Webber Research: Renewables Weekly

Webber Research: Renewables Weekly 11/18/2020

• Highlights:
  • PLUG – $846MM Public Offering
  • ENPH ACM Partnership & Dist Agreement In The Philippines
  • BLNK Cable Management Solution
  • AMRC Completes Two Projects
  • FLR Collaboration With Sargent & Lundy On Modular Nuclear Plant
  • RIDE Business Updates
  • Vestas Orders In Poland & UK
  • SGRE Introduces Low-Wind Turbine
  • Nordex 302MW Order In Texas
  • DNV GL Certifies GE’s Haliade-X Prototype
  • US Net Electricity Generation
  • Solar PV Pricing
  • LCOE Benchmarks & Timeseries
  • Global Wind Turbine Market Share
  • Global Solar PV Inverter Market Share
  • US Wind & Solar Projects Announced Or In Early Development
• PLUG $846MM Public Offering: On 11/16 PLUG announced it would offer 38MM shares at $22.25 (11% discount to its previous close) for total proceeds of ~$846MM (upsized from $750MM). We note this is PLUG’s third public offering in the past year and adds to its $200MM convertible notes from May. PLUG ended Q3 with ~$450MM in unrestricted cash (+$700MM including restricted cash) which, even with significant Capex going to construction of the Gigafactory, we think was enough runway to 2023-2024 when PLUG is expected to start generating positive cash flow. The offering would bring PLUG’s pro forma cash balance to over $1.5B, which we think has less to do with added conservatism (after reporting positive Q3 EBITDA and raising its 2021 gross billings guidance last week) and more to do with accelerating its green hydrogen strategy, potential M&A, and/or other unannounced growth opportunities (partnerships in the US with a major software player or in the EU with an auto OEM). We’ll see…
• ENPH ACM Partnership & Distribution Agreement In The Philippines: On 11/16 ENPH announced an agreement with MSpectrum to distribute ENPH products to residential and commercial installers across the Philippines. IQ 7 products will be available in Q121. ENPH also announced a strategic partnership with DMEGC Solar Energy to develop a high-efficiency Enphase Energized AC Module (ACM) for the European solar market. The Mono PERC Black Enphase Energized ACM features IQ 7 microinverters and is currently available in France and the Netherlands.
• BLNK Cable Management Solution: On 11/16, BLNK introduced its new Cable Management Solution for new and existing EV Charger locations. The new system is compatible with rectangular and triangular pedestal charging stations as well as wall or pedestal mounted chargers. It also features a retraction mechanism similar to most gas pump designs for customer familiarity.
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