“The results of this quarter were impacted by one of the wetter summers experienced by much of the country,” said Don Correll, president and CEO of American Water. “Eleven out of 20 of our regulated state operations experienced either above average rainfall, cooler temperatures, or in most cases, both. Despite the weather, we achieved an increase in both revenues and net income as we continue to execute our core strategies.”
The company’s Regulated Businesses revenues increased by $17.6 million, or 2.9 percent, in the third quarter 2009, largely a result of recent recognition of prudent investment through rate awards. Total volume of water sold decreased 7.4 percent for the quarter ended September 30, 2009, or 9.1 billion gallons from the same period in 2008, largely as a result of weather. This decrease in volume of water sold resulted in an estimated decrease of $44.2 million in revenues and approximately $23.7 million in net income, or $0.14 per basic and diluted common share.
The company’s Non-regulated Businesses’ revenues decreased by $8.6 million or 11.7 percent for the third quarter, compared to the same period in 2008. The decrease was primarily attributable to lower revenues in the Contract Operations Group.
Operating expenses for the three-month period ended September 30, 2009, totaled $465.6 million, an increase of $5.1 million or 1.1 percent over the same period in 2008. This was primarily driven by increased pension and other post-employment benefits expenses of $6.4 million and depreciation of $6.5 million. These increases were offset by lower costs in contract operations of $9.4 million.
Net cash provided by operating activities for the nine months ended September 30, 2009, increased approximately $78.6 million or 20 percent to $471.6 million.
Construction expenditures for the nine months ended September 30, 2009, were $592.9 million compared to $714.6 million in the prior year period. The company anticipates investing approximately $800 million in construction and other capital projects in 2009.
“American Water is committed to delivering reliable service to its customers,” said Correll. “We are making infrastructure investments across this country and in fact, recently reached a significant milestone in our current largest capital project. Our 31-mile watermain and 20 million gallon a day treatment plant project in Kentucky is more than 70 percent complete. This approximately $162 million project will ensure a sustainable supply for Central Kentucky for years to come and is another example of our commitment to providing water solutions.”
During the three months ended September 30, 2009, capital resource requirements were met with internally generated cash, commercial paper issuance, debt offerings, and access to bank credit lines. The company issued $53.2 million in new tax-exempt bonds during the third quarter 2009 at rates ranging from 1.27 percent to 6.25 percent. Additionally, the company remarketed, at fixed rates, $23.3 million in tax-exempt bonds at 6.25 percent during the third quarter 2009.
The company received authorizations for additional annualized revenues from general rate cases of $16.8 million in the third quarter 2009, which brings the total for the first nine months of the year to $31.4 million. As of September 30, 2009, the company was awaiting final orders for general rate cases in 10 states, requesting $258.0 million in total additional annual revenues.
Subsequent to the quarter’s end, the company settled its rate case in Pennsylvania, which grants an increase of approximately $30.8 million in annual revenue in addition to the approximately $23.0 million previously received through infrastructure surcharges. The company also filed a rate request in Missouri, which will generate an additional $48.7 million in additional revenue if approved as filed.
The extent to which requested rate increases will be granted by the applicable regulatory agencies will vary.
American Water announced two major military contracts during the quarter. Its Military Services Group was awarded contracts for the operation and maintenance of the water and the wastewater systems at Fort Belvoir, Virginia and Fort Meade, Maryland.
"American Water was extremely pleased to be awarded both contracts,” said Correll. “We will now be serving ten installations across the country and our growing portfolio clearly demonstrates our commitment to providing military bases with solutions to best manage their systems and delivering reliable water and wastewater services.”
American Water also announced the completion of a secondary public offering of 40.25 million shares of its common stock, priced at $19.25 per share, on August 18. In the offering, all the shares were sold by RWE, with all proceeds going to RWE. RWE’s ownership has been reduced to 23.5 percent of American Water's outstanding shares of common stock.
Also during the third quarter, the Board of Directors increased American Water’s quarterly cash dividend payment by five percent from $0.20 to $0.21 per share on July 31, 2009. On October 30, the Board declared its second dividend of $0.21 per share.
Non-GAAP Financial Measures
This press release includes a presentation of “Net income excluding impairment charge,” “Basic income per common share excluding impairment charge," “Diluted net income per common share excluding impairment charge,” and “Operating expenses excluding impairment charge.” Each of these items is derived from our consolidated financial information but is not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). The items constitute “non-GAAP financial measures” under Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure.
Management believes that the presentation of these adjusted measures is useful to investors because it provides a means of evaluating the company’s operating performance without giving effect to an impairment charge, which has been triggered principally by market factors that are largely out of the control of management and do not reflect the day-to-day operations of the company. Moreover, management believes that this presentation facilitates comparisons between the company and other companies in its industry. In preparing operating plans, budgets and forecasts, and in assessing historical performance, management relies, in part, on trends in the company’s historical results, exclusive of impairment charges.
Set forth below are tables that reconcile the non-GAAP financial measures to the most directly comparable GAAP financial measure.
Third Quarter 2009 Earnings Conference Call
The third quarter 2009 earnings conference call will take place Monday, November 9, 2009, at 9:00 a.m. Eastern Time. Interested parties may listen over the Internet by logging on to the Investor Relations page of the company’s Web site at www.amwater.com.
Following the earnings conference call, an audio archive of the call will be available through November 16, 2009, by dialing 303-590-3030 303-590-3030 for U.S. and international callers. The access code for replay is 4173835. The online archive of the webcast will be available through December 8, 2009, by accessing the Investor Relations page of the company’s Web site located at www.amwater.com.
About American Water
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 7,300 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada.
Cautionary Statement Concerning Forward-Looking Statements
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as weather conditions, patterns or events, including drought or abnormally high rainfall, changes in general economic, business and financial market conditions, fluctuations in the value of benefit plan assets and liabilities that could increase our costs and funding requirements, changes in laws, governmental regulations and policies, including environmental, health and water quality and public utility regulations and policies, the decisions of governmental and regulatory bodies, including decisions to raise or lower rates, the timeliness of regulatory commissions’ actions concerning rates, migration into or out of our service territories, our ability to obtain permits for expansion projects, changes in customer demand for, and patterns of use of, water, such as may result from conservation efforts, the availability of adequate and cost-effective supplies of chemicals, electricity, fuel, water and other raw materials that are needed for our operations, our ability to successfully acquire and integrate water and wastewater systems that are complementary to our operations and the growth of our business, our ability to manage the expansion of our business, our ability to control operating expenses and to achieve efficiencies in our operations, access to sufficient capital on satisfactory terms, fluctuations in interest rates, restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends, changes in our credit rating, changes in capital requirements, the incurrence of impairment charges, difficulty in obtaining insurance at acceptable rates and on acceptable terms and conditions, ability to retain and attract qualified employees, cost overruns relating to improvements or the expansion of our operations, and civil disturbance or terrorist threats or acts or public apprehension about future disturbances or terrorist threats or acts.
For further information regarding risks and uncertainties associated with American Water’s business, please refer to American Water’s annual, quarterly and periodic SEC filings. The Company undertakes no duty to update any forward-looking statement.
Financial tables see news at www.amwater.com.
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Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
New Investing in Water News Feed Launched; Water Stocks News at Investorideas.com
New Investing in Water News Feed Launched; Water Stocks News at Investorideas.com
Featured Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
POINT ROBERTS, WA and DELTA, BC –November 9, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, launch the new water news feed for investors industry, Water Stocks News at Investorideas.com .
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml.
Water companies can submit news and press releases online to be included in the new syndicated feed at
http://www1.investorideas.com/NewsUploader/Default.aspx.
www.Water-Stocks.com, an investor portal within the InvestorIdeas.com content umbrella, offers water investors sector- close- ups, research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Investorideas.com and its water portal www.Water-Stocks.com will be expanding current water investing content with additional commentary and analysis from well- known industry experts.
Investors can research global water stocks at the Water Stocks Directory
The Investorideas.com Water Stocks Index - Published at www.investinwhoyouare.com
Index based on 9 water stocks from the global water stocks directory at www.Investorideas.com and www.water-stocks.com.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Featured Water Stock Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc Showcase Profile Page
Wescorp Energy Inc. (OTCBB: WSCE) is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Virtually anywhere in the world oil is produced contaminated water is produced, this includes associated formation water in conventional oil and gas production and potable water used in unconventional oil production such as the massive Oil Sands development in Alberta Canada.
Using conventional oil/water/solids separation technology, between 0.05% - 5% (500 ppm - 50,000 ppm) residual oil content remains in the water, Wescorp's patented, proven and highly scalable H2Omaxx microscopic aeration technology addresses this crisis by being able to increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is extremely economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
About Investars
www.investinwhoyouare.com is owned by Investars
Investars is dedicated to helping investors enhance investment performance through innovative supply chain management tools, indexing and structured products, as well as unique media content. Our clients benefit from customized analytics designed to help them identify alpha generating investment ideas according to their own investment style and risk tolerance levels.
About us
Visit the Investorideas.com Marketplace for water opportunities for business and investors
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies including Wescorp Energy (WSCE), news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
http://www.investorideas.com/Water-Stocks/Stock_List.asp
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Featured Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
POINT ROBERTS, WA and DELTA, BC –November 9, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, launch the new water news feed for investors industry, Water Stocks News at Investorideas.com .
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml.
Water companies can submit news and press releases online to be included in the new syndicated feed at
http://www1.investorideas.com/NewsUploader/Default.aspx.
www.Water-Stocks.com, an investor portal within the InvestorIdeas.com content umbrella, offers water investors sector- close- ups, research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Investorideas.com and its water portal www.Water-Stocks.com will be expanding current water investing content with additional commentary and analysis from well- known industry experts.
Investors can research global water stocks at the Water Stocks Directory
The Investorideas.com Water Stocks Index - Published at www.investinwhoyouare.com
Index based on 9 water stocks from the global water stocks directory at www.Investorideas.com and www.water-stocks.com.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Featured Water Stock Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc Showcase Profile Page
Wescorp Energy Inc. (OTCBB: WSCE) is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Virtually anywhere in the world oil is produced contaminated water is produced, this includes associated formation water in conventional oil and gas production and potable water used in unconventional oil production such as the massive Oil Sands development in Alberta Canada.
Using conventional oil/water/solids separation technology, between 0.05% - 5% (500 ppm - 50,000 ppm) residual oil content remains in the water, Wescorp's patented, proven and highly scalable H2Omaxx microscopic aeration technology addresses this crisis by being able to increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is extremely economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
About Investars
www.investinwhoyouare.com is owned by Investars
Investars is dedicated to helping investors enhance investment performance through innovative supply chain management tools, indexing and structured products, as well as unique media content. Our clients benefit from customized analytics designed to help them identify alpha generating investment ideas according to their own investment style and risk tolerance levels.
About us
Visit the Investorideas.com Marketplace for water opportunities for business and investors
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies including Wescorp Energy (WSCE), news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Visit the water stocks directory at Investorideas.com and Water-stocks.com
http://www.investorideas.com/Water-Stocks/Stock_List.asp
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Sunday, November 8, 2009
Water Stocks News - Ocean Power Technologies (NASDAQ:OPTT)(LSE:OPT) Project Wins A $66.5m Award from Australian Federal Government
Water Stocks News - Ocean Power Technologies (NASDAQ:OPTT)(LSE:OPT) Project Wins A $66.5m Award from Australian Federal Government
PENNINGTON, N.J--Ocean Power Technologies (Australasia) Pty Ltd (“OPTA”), a subsidiary of Ocean Power Technologies, Inc. (NASDAQ:OPTT)(LSE:OPT) is pleased to announce that, in partnership with Leighton Contractors Pty Ltd (“Leighton”), it has received a A$66.46 million grant from the Federal Government of Australia to build a 19 MW wave power project off the coast of Victoria, Australia.
The award is one of four renewable energy projects approved by the Federal Government after considering over 30 applications, and is the sole wave energy venture.
The Government funding will be used by OPTA and Leighton to advance the construction of a wave power station to be built in three phases off the coast of Victoria near the city of Portland, with a total expected capacity of 19 MW – sufficient to fulfill the energy needs of approximately 10,000 homes. The project is to be developed by a special purpose company, Victorian Wave Partners Pty Ltd, that was formed by OPTA and Leighton following the signing of an agreement (as announced December 19, 2008) to collaborate in pursuing wave power projects off the east and south coasts of Australia. It is expected that work will begin on the project by the second quarter of calendar year 2010.
Dr. George W. Taylor, founder and Executive Chairman of OPT, and Chief Executive of OPTA, said: “We are delighted to have received this vote of confidence from the Australian Federal Government, which has taken a bold step to spur adoption of renewables and wave energy in particular. Our Victoria, Australia project is expected to be one of the first utility-scale wave energy projects globally, and the latest example of OPT’s lead in turning wave energy technology into a commercial reality worldwide.” Taylor, who was born and educated in Australia, continued, “We are delighted to have this opportunity to use OPT’s PowerBuoy® technology in Australia.”
The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling A$235 million to four renewable energy projects, aimed at meeting the Government’s target of generating 20% of the country’s energy needs from renewable sources by 2020.
The grant is conditional on the signing of a Funding Deed stipulating the conditions for the grant, which includes funding milestones. Victorian Wave Partners will be required to seek additional funding to enable the completion of the 19 MW wave power station.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at http://www.oceanpowertechnologies.com/.
About Leighton Holdings Limited
Leighton Holdings Limited is the parent company of Australia’s largest project development and contracting group. Founded in Victoria in 1949, the organization has grown from a small, privately owned civil engineering firm into a dynamic group that includes Thiess, John Holland, Leighton Properties, Leighton Contractors, Leighton International and Leighton Asia. With 37,000 employees, the Group’s operations are throughout the Asia-Pacific region on projects in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, the Philippines, Thailand, Vietnam, China, Taiwan, Sri Lanka, Macau, India and the Gulf Region. Leighton Holdings is listed on the Australian Stock Exchange (ASX:LEI) and has its head office in Sydney. Leighton Contractors is committed to becoming a leader in the renewable energy sector and has been involved in a number of sustainable energy projects in recent years, including the design and construction of numerous wind farms, biofuel projects and clean power stations throughout Australia.
Visit the water stocks directory at Investorideas.com and
Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
PENNINGTON, N.J--Ocean Power Technologies (Australasia) Pty Ltd (“OPTA”), a subsidiary of Ocean Power Technologies, Inc. (NASDAQ:OPTT)(LSE:OPT) is pleased to announce that, in partnership with Leighton Contractors Pty Ltd (“Leighton”), it has received a A$66.46 million grant from the Federal Government of Australia to build a 19 MW wave power project off the coast of Victoria, Australia.
The award is one of four renewable energy projects approved by the Federal Government after considering over 30 applications, and is the sole wave energy venture.
The Government funding will be used by OPTA and Leighton to advance the construction of a wave power station to be built in three phases off the coast of Victoria near the city of Portland, with a total expected capacity of 19 MW – sufficient to fulfill the energy needs of approximately 10,000 homes. The project is to be developed by a special purpose company, Victorian Wave Partners Pty Ltd, that was formed by OPTA and Leighton following the signing of an agreement (as announced December 19, 2008) to collaborate in pursuing wave power projects off the east and south coasts of Australia. It is expected that work will begin on the project by the second quarter of calendar year 2010.
Dr. George W. Taylor, founder and Executive Chairman of OPT, and Chief Executive of OPTA, said: “We are delighted to have received this vote of confidence from the Australian Federal Government, which has taken a bold step to spur adoption of renewables and wave energy in particular. Our Victoria, Australia project is expected to be one of the first utility-scale wave energy projects globally, and the latest example of OPT’s lead in turning wave energy technology into a commercial reality worldwide.” Taylor, who was born and educated in Australia, continued, “We are delighted to have this opportunity to use OPT’s PowerBuoy® technology in Australia.”
The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling A$235 million to four renewable energy projects, aimed at meeting the Government’s target of generating 20% of the country’s energy needs from renewable sources by 2020.
The grant is conditional on the signing of a Funding Deed stipulating the conditions for the grant, which includes funding milestones. Victorian Wave Partners will be required to seek additional funding to enable the completion of the 19 MW wave power station.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at http://www.oceanpowertechnologies.com/.
About Leighton Holdings Limited
Leighton Holdings Limited is the parent company of Australia’s largest project development and contracting group. Founded in Victoria in 1949, the organization has grown from a small, privately owned civil engineering firm into a dynamic group that includes Thiess, John Holland, Leighton Properties, Leighton Contractors, Leighton International and Leighton Asia. With 37,000 employees, the Group’s operations are throughout the Asia-Pacific region on projects in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, the Philippines, Thailand, Vietnam, China, Taiwan, Sri Lanka, Macau, India and the Gulf Region. Leighton Holdings is listed on the Australian Stock Exchange (ASX:LEI) and has its head office in Sydney. Leighton Contractors is committed to becoming a leader in the renewable energy sector and has been involved in a number of sustainable energy projects in recent years, including the design and construction of numerous wind farms, biofuel projects and clean power stations throughout Australia.
Visit the water stocks directory at Investorideas.com and
Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Friday, November 6, 2009
New water stocks news feed at Investorideas.com and www.water-stocks.com
New water stocks news feed at Investorideas.com and www.water-stocks.com
Investors can subscribe to get water stocks news
http://www.investorideas.com/RSS/feeds/Water-Stocks.xml
Companies can submit and publish water news -
http://www1.investorideas.com/NewsUploader/Default.aspx
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors can subscribe to get water stocks news
http://www.investorideas.com/RSS/feeds/Water-Stocks.xml
Companies can submit and publish water news -
http://www1.investorideas.com/NewsUploader/Default.aspx
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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