Axcess News: US Department of Energy Funds Solar Program
Pennington NJ, Sep 13, 2004 M2 PRESSWIRE
AXcess News (www.axcessnews.com) released a story covering alternative energy stocks that focused on the US Department of Energy`s funding of an alternative energy resource program for the Quinault Indian Nation in which WorldWater Corporation (OTCBB: WWAT) was chosen to assess implementation of renewable energy systems for the tribe's Quinault Beach Resort and Casino.
Over the last two years, the Program has entered into agreements with 38 tribes and provided $7.5 million to tribes to explore and pursue renewable energy options.
WorldWater announced the QIN agreement Friday. That news marked the first DOE program of this type for the developer of solar powered pumping technology.
Friday's news follows a string of recent projects, each a model for more sales within their respective market applications.
The company's annual shareholder meeting was also held Friday in Hopewell, New Jersey. CEO Quentin Kelly said, "I'm looking forward to telling the shareholders about the past year's many important milestones, especially the successful projects where we've been able to demonstrate the real-world viability of our products and technology in several of the world's largest solar power projects."
Kelly's company introduced new employees and updated shareholders on the move to its Fullerton California office as well showing a video that illustrated WorldWater's products.
Reactions by shareholders were mixed as 3,866,544 shares traded hands Friday, pushing WorldWater's shares down 7 cents or 24.17% in a frenzy of trading more than fifteen times the 90-day average daily trading volume of 246,954 shares.
Alternative energy stocks, known for their sensitivity to market conditions, had mixed results Friday as energy investors grew nervous over rising oil prices and hurricane Ivan's approach across the Gulf of Mexico. WorldWater's shares (OTCBB: WWAT) closed at $.22, down 7 cents. Ultralife (NASDAQ: ULBI) closed Friday at $15.16, off 3 cents. Plug Power Inc. (NASDAQ: PLUG) closed at $6.39, down 19 cents. Fuelcell Energy, Inc. (NASDAQ: FCEL) closed at $10.40, up 44 cents. Quantum Fuel Systems Technologies, Inc. (NASDAQ: QTWW) closed Friday at $5.60, up 13 cents. Vestas Wind Systems (OTC: VWSYF) closed at $13.10, unchanged. Fuel-Tech NV (NASDAQ: FTEK) ended the session Friday at $4.65, up 1 cent.
More news on the investment horizon for the alternative energy sector can be found at AXcess News: http://www.axcessnews.com. This is an excerpt from the complete story.
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CONTACT: Eric Stevenson, Editor, AXcess News e-mail: eric@axcessnews.com WWW: http://www.axcessnews.com
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