SolarCity Earnings – Mixed Results But Good Prospects (CleanTechnica)
SolarCity Corp (NASDAQ:SCTY) has been one of the hottest alternative energy stocks since its Initial Public Offering five short months ago. Yesterday it shot up 24% in one day, on the largest one-day volume since it opened, in anticipation of its quarterly earnings release. It is up 95% in the past three months, and has more than tripled from its initial trading price. As of this writing SCTY has given back about a third of yesterday’s stratospheric gains.
SolarCity Corp (NASDAQ:SCTY)’s earnings results were mixed, showing steady revenues, but also a net loss for the first quarter of 2013. It’s disconcerting that net income has been negative for the past four quarters, and on a per share basis, the most recent losses were 28% greater than analyst expectations. Revenues, on the other hand, came in ahead of analyst estimates, but just barely.
SolarCity, Goldman Sachs create $500M solar fund (San Francisco Business Times)
Goldman Sachs Group, Inc. (NYSE:GS) is putting its money on solar. Goldman Sachs Group Inc. has created a $500 million solar lease fund to finance solar projects by San Mateo-based SolarCity Corp (NASDAQ:SCTY). The infusion will make it possible for SolarCity, one of the Bay Area’s biggest and best-performing cleantech companies, to fund installation of 110 megawatts of residential solar.
SolarCity Shifts Its Home Efficiency Strategy (Greentech Media)
GTM and Stephen Lacey have been looking very hard at energy efficiency audit science and businesses. So has SolarCity Corp (NASDAQ:SCTY). And SolarCity has decided to change its energy efficiency strategy. SolarCity moved further into energy efficiency in 2012 with financing from Admirals Bank, and “by making energy-saving measures more accessible and affordable,” said CEO Lyndon Rive at the time. Admirals Bank, a federal savings bank with a history in home improvement, was to provide $2,500 to $15,000 per customer for efficiency measures to reduce a homeowner’s natural gas and electricity costs by 20 percent to 50 percent.
SolarCity Continues Rocket Ride (Benzinga)
According to Elon Musk’s Wikipedia page, he first conceived of the idea for SolarCity Corp (NASDAQ:SCTY), a company founded by his cousins Lyndon and Peter Rive, at the annual Burning Man festival in the Nevada desert. Like many of Musk’s various inspirations, today SolarCity Corp (NASDAQ:SCTY) is a thriving company sporting a market-cap of around $2.65 billion. Investors who bought in at the IPO price in December 2012 have already realized gains well in excess of 300 percent. In recent months, as the share price of both Tesla and Solar City have soared, so has Musk’s net worth. Today, he is worth an estimated $4.3 billion after basically going completely cash broke as recently as 2010.
SolarCity And Forest City Installing Solar Panels On Nearly 6,500 Military Homes (CleanTechnica)
SolarCity Corp (NASDAQ:SCTY) and Forest City Communities announced last week the start of a project providing solar energy for 6,500 military homes at the Marine Corps Base and the Navy Region in Hawaii, located in the Ohana Military Communities (OMC). When completed, the first phase of the five-year SolarStrong project will have 24 MW of solar energy. Already, 700 KW of solar capacity has been installed on the Hawaiian Marine Corps Base, with further installation set soon for Navy Bases at OMC.