Solar Energy Is Here To Stay

Solar Power Inc (OTC:SOPW) traded upwards 16.53% to close at $1.41 on news the company will team up with Aerojet to add an additional 2.4 megawatts to the photovoltaic solar power system currently installed at Aerojet’s Sacramento, California site. The system will be expanded to six megawatts and become the largest single-site industrial solar energy location in California and one of the largest in the country. California Governor Arnold Schwarzenegger signed an executive order on September 15th requiring that 33% of energy consumed in California come from renewable resources by the year 2020. Governor Schwarzenegger was quoted as saying, “The addition of this large-scale solar project is further evidence that reliable, renewable and pollution-free technology is here to stay.” Headquartered in Roseville, California, Solar Power Inc is a technology company which manufactures, installs, integrates, and sells photovoltaic panels or modules and solar systems which convert solar energy into electricity, primarily for consumers in the US.

Semiconductor Manufacturing Int’l (ADR) (NYSE:SMI) climbed 60.33% to close at $3.88 on news the company has settled all pending lawsuits with Taiwan Semiconductor Manufacturing Company Ltd. Terms of the settlement includes payment to Taiwan Semiconductor Manufacturing Company of an aggregate of US$200 million payable upon instalments over the next four years. The settlement also grants Taiwan Semiconductor Manufacturing Company 1,789,493,218 shares of SMI (representing roughly 8% of SMI’s issued share capital) and a warrant to purchase 695,914,030 additional shares of SMI, which would allow Taiwan Semiconductor Manufacturing Company to obtain approximately 10% of SMI’s issued share capital. The terms include measures in the case of a breach of these conditions. Headquartered in Shanghai, China, Semiconductor Manufacturing International Corporation designs, manufactures, packages and tests microchips used in almost all electronic equipment. The company’s semiconductors are used in computers, mobile telephones, digital televisions, digital cameras, DVD players, and other entertainment devices; as well as in consumer electronics, and automotive and industrial applications.