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New Growth Seen in Alternative Energy Markets
New Growth Seen in Alternative Energy Markets
Published 08-23-04
Submitted by AXcess News
Difficult to track, said analysts, alternative energy stocks are made up of small and micro cap companies that usually range just off the radar screen. One of those, WorldWater (OTCBB: WWAT), came on the screen Friday reporting a 262% rise in sales for the 2nd quarter. The company reported revenue of $3,375,628 for the quarter ended June 30, 2004, compared to $48,916 in the same period the prior year.
WorldWater attributed its growth to demand for its PV solar pumping system. Dubbed the "AquaMax", WorldWater's PV system can provide remote electric generation from solar panels that can drive pumps as large as 600hp. Conventional solar powered pumps can only manage 5hp.
While alternative energy stocks are trading up, driving that demand is fear of increasing fuel costs and short supplies. The United States now imports about 57% of its crude oil, but only 16% of its natural gas, and nearly all of that comes by pipeline from Canada. By 2025, according to recent Energy Department estimates, the country will be consuming 37% more gas - 31.2 trillion cubic feet a year, compared with 22.8 trillion in 2002.
Those alternative energy stocks making the news after Friday's energy fears hit investors were, Ultralife (NASDAQ: ULBI), whose shares were under a short play until recently. The battery manufacturer closed Friday at $15.09, up $2.99 or 24.71%. Plug Power Inc. (NASDAQ: PLUG) followed, closing at $5.71, up 28 cents or 5.16%. The Laytham NY company announced that its GenSys product had met California's new emissions requirement. Fuelcell Energy, Inc. (NASDAQ: FCEL) closed at $8.95, up 37 cents or 4.31%. Fuelcell announced an earnings call scheduled for Aug 31. WorldWater (OTCBB: WWAT) closed at $0.31, up 1 cent or 3.33%. The company released its 2nd quarter results following the close in New York. Quantum Fuel Systems Technologies, Inc. (NASDAQ: QTWW), a fuel-cell manufacturer, closed at $5.00, down 1 cent or .01%. Vestas Wind Systems (OTC: VWSYF), which makes wind turbines, closed at $12.80, down 1 dollar or 4.12%. No news was available to indicate why its shares fell. Fuel-Tech NV (NASDAQ: FTEK) closed at $4.23, up 10 cents or 2.42%. The air-pollution control company released 2nd quarter results managing to slash losses in half and increase revenue.
While many of the hot plays in the alternative energy sector are in small and micro cap stocks, the sector itself is made up of companies in a broad range of businesses and as a whole, aren't tracked by analysts as a group, though companies like WorldWater are beginning to get attention.
More news on the investment horizon for the alternative energy sector can be found at AXcess News: www.axcessnews.com. This is an excerpt from the complete story.
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