Solar Industry Layoffs Hinge on Rebate Revival

Source: Denver Post, Steve Raabe (3/7/11)

"Utility argues incentives are no longer necessary; competitors have nosedived."

Colorado's solar-energy installation sector warned Friday of job cuts and business failures as state regulators ordered negotiations on Xcel Energy's controversial suspension of an incentive program.

The Colorado Public Utilities Commission has given Xcel and solar officials until Thursday to craft a settlement on whether the rebate program should be resurrected and at what level.

If the parties can't reach an agreement, the PUC will consider issuing its own order on the program, which offers rebates and credits to customers for installation of small-scale solar electric systems.

Solar-energy representatives said their businesses have nosedived since Xcel announced Feb. 16 that it was cutting the incentives by at least 15% and up to 47% pending regulatory approval.

One day later, Xcel said it was suspending all rebates until the PUC ruled on its incentive-cutting proposal.

Solar-industry officials said half of the sector's 5,300 jobs in Colorado are at risk.

Namaste Solar, one of the state's largest installers, has laid off 12 workers—16% of its workforce—since the incentive program was suspended.

Xcel Energy said the costs of solar panels have dropped sharply in recent years and customers no longer need big rebates to justify system costs.

The utility said that in 2010 it collected about $50 million from the bill charge, yet paid out $67 million in incentives. This year, it projects the payout at $97 million, even at reduced rebate levels.

The Colorado Solar Energy Industries Association recently filed an emergency motion with the PUC, seeking an order to reinstate the incentive program.

PUC commissioners did not rule on the motion, instead asking the two sides to negotiate a settlement over the next week.

Novavax Shares Shoot 65% Higher on Phase 3 COVID-19 Vaccine Trial's 89.3% Effectiveness
Source: Streetwise Reports (01/29/2021)

Novavax Inc. shares established a new 52-week high after the firm's COVID-19 vaccine demonstrated an 89.3% efficacy rate in a Phase 3 trial in the U.K. and also showed efficacy against the South African variant in a Phase 2b trial.

Abiomed Shares Gain 8% After Firm Announces Record Q3 Revenue of $232 Million
Source: Streetwise Reports (01/28/2021)

Shares of cardiac medical device maker Abiomed Inc. traded higher after the company reported record revenue for Q3/21 despite the impact from COVID-19.

Sorrento Shares Rise 35% After Firm Posts Positive Data from Phase 1b ICU COVID-19 Trial
Source: Streetwise Reports (01/27/2021)

Shares of Sorrento Therapeutics traded higher after the company released positive preliminary results from it of Phase 1b COVI-MSC™ Study for treatment of hospitalized ICU COVID-19 patients.

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Vir Shares Climb 48% on Initial Phase 1 Chronic Hepatitis B Trial Data
Source: Streetwise Reports (01/26/2021)

Vir Biotechnology shares traded higher after the company reported data from its Phase 1 Chronic Hepatitis B Study that showed VIR-3434 significantly and rapidly reduced hepatitis B surface antigen.

Aurinia Pharma Shares Open at 52-Week High as FDA Approves Adult Lupus Nephritis Drug
Source: Streetwise Reports (01/25/2021)

Shares of Aurinia Pharmaceuticals traded 30% higher after the company reported that the U.S. Food and Drug Administration approved its LUPKYNIS™ (voclosporin) for use in treating adults with active lupus nephritis.

AzurRx Doses First Two People in Expanded Phase 2b Trial of Cystic Fibrosis Patients
Source: Streetwise Reports (01/22/2021)

AzurRx BioPharma shares traded 45% higher after the firm advised it had dosed the first two patients in its Phase 2b OPTION 2 Extension Study of MS1819 for treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis.

NGL Energy Shares Rise 21% as It Seeks to Raise $2.05 Billion from Senior Secured Note Offering
Source: Streetwise Reports (01/21/2021)

Shares of NGL Energy Partners LP traded higher after the firm made a series of announcements over the past three days regarding an update on financial operations, a settlement with a customer in bankruptcy, a quarterly Class D unit distribution and a $2.05 billion senior secured debt offering.

Explorer Discovers New Gold Mineralization at Abitibi Gold Belt Property
Source: Streetwise Reports (01/21/2021)

iMetal Resources is setting out to see if the multi-million ounce gold resource next door continues onto its Gowganda West property in Ontario.

Gritstone Oncology Licenses LNP Platform from Genevant Sciences to Develop COVID-19 Vaccine
Source: Streetwise Reports (01/20/2021)

Shares of Gritstone Oncology reached a new 52-week high price after the company advised it entered into a non-exclusive licensing agreement with Genevant Sciences to develop and commercialize self-amplifying RNA vaccines for use against SARS-CoV-2.