Archive for the ‘WorldWater & Solar Technologies Corp. WWAT’ Category

WorldWater & Solar Technologies Corp. (WWAT.OB) Releases 3Q Results, Highlights Large Scale Projects

Tuesday, November 11th, 2008

Along with records revenues, WorldWater & Solar Technologies Corp (WWAT) also reported a gross loss in the third quarter, ending Sept. 30. WorldWater reported a $2.3 million gross loss for the quarter. Offsetting that news was a significant increase in revenues to $6.5 million compared with $4.4 million over the same time last year. Installations for the Valley Center Municipal Water District of Valley Center, California and a Denver International Airport project were the two biggest contributions of that revenue.

The gross loss in 2008 was primarily the result of a solar project for the town of Windsor, Calif. that was terminated in September. “After many months of effort, securing financing for the Windsor project with terms acceptable to the company, was not achieved and the financing contingency of the agreement was invoked,” a company news release said.

“We are in the process of building the engineering, design, manufacturing, project management, project financing and administrative support infrastructure necessary to support our aggressive growth plans,” said CEO Frank Smith. “We are placing significant emphasis on building a strong team that is technically competent, market focused, process oriented and highly disciplined.”

Worldwater also continues settling into its merger with ENTECH. It’s now a subsidiary of Worldwater. They recently exhibited at the Solar Power Trade Show in San Diego, highlighting ENTECH’s concentrator photovoltaic (CPV) and solar thermal products, which can deliver solar electricity and hot water simultaneously.

“The Board and I, along with all our senior staff, are committed to successfully commercializing ENTECH, leveraging its brand and technology, and moving the company in a new and profitable direction,” Smith said. “This will take time, but we are confident we are on the right track.”

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Worldwater & Solar Technologies Corp. (WWAT.OB) Steps Up to the Next Level of Solar Power Generation

Friday, September 12th, 2008

Making the transition from a small company with a dream to a thriving concern on the move is never an easy task. There are bound to be miscues and readjustments before the best model is found. If the idea and concept are sound, however, this type of company will overcome and become a profitable participant in the marketplace. Keeping an eye on its progress is the key.

Worldwater & Solar Technologies Corp., a solar engineering and project management company, works to manufacture and install solar power systems both domestically and internationally. The company manufactures and sells both solar power systems and solar water power systems.

In a general sense, the company operates in two divisions, solar power project management for commercial and residential customers, and independent solar systems directed at the pumping and management of water. Its water systems include stand-alone products which pump and/or filter water in conditions that may be removed from fixed sources of power. These systems include: Aqua Max for irrigation pumping, refrigeration and cooling; AquaDrive for AC/DC current conversion; MobileMax Power for power generation at remote pumping stations; and MobileMax Pure, which is designed for contaminant and particle filtration. The company, however, focuses on its residential and commercial projects in tandem with recently acquired ENTECH Inc.

In recent posts, a discussion of the company’s bidding and project concentration practices was undertaken. Since that post, the company has solidified its position and begun a more directed approach to its operations. Its largest project, located at the Denver International Airport, has been dedicated, and its California airport project has been accounted for. Where, in the past, the company was investigating international projects for its solar water pumping and filtration projects, it has now redirected its efforts toward the domestic commercial, industrial and residential markets.

Although the company is making significant strides in its redirection, emphasizing its move to a transparent going concern, it is still generating net losses. It has solidified its base with a manufacturing facility to take advantage of ENTECH’s solar tracking capabilities, but has incurred increased head count and associated costs to make the move happen. The company is certainly making all the right moves, but still needs to settle operations as it moves forward.

Perhaps the most impressive advance that the company has made since its last update is its announced ability to compete with typical power generators without tax benefits. ENTECH’s addition has let the company track the sun’s rays more efficiently and, as a result, reduce the amount of silicon and other materials needed for flat panel arrays to generate needed output. ENTECH’s arrival has also added a frequency regulation element to the company’s arsenal of offerings. Given that Federal tax incentives are in doubt for renewal at the end of 2008, this will allow the company to compete at an advantage.

As solar power works to find its commercial viability as an alternative energy source, Worldwater & Solar Technologies Corp. is making excellent progress in establishing itself as a leading player. The alternative energy markets have been having a rough go in recent months, as energy markets readjust, but Worldwater does appear to be getting over the hump and ready to be a long-term profitable player for some time to come.

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WorldWater & Solar Technologies’ (WWAT.OB) Stock Falls to 52-Week Low on Second Quarter 2008 Earnings Report

Tuesday, August 19th, 2008

WorldWater & Solar Technologies Corp. (WWAT.OB), a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology, recently announced its second quarter 2008 financial results. The company’s shares fell to a 52-week low earlier this week after reporting a net loss of $24 million, or $0.12 per share for the second quarter of 2008, compared with a net loss of $2.8 million, or $0.02 per share during the second quarter of 2007.

The company’s revenue for the second quarter totaled $7.6 million, up considerably from the $2.2 million in revenue reported during the second quarter of 2007. This revenue increase was mainly driven by the company’s project at Denver International Airport and the recently dedicated installation at Fresno International Airport.

Despite the company’s net loss for the quarter, senior management of WorldWater & Solar Technologies Corp. remains optimistic regarding its outlook for 2009. According to Frank Smith, the company’s chief executive officer, WorldWater & Solar Technologies has the funding and technology necessary to pursue numerous attractive opportunities as the company seeks to differentiate itself within the industry.

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Worldwater & Solar Technologies Corp. (WWAT.OB) Posts 10 Fold Increase in High-Powered Solar Generator Motor Revenues

Friday, June 20th, 2008

A new market is one where a company can follow the herd or look for new and potentially profitable ways to take advantage of it. The easy way is to work within the more conventional end-use applications. The more difficult way is to step back, look for a need to fill within the market, and go after filling that need. This is the way to beat other companies to the punch and thereby profit by it.

Worldwater & Solar Technologies Corp., a solar-electric water and engineering company, works to offer solar power solutions to high-powered mechanical motor applications. When a high-power motor is needed to run an application, such as a water pumping system, the company provides a solar solution to powering that motor as circumstances dictate. The solar-powered systems that the company offers can run in several configurations; in combination with grid power, with grid power alone, on solar power alone, or as a supplement to the grid as a revenue generator.

The company has been awarded several projects through the past year, validating its patented technologies. Two of the company’s projects, Denver International Airport and Fresno Yosemite Airport, have either been completed or are in process. These two projects, however, proved to be learning situations, as the company found issues relating to its business and bidding processes. They did, in the end, prove the company’s technologies, and this has since lead to new contracts which were bid in more realistic terms. As a result of these projects and a firm belief that the company is moving forward in a profitable way, a private placement of Series F Worldwater stock was issues to the Querus Trust, generating $35.6 million. Full funding of the company going forward appears to be secure.

Although the company’s past projects have been more cosmopolitan in nature, the worldwide opportunities available to the company’s products are nearly limitless. Water issues are an increasing problem in many rural regions, where pumping of water for irrigation and other needs can mean the difference between a solid food crop and starvation. In many instances, a reliable source of power is nowhere to be found or, in many situations, less than adequate to provide the type of power needed to get the job done. Worldwater & Solar Technologies Corp. has found a niche within the developing solar market that has both economic and social benefits. It is a growing company filling a need and ready to profit by it.

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WorldWater & Solar Technologies Corp. (WWAT.OB) Announces Record Revenues and Extensive Project Pipeline

Tuesday, March 18th, 2008

WorldWater & Solar Technologies Corp. (OTCBB: WWAT) today announced its financial results for the fourth quarter and 12 months ended Dec. 31, 2007, posting record revenues for both periods. The international solar electric engineering and water management company highlighted its achievements regarding projects, secured contracts and completed acquisitions.

Fourth-quarter revenue was $10.9 million, up from $7.1 million for the same period of 2006, and up from $4.4 million reported in the third quarter of 2007. WorldWater attributed the increase partially to its projects and contracts, including its contract with the Fresno Yosemite Airport.

For the 12 months ended December 31, 2007, the company achieved revenue of $18.5 million, an increase over the $17.3 million reported in 2006.

“2007 was, as expected, a pivotal year for WorldWater & Solar Technologies,” Quentin T. Kelly, chairman of WorldWater stated in the press release. “We recorded our highest revenue ever – $18.5 million – and won some very large contracts, including innovative solar installations for the Denver International Airport and Fresno Yosemite Airport. In addition, we expanded our offices, hired critical staff, and signed letters of intent for a number of next-generation solar farms in Europe.”

Kelly also noted the company’s acquisition of ENTECH, the success in raising $35 million in funds from Quercus Trust, and the addition of new members to the company’s board of directors – all of which are expected to boost the company’s long-term growth outlook. WorldWater has many plans for the near and long-term future, and intends to complete 50 MW production lines for ENTECH modules in Texas within the next few quarters.

“We are very excited about the future for the company, both in 2008 and beyond. We appreciate our shareholders’ commitment and patience. With our extensive pipeline of projects, cutting-edge technology, and dedicated staff, we expect the coming years to provide long-term, attractive returns for our investors,” Kelly stated.

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WorldWater & Solar Technologies Corp. (WWAT.OB) Joins Morrell Foundation and U.S. Marines in Iraqi Humanitarian Effort

Friday, February 22nd, 2008

WorldWater & Solar Technologies Corp. (OTCBB: WWAT) today announced it shipped $900,000 worth of its Mobile MaxPure solar water and power-supply units to Baghdad, to be distributed by the U.S. Marines. The 12 units, donated by the Morrell Foundation, will provide Iraqi farmers with nearly 30,000 gallons of clean water each day, to be used for drinking, irrigation or electric power.

“Within 30 minutes of setting up a Mobile MaxPure unit at its destination, the people living along the Euphrates River will be able to have their most basic needs met – clean water to drink and to grow their crops,” Quentin T. Kelly, chairman and CEO of WorldWater & Solar Technologies, said in a press release. “Currently Iraqi farmers do not have reliable power from the electric grid to operate their irrigation pumps or to treat their water for drinking, and the river is seriously polluted. Our units will turn the brackish water from the river into clean water instantly.”

Mobile MaxPure is a 7-foot cube that unfolds into a solar unit that can deliver 3.2 kilowatts of electrical power. Combined with WaterWorld & Solar Technologies’ patented AquaMax controls, Mobile MaxPure can pump and purify up to 30,000 gallons of water each day. Though the solar units run off sunlight or with a power grid, Mobile MaxPure also has a back-up generator and a battery bank for 24-hour use.

WorldWater & Solar Technologies Corporation is an international solar electric engineering and water management company, utilizing its patented technology to power motors and pumps up to 1000 hp.

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WorldWater & Solar Technologies Corp. (WWAT.OB) Announced Private Placement Contract

Friday, February 15th, 2008

WorldWater & Solar Technologies Corp (WWAT.OB), a leading developer of high power solar systems, announced that the company has raised $35.64 million from The Quercus Trust in a private placement contract. Specifically, WorldWater has issued 20,000 shares of WorldWater Series F Convertible

Preferred Stock at a price of $1,782.00 per share to Quercus. Quercus also received warrants to purchase 29 million additional shares of common stock at an exercise price of $1.815.

Prior to the date of February 8, The Quercus Trust and its affiliates already owned shares of WorldWater common stock, representing 11.5% of the equity ownership in the Company on a fully diluted basis. Once this agreement is finalized, the Quercus Trust and its affiliates will own approximately 24.1% of the equity ownership in WorldWater on a fully diluted basis.

“Thanks to the steadfast commitment of the Quercus Trust, WorldWater now has the funds critical to drive future growth,” said Quentin T. Kelly, Chairman and CEO. “A portion of the financing will be utilized to complete the construction of our 50 MW production plant in Texas, which is vital to the many large awards we are now pursuing. The funds will also be used to hire staff, support global expansion, and bolster our R&D. WorldWater is clearly positioned for a strong 2008 and, with the acquisition of ENTECH now complete, ramping up to meet the rapidly-developing demand for solar energy worldwide.”

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WorldWater & Solar Technologies Corp. (WWAT.OB) Names Scott Albertson as Vice President and General Manager of Entech

Thursday, January 31st, 2008

WorldWater & Solar Technologies Corp (WWAT.OB), a leading developer and marketer of proprietary high-power solar systems, announced that the company has elected Scott Albertson to serve as the Vice President and General Manager of ENTECH, Inc, a wholly owned subsidiary. The previously announced merger with ENTECH was completed on January 28, 2008, enabling WorldWater to start producing one of the world’s lowest-cost, high-value solar solutions.

Mr. Albertson will be responsible for managing the business operations of ENTECH. Since his initial role with the company, Alberston has been focused on developing construction lines for ENTECH’s 20X cells. The ENTECH concentrator solar cell produces 20 times the energy of a standard solar cell by using its proprietary optics and lenses.

Previous to this position, Mr. Albertson served as the Vice President of BP Solar – responsible for Quality and Reliability Systems, Logistics and New Business Development. Prior to this position, Mr. Alberston was employed with Corning Incorporated, serving as General Plant Manager and Business Unit Leader. Mr. Albertson is a graduate of the United States Naval Academy with a B.S. degree in engineering, mathematics and operational analysis.

Dr. Frank W. Smith, CEO of WWAT, stated, “Now that the merger with ENTECH is complete, Scott will be able to shift into full production in order to deliver on schedule the quantities needed to equip the large solar farms and distributed commercial energy we are negotiating to build in the U.S., Spain and Italy. We expect these modules to change the economics of solar system installations.”

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Beacon Equity Research Featured Company: WorldWater & Solar Technologies Corp. (WWAT.OB)

Thursday, December 20th, 2007

WorldWater & Solar Technologies Corp. (WWAT.OB) is an international solar engineering and water management company focused on providing solutions to issues regarding water supply and energy. The Company has created a patented solar electric system able to operate pumps and motors up to 1,000 horsepower for irrigation, refrigeration, and water utilities. Their innovative technology makes the company the first to deliver mainstream solar electric pumping capacity.

Currently there are no solar systems in the world that have the ability to run the high horsepower requirements of 50 to 1,000 hp pumps and AC motors other than WorldWater and Solar’s patented system, The AquaMax. The system advantageously combines solar power and AC power from the electrical grid, which eliminates large power surges to the motor and increases efficiency.

The demand for both water and energy are growing every day. WorldWater & Solar Technologies believes that these needs can be met without excessive costs. Because the company has built its business around this mission and on the principal that water and energy are valuable, WorldWater & Solar Technologies has situated itself to answer the national and global challenges ahead.

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WorldWater & Solar Technologies Corp. (WWAT) Receives Significant Purchase Order

Wednesday, December 12th, 2007

WorldWater & Solar Technologies Corp. (WWAT.OB), a leading developer and marketer of proprietary high-power solar systems, has announced that the company will ship 12 Mobile MaxPur solar water and power-supply units to the Euphrates Valley of Iraq These systems have been purchased for $900,000 by The Morrell Foundation, an international charitable foundation that provides clean water to people in need.

The portable Mobile MaxPur systems are able to supply 30,000 gallons of clean drinking water per day and can also provide a source of electric power for Iraqi farmers and their families. Mobile MaxPur is a stand-alone 7-foot cube that opens with the press of a button, unfolding a solar array that can deliver 3.2 kilowatts of electrical power. Furthermore, this system, through the use of the patented AquaMax controls, can also pump and purify up to 30,000 gallons of water daily.

Quentin T. Kelly, Chairman and CEO, stated, “The Iraqi farmers do not have reliable power from the electric grid to operate their irrigation pumps or treat their water for drinking. When we received an e-mail from the Marines at Camp Fallujah requesting water purification units, we moved immediately. Morrell and Millennium responded equally. I understand families are drinking directly from the river, which of course is seriously polluted. Within 30 minutes of Max’s arrival on site, the people will be able to drink purified water from the river and able to start irrigating crops.”

Paul Jeffries, CFO of the Morrell Foundation, added, “Dedicated to providing hope and assistance to people across the world, we are so pleased to work with WorldWater & Solar Technologies Corp. and the U.S. Military to provide this equipment, which we believe will be essential in helping to improve the quality of life to residents along the Euphrates River, as well as enabling them to provide basic needs for themselves. Passionate about humanity and helping others, this is an excellent example of the wide variety of programs that Morrell offers to assist people around the world that have been affected by natural disasters, armed conflict or poverty.”

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