Alternative Energy Trade Option: Energy Conversion Devices Inc. (ENER) Review
  • Stock Alert for Energy Conversion Devices Inc. (ENER)
  • Stock Alert for Energy Conversion Devices Inc. (ENER)
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    Renewable Energy Trade Option: Energy Conversion Devices Review

    Renewable Energy Trade Option: Energy Conversion Devices Review

    Shares of Energy Conversion Devices Inc. (NASDAQ: ENER), a global provider of lightweight, flexible solar products and systems for the building-integrated and commercial rooftop market, gained 42% to close at $0.29, with close to 3.15 million shares exchanged. Wednesday’s trading volume was nearly four times the 10-day average.

    ENER shares have gained 29.5% in the last five days, though the stock fell 12.1% in the last month.  Year-to-date, the stock is down 93.7%.

    A pioneer materials science and renewable energy technology development, Energy Conversion Devices has been awarded over 500 U.S. patents and international counterparts for its achievements. The company manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD also pioneers other alternative technologies – including being the inventor and developer of NiMH to licensees worldwide and a new type of nonvolatile digital memory technology that is significantly faster and less expensive, ideal for use in a variety of applications, including cell phones, digital cameras and personal computers.

    During its first quarter of fiscal year 2012, which ended September 30, 2011, Energy Conversion Devices reported total consolidated revenue from continuing operations of $22.0 million, down from $65.3 million in the first quarter of fiscal year 2011, and $70.5 million in the fourth quarter of fiscal year 2011.

    The Company realized a net loss from continuing operations of $57.5 million, which includes a non-cash impairment charge of $34.3 million. This result compares to a net loss of $15.4 million in the year ago period and $42.8 million in the prior quarter.

    Energy Conversion Devices has recently undergone a strategic corporate restructuring involving significant leadership changes, staffing and fixed cost reductions and a repositioning of its corporate strategy.

    This restructuring program calls on the company to broaden its geographic reach and to expand its addressable markets with new product launches and through its Open Solar initiative.  Energy Conversion Devices is also focused on increasing the sunlight-to-electricity conversion efficiency of its products to improve marketability and reduce production costs. As part of its decision to focus on its solar business, the company is also in the process of divesting its Ovonic Battery company subsidiary.

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