A spark for clean-energy companies
Three area companies will receive a boost in developing and producing their clean-energy products as a result of tax credits awarded to them with federal stimulus money.
GreenRay Inc. of Westford, Premium Power Corp. of North Reading, and Spire Semiconductor LLC of Hudson, N.H., are among the companies nationwide sharing $2.3 billion in tax credits announced last month by President Obama.
The program will provide 30 percent tax credits for investments in 183 projects in 43 states, according to an announcement by the White House.
The tax credits were allocated on a competitive basis, based on such factors as commercial viability; domestic job creation; technological innovation; speed to project completion; diversity of geography, technology, and project size; and regional economic development.
Miles Russell, CEO of GreenRay, said the award of a $180,000 tax credit for his company, which makes solar-panel systems, was a “very pleasant surprise.’’
’’We are very happy about it,’’ he said. Formed in 2006 by a team of industry veterans, GreenRay has developed a “plug and play’’ solar panel that is designed to greatly simplify the task and lower the cost of installing residential solar systems.
The new product is an AC module that is created by affixing an alternating-current inverter to a solar panel, turning the direct-current electricity generated by the panel into the AC power used by households. Traditional systems route the DC power from a solar array to a central converter.
’’It’s a way to simplify solar so that it’s easy to understand, easy to work with, easy to install, and accessible to a broader audience,’’ Russell said.
The federal tax credit will help GreenRay expand its Westford facility and add the equipment needed to begin pilot production of its AC module this spring, he said.
Spire Semiconductor, a wholly owned subsidiary of Bedford, Mass.-based
For the past year, Spire Semiconductor has been under contract with the US Department of Energy to develop a high-efficiency solar cell, a process that is expected to be completed by September. At that time, he said, the company plans to begin commercially manufacturing the new cell for use in larger systems.
Gagnon said the $2.04 million tax credit will assist Spire in meeting the cost of building out and equipping its Hudson facility. He said it would help generate new jobs, although the number is not yet known.
In a prepared statement, the company said, “Spire Semiconductor is grateful for being selected to participate’’ in the federal program. “This award displays strong support for our very high efficiency concentrator photovoltaic technology, and will enable us to continue our path toward commercialization.’’
Founded in 2002, Premium Power manufactures energy-storage systems that it markets to utilities and other businesses.
The storage systems, which function like large batteries, can be particularly useful in enabling utility grids to harness solar, wind and other alternative sources of power that have “a lot of variables to them,’’ said William O’Donnell, Premium Power’s director of programs and products. “The sun doesn’t shine all the time. The wind doesn’t blow all the time. To counter that variability, you need some form of energy storage.’’
He said the $3 million tax credit awarded to Premium Power will provide capital for expanding its manufacturing capacity to meet the growing demand for its line of energy- management products.
“It’s going to help us grow, and I think that’s important because it’s a new industry,’’ O’Donnell said.
“It’s a new opportunity for jobs for people and it’s going to enable this whole new advanced energy grid . . . We are excited to be part of that.’’
