essar shipping ltd. now essar shipping ports & logistics limited is an indian shipping corporation for the global energy business .

the company is a part of essar group .

it was started in 1945 and incorporated in 2010 .

the company is listed in bombay stock exchange bse : 500630 .

the company headquarters is located in mumbai .

the company 's fleet handles a daily average of eight million barrels of crude oil , 320,000 barrels of petroleum products and 355,000 tons of dry bulk cargo .

the company currently has a fleet of 26 vessels , with an additional 12 new ships on order .

it provides contract drilling services to global oil majors , with a fleet of 13 onshore rigs and one semi-submersible offshore rig ; two new jack-up rigs on order .

essar shipping ports & logistics ltd was the first indian shipping company to obtain the international safety management code ( ism ) in 1995 and is also iso 14001 certified .

the company has proposed to maximise the fleet in 2017-18 by adding new vlccs & ulccs .

essar shipping

essar shipping <EOT> essar shipping stock price , share price , live bse / nse , essar shipping bids offers . buy / sell essar shipping news & tips and latest announcements - ndtv

indian shipping corporation essar shipping ltd ( esl ) has reported a strong operational performance with a 22 % . . .

indian shipping company essar shipping limited ( esl ) has added to its fleet mahavir , a panamax bulk carrier . the . . .

the standard chartered group has assigned an ' outperform rating ' to essar ports , the demerged entity of essar shipping port and logistics .

essar shipping board meeting on thursday , march 23 , 2017 at 4 : 00 p . m .

essar ports , the demerged entity of essar shipping port and logistics ( espll ) , got listed on the bse today at rs 75 a share .

essar shipping ports & logistics ltd has informed bse that the hon ' ble high court of gujarat at ahmedabad has on march 01 , 2011 approved the composite scheme of arrangement which provides for the merger of essar ports & terminals limited and essar international limited and demerger of the shipping & logistics and oilfields drilling business into a separate company viz . , essar shipping limited .

essar steel has emerged as the main customer for essar shipping since the inception of essar’s hazira steel complex in the early 1990s . hence , essar shipping’s fleet is being used for coastal cargo movement catering to essar’s steel business requirement and providing it quicker access both to raw materials sourced from mines in eastern india and to steel consuming markets in india and abroad .

essar shipping ports & logistics ltd has informed bse that the equity shareholders , secured creditors ( including holders of non - convertible debentures ) and unsecured creditors of the company , at its court convened meeting held on november 30 , 2010 , have unanimously approved the scheme of arrangement between essar shipping ports & logistics limited , essar ports & terminals limited , essar international limited , essar shipping limited , and their respective . . . .

essar shipping is an integrated logistics solution provider with investments in logistics services , sea transportation and oilfield drilling services .

essar shipping ltd . , incorporated in the year 2010 , is a small cap company ( having a market cap of rs 328 . 06 crore ) operating in shipping sector .

essar shipping ports & logistics ltd has informed bse that the application ( for composite scheme of arrangement under sections 391 - 394 of the companies act , 1956 amongst essar shipping ports & logistics limited , essar ports & terminals limited , mauritius , essar international limited , essar shipping limited and their respective shareholders and creditors ) has been filed with the hon ' ble high court of gujarat at ahmedabad and the court has directed . . . .

essar shipping ports & logistics ltd has informed bse about the financial results for the quarter ended december 31 , 2010 .

essar shipping ports & logistics ltd has informed bse about the financial results for the quarter ended september 30 , 2010 .

essar oilfields services limited : latest news , photos , videos on essar oilfields services limited - ndtv . com

essar shipping disclosures under reg . 31 ( 1 ) and 31 ( 2 ) of sebi ( sast ) regulations , 2011

essar shipping revised disclosures under reg . 31 ( 1 ) and 31 ( 2 ) of sebi ( sast ) regulations , 2011

essar shipping ltd on thursday , reported standalone loss of rs 50 . 45 crore for the quarter ended june 30 , 2016 .

essar shipping on wednesday said its consolidated net loss narrowed to rs 151 . 66 crore for the quarter ended march 31 , 2016 .

essar oilfields services ltd ( eosl ) , a wholly - owned subsidiary of essar shipping ports & logistics , today said it has won its first contract outside india , valued at usd 40 million .

buoyant over the performance of the private sector ports , the standard chartered group has assigned an ' outperform rating ' to essar ports , the demerged entity of essar shipping port and logistics ( espll ) .

union minister of shipping , road transport and highways nitin gadkari is . . .

essar oilfields services ltd , a a subsidiary of cyprus - based essar shipping and logistics ltd , said on wednesday that it has acquired a semi - submersible rig transocean inc of us for 220 million dollars .

essar shipping , through its subsidiaries essar oilfields services ltd and essar oilfield services ( india ) ltd , provides quality onshore and offshore drilling services and related services to international clients . own a fleet of 16 rigs , which includes one semi - submersible rig and 15 onshore rigs .

a fully - owned subsidiary of essar shipping ltd , essar oilfields owns and operates 15 land rigs and one offshore semi - submersible rig . the company had reported $ 18 million in revenue in 2016 - 17 .

essar shipping ports & logistics ltd posted a 78 % decline in profit after tax at rs 13 . 9 crore for three months ended march 2011 .

essar shipping ports & logistics ltd has informed bse that the company has taken delivery of a 1982 japan built 136 , 600 dwt capesize dry bulk carrier .

essar shipping ports & logistics ltd has submitted the disclosure under regulation 8a of sebi ( substantial acquisition of shares & takeovers ) regulations , 1997 to bse date of reporting : march 17 , 2011 name of the company : essar shipping ports & logistics ltd total no of outstanding shares of the company : 615 , 683 , 320 name of the entity : essar steel ltd . . . .

essar shipping ltd ( esl ) , one of india’s leading shipping companies , has added a panamax vessel of 74 , 005 deadweight tonnage ( dwt ) to its fleet of 14 vessels , taking the total tonnage volume to 1 . 6 million dwt .

new delhi : essar ports & shipping has sold 60 . 09 per cent stake in essar shipping to essar africa steel holdings by way of inter - se transfer . " this is to inform you that we have sold 12 , 43 , 62 , 408 equity shares of rs 10 each in essar shipping ( esl ) , representing 60 . 09 per cent of the equity share capital of esl to essar africa steel holdings ltd , by way of inter - se transfer , " the company told bse . " this constitutes disclosures of promoter ( s ) to the stock exchange and the target company for encumbrance of shares in terms of regulation of 31 ( 2 ) of the sebi takeover regulations , 2011 , " it said . essar shipping is an integrated logistics solution provider with investments in logistics services , sea transportation and oilfield drilling services .

essar power limited has commissioned the 32 mw coal based captive power project at vishakapatnam , india for meeting the power demand of its group company essar steel limited .

essar power limited is setting up a 120 mw refinery residue based captive co - generation power project at vadinar , india for its group company essar oil limited .

essar shipping , the shipping arm of essar group , ended fy17 q4 with a net loss of ₹176 . 6 crore on a consolidated basis , versus a ₹88 . 2 - crore loss in the previous quarter and ₹147 . 2 crore in the corresponding quarter of fy16 . quarterly revenue shrunk to ₹467 . 8 crore from ₹673 . 7 crore in the previous quarter .

essar shipping ports & logistics ltd has informed bse that the company on february 23 , 2011 has taken delivery of a 1990 japan built , 151 , 418 dwt capesize dry bulk carrier .

in the filing , essar shipping said , " goodwill of rs 6 , 062 . 56 crore on consolidation in the financial statements of the group pertains to the oilfields services business . "

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posted on august 4 , 2017 with tags beira port , essar ports , mozambique .

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the company history page lists out the major events in chronological order for essar ports ltd .

“it will be a separate company and may not consolidate in essar ports . along with essar shipping and third company , it is going to be a consortium . we have got the license to set up a one million - tonne capacity terminal terms of which are getting finalised . it is an investment of rs 400 crore with 75 percent debt and balance equity . essar shipping could charter the gas but we still looking at various routes for gas . terms will finalise by end of 2017 , ” agarwal said .

the company’s total expenses during the period rose to ₹644 crore from ₹619 . 81 crore in the same quarter of the previous fiscal . during the quarter ended march 31 , essar shipping has added a panamax vessel of 74 , 005 dwt to its fleet that will replace the decommissioned capesize carrier of 152 , 065 dwt . essar shipping’s fleet now consists of 14 vessels , most of which are used for coastal cargo movements .

essar shipping ltd ( esl ) , the logistics arm of essar group , is eyeing a 10 per cent growth in cargo handling during 2017 - 18 at a time when the capacity utilisation levels at shipping lines are low . esl’s cargo handling had grown by 22 per cent in fy17 , while the company’s 14 - vessel fleet also grew its capacity utilisation to 94 per cent from 80 per cent in the previous fiscal .

last financial year , essar shipping moved around 11 million tonnes of cargo growing the capacity utilisation to 94 per cent from 80 per cent in the previous year . the company reported 22 per cent growth in cargo handling .

essar oilfields services limited is a fully owned subsidiary of essar shipping limited . it owns and operates 15 land rigs and one offshore semi - submersible rig . our rig fleet will soon expand with the addition of two new build jack - up rigs , which are currently under construction at the abg shipyard ltd . india essar oilfields services limited is a fully owned subsidiary of essar shipping limited . it owns and operates 15 land rigs and one offshore semi - submersible rig . our rig fleet will soon expand with the addition of two new build jack - up rigs , which are currently under construction at the abg shipyard ltd . india

essar ports has five operational port terminals at hazira , vadinar , paradip , salaya and visakhapatnam .

with reference to the earlier announcement dated december 16 , 2010 regarding scheme of arrangement , essar shipping ports & logistics ltd has submitted to bse a copy of the synopsis of the results of the court convened meeting of the equity shareholders , secured creditors ( including holders of non - convertible debentures ) and un - secured creditors meeting of essar shipping ports & logistics limited . ( for more details kindly refer corporate announcements on www . bseindia . com ) .

china - based cosco shipping ports limited has decided to increase its stake in qingdao port international ( qpi ) to . . .

danish shipping company dampskibsselskabet norden a / s has entered into a 10 - year contract to transport 20 - 24 . . .

japanese shipping company nippon yusen kaisha ( nyk line ) took delivery of a new coal carrier , noshiro maru , from . . .

japan’s shipping company nyk group has taken delivery of a new coal carrier , the 56 , 825 gross ton isuzu maru , . . .

we have been rendering our services successfully with under mentioned ship - owners , shipping agents & marine work shops co’s since last 20 years .

essar shipping ports & logistics ltd has informed bse that , by an order made on october 21 , 2010 , the hon’ble high court of gujarat at ahmedabad has directed that a meeting of the equity shareholders , secured creditors & unsecured creditors of the essar shipping ports & logistics limited ( the " applicant company " ) , will be held on november 30 , 2010 , for the purpose of considering , and if thought fit , approving , with or without modification , the composite . . . .

essar shipping ports & logistics limited has informed the exchange that essar oilfields services limited ( eosl ) ( a wholly owned subsidiary ) has been awarded its first contract outside india valued at approximately us $ 40 million by vietsovpetro jv ( vsp ) , an e & p ; company operating in vietnam , for drilling a 4800 meter offshore well with . . .

divestment of majority stake in essar oil limited to rosneft , trafigura and ucp for usd 12 . 9 billion in 2017

essar shipping’s fleet now consists of six mini - cape bulk carriers , one standard capesize ( the largest among dry cargo ships ) , two supramax and two handysize ( mini - vessels ) dry bulk carriers as well as two oil tankers of vlcc category ( very large crude carriers ) .

japanese shipping company mitsui o . s . k . lines ( mol ) has placed an order for a 140 , 400 dwt coal carrier at its . . .

in october , essar group signed a deal with russia’s rosneft and partner consortium to sell their 98 per cent stake in essar oil . the $ 12 . 9 billion deal included the vadinar refinery along with its port facility in gujarat . the vadinar port terminal has been contributing 50 per cent to essar port’s consolidated topline and forms about one - third of the ebitda of its port operations .

the project aims to enhance the coal handling capacity of mozambique by 20 mtpa in two phases of 10 mtpa each , essar said .

india’s port operator essar ports posted a record 19 . 62 million tons of cargo in the quarter ending june 30 , . . .

japanese - made ship rechristened as mv mahavir was acquired for around $ 5 million . the ship will be deployed for transporting pellets , coal and limestone from essar steel’s pellet plant in paradip to the steel plant in hazira . “we wanted to utilise this ship for our own cargo , as steel production is coming up , we have a lot of movement , ” ranjit singh , executive director & ceo , essar shipping , told businessline .

essar shipping ports & logistics ltd has informed bse that the company has on february 10 , 2011 entered into a memorandum of understanding with the port of antwerp international for strategic collaboration in the areas of consultancy , investment , training and enhancing commercial relations in the fast growing port sector in the india and abroad .

upon sale of the vadinar terminal , essar ports will have operational terminals at hazira and salaya on the west coast and paradip and vizag iron ore on the east . this will bring the total cargo handling capacity of essar ports to 82 million tonne from 140 million earlier .

since inception , essar ports has invested $ 2 billion into the ports business and aims to diversify into other cargos such as liquified natural gas handling . essar is currently to develop lng terminal and distribution facilities in haldia which will tap the requirements of primary and secondary hinterland .

according to singh , although catering mainly to the steel business , essar shipping is flexible . “we keep mix match of inside business as well as outside business , the moment we get a good opportunity and the market looks up , we get our vessels out , but we make sure that steel never suffers , ” singh explains .

the freight rates have overall increased over a year since february , 2016 , when bdi has fallen to all - time law of 290 points . the revival in the trade helped india’s shipping majors to take advantage of the prevailing low asset prices and expand or update their fleet . this trend will probably continue as indian shipping industry still remains under - supplied , experts say .

india’s port company essar ports has signed a 30 - year concession agreement with the government of mozambique to develop a new coal terminal at beira port .

essar shipping ltd . key products / revenue segments include fleet operating & chartering earnings which contributed rs 653 . 17 crore to sales value ( 99 . 30 % of total sales ) and other operating revenue which contributed rs 4 . 58 crore to sales value ( 0 . 69 % of total sales ) for the year ending 31 - mar - 2017 .

essar ports witnessed massive buying at its counter on the first day of trade today as the stock skyrocketed by over 32 . 81 per cent on the nse .

ranjit singh , executive director and ceo , esl said the company expects cargo handling to grow by 10 per cent year on year during 2017 - 18 . he admitted that shipping business was going . . .

essar oilfields services ltd today reported net profit of usd 15 . 71 million for 2012 - 13 as against usd 14 . 84 million loss in the previous fiscal .

“we would like to congratulate the government of mozambique for this initiative and for partnering with essar on such a prestigious national - level project . it will not only boost coal exports from mozambique and strengthen its economy , but also deliver significant direct and indirect benefits , ” rajiv agarwal , ceo & managing director , essar ports , said .

currently , essar ports is mainly in bulk cargo and also intends to have a diversified cargo base . the company also plans to get into container cargo sometime in future .

production picks up essar steel’s production has picked up lately : for the year ended march 31 , 2017 its flat steel production registered 47 per cent growth , while pellet production grew by 60 per cent . this gives essar shipping’s ceo hope for more additions to its fleet . “we are still on look out for more panamax carriers . i am aiming to add more vessels this year , but i am waiting for the right opportunity , as this vessel we have picked up at the right time - since i made the deal till the time of acquisition the price has already shot up by 5 per cent , ” ranjit singh said .

the first phase of this project will be developed at a cost of close to usd 275 million and will entail developing dedicated berths , along with mechanized and environmentally - friendly systems , essar added .

though essar ports is geared to increase its third - party cargo in coming years , industry experts are of the view that the company may not be able to make much head - way in that segment .

essar global fund limited ( “egfl” ) is a global investor , controlling a number of world - class assets diversified across the core sectors of metals & mining , energy , infrastructure ( comprising ports and epc businesses ) and services ( shipping , it and retail businesses ) . egfl invests long - term capital into the portfolio companies and holds near 100 % stake in all its investments . egfl invests with a sense of active ownership , which involves direct engagement with the management of the respective businesses .

private sector ship builder abg shipyard ltd on friday said that it has bagged a rs 2 , 377 . 41 crore ( 480 million us dollar ) order for building two rigs from essar oilfields services ltd , mauritius .

as the ruias bid farewell to their 58 - million - tonne vadinar oil terminal by end of 2017 , essar ports has chalked out a sturdy two - year plan to make up for the earnings loss from this asset .

essar shipping limited is an integrated logistics services provider engaged into the businesses of sea transportation , logistics services and oilfields services . the company ' s geographical segments include india , china , switzerland , singapore , cyprus , uae , south korea , bermuda , marshall island and rest of the world . it has also directly and / or , through its subsidiaries , invested in diverse business verticals , such as fleet operating and chartering ( tankers and dry bulkers ) , oilfields services ( land rigs and semi - submersible rig ) and logistics services ( trucks , trailers and tippers ) . the company provides sea transportation , logistics services and oilfields services to essar steel india limited ( esil ) and essar oil limited ( eol ) , which are engaged into manufacturing activities , and require services of the company for transportation of raw materials and finished goods . the fleet of the company includes vessels owned by the company , as well as those taken on finance or operating lease .

bhander power limited , a subsidiary company of essar power limited , is currently executing a gas based combined cycle power plant of 500 mw in three phases at hazira , gujarat for mitigating the increasing power demand of its group company essar steel limited . the phase - i of the project is already commissioned in combined cycle mode . the phase - ii of the project is operating in open cycle mode . the entire project is scheduled to be operational by january 2008 . .

while essar ports is looking to grow the organic way , its peer adani ports has chosen to expand via the inorganic route . the latter in the last two - three years has made several acquisitions and has strong presence on both the west as well as the east coast of the country . industry experts are of the view that growth prospects for adani ports is far higher compared to essar ports as the former is an independent port company than a captive terminal operations . source : business standard

“all of essar ports’ existing terminals by design itself are captive in nature and not made to serve a third - party cargo . the company’s investment has been mainly liked to their captive industrial requirement . the company has no dna for managing an independent port business , ” said ramesh singhal , chief executive officer at i - maritime consultancy .

" the dry bulk market has seen demand picking up with the global economy in a much better state since the second - half of last year . most of the dry bulk commodities including products such as iron ore , coal , steel , alumina etc , have seen prices going up by 40 - 50 per cent since june last year " , pradeep rajan , senior managing editor , asia pacific shipping & freight , s & p global platts , told businessline .

the deal forms part of a public private partnership ( ppp ) project that will be executed on design , build , own , operate and transfer ( dboot ) basis through a subsidiary , new coal terminal beira , sa ( nctb sa ) , which is a joint venture of essar ( which will own 70 ) and portos e caminhos de ferro de moçambique ( cfm , which will own 30 % ) .

“the plan is to take the capacity back to 140 million tonne by fy19 and for this , expansion at all terminals is currently ongoing with most capex in its final leg , ” chief executive officer and managing director rajiv agarwal told business standard . alongside , in a bid to diversify its customer base , essar ports will be increasing the share of third - party cargo in coming quarters from about 10 percent at present to 30 percent over the next couple of years .

essar power limited set up india ' s first new generation independent power project at hazira , india in the early 1990s . the 515 mw natural gas fired combined cycle has consistently set new standards of excellence in the indian power sector and meets the highest operating benchmarks . this environment friendly plant operates with a plant availability factor in excess of 94 % . in addition to multi - fuel capability , the plant has the lowest manpower to megawatt ratio and one of the lowest capital costs per megawatt in india .

the deal with roseneft is not just offering essar ports with an opportunity to expand its existing asset to make for the lost one but is also helping the company slash debt of about rs 6 , 000 crore to half . “our funding for capex is all done and so the balance sheet is going to look strong , ” explained agarwal . the company is aiming to garner a revenue of about rs 2 , 500 crore and ebitda of about rs 1 , 700 crore by fy19 which will make up for the lost earnings from vadinar terminal .

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for the quarter ended 31 - 03 - 2017 , the company has reported a consolidated sales of rs 552 . 95 crore , down - 8 . 03 % from last quarter sales of rs 601 . 21 crore and up 24 . 57 % from last year same quarter sales of rs 443 . 88 crore company has reported net profit after tax of rs - 177 . 91 crore in latest quarter .

the company’s top management includes capt . bhupinder singh kumar , capt . rahul bhargava , mr . n srinivasan , mr . p k srivastava , mr . ranjit singh , ms . neelam kapoor . company has cnk & associates llp as its auditors as on 31 - 03 - 2018 , the company has a total of 206 , 976 , 072 shares outstanding .

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panamax stands for the mid - sized cargo ships capable of passing through the narrow panama canal .

the second - hand 16 - year - old panamax vessel added to the fleet will replace mv chandi prasad , a capesize carrier of 152 , 065 dwt decommissioned last month after sailing for 28 years .

despite recent “nervousness” in the freight market with baltic dry index ( bdi ) , a key indicator of freight rates , sinking to 954 points as on may 23 , due to slow demand from china coupled with oversupply of vessels in the global dry bulk industry , the bdi is still in the comfortable zone and is not expected to drop significantly , experts say .

" currently , the freight levels have dropped after they had jumped up during the first quarter of the year . but market watchers think the dry bulk vessels will have a steady run with chinese economy expected to perform better this year , " rajan said .

income tax department realises $ 216 million , cairn tells the london stock . . .

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the e - auction of the iconic taj mansingh has been called off again for want . . .

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for the last six years , sudhanshu vats , group ceo , viacom 18 media pvt ltd , has been busy turning the . . .

fans of the very popular oneplus phones probably don’t need a reason to like the phone more than they already . . .

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the world cup upsets show that messi and ronaldo , the greats of their time , can thrive only with an able . . .

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in this concluding series on jobs , businessline finds that while small units have been hit all over the . . .

the pejorative jokes on pakoda sellers apart , the centre has been keen on pushing self - employment in a country . . .

teamlease services , a recruitment and consultancy concern , has been an observer - participant in india’s labour . . .

in the first of a two - part series on skills and jobs , businessline examines the angst and aspirations of . . .

the company closed the financial year with a loss of ₹583 crore compared with ₹550 crore in the previous year . the consolidated revenue grew to ₹2 , 313 crore from ₹2 , 020 crore in the previous fiscal .

even as the country’s banking system is weighed down by stressed assets , . . .

interim finance minister piyush goyal on monday said long - term bonds could . . .

truckers in kerala want the state government to give their sector the . . .

your directors are pleased to present the sixth annual report and audite . . .

in jayalalithaa ' s rk nagar , results tomorrow . but everyone knows who won

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the company ' s loss in the corresponding quarter of previous fiscal stood at rs 45 . 94 crore ,

total income from operations during the quarter declined to rs 175 . 38 crore , over rs 195 . 81 crore in the year - ago period , the filing said .

the total expenses of the company dropped to rs 144 . 18 crore , over rs 190 . 62 crore in the corresponding quarter of previous financial year .

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“we are working towards building our revenue stream for a third party cargo . we are in touch with neighbouring customers and also getting into mous ( memorandum of understanding ) . prospects of iron ore at vizag are good so 50 per cent is being planned for fy18 and 70 percent in fy19 . likewise salayah , hazria and paradip first it would be 20 per cent third - party cargo for this year and the following year it would be increased to 50 per cent , ” agarwal said .

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mozambique is estimated to have reserves of over 23 billion tonnes of coal , which makes the country a major coal exporter that is well placed to cater to the international steel & power industries , especially in india , china , japan and korea .

the nctb has dedicated rail connectivity to mozambique’s coal mining belt in the tete region , which cfm has recently enhanced to a capacity of 20 mtpa .

the company is expanding its hazira port capacity by 20 mtpa , which will take the capacity to 50 mtpa , and is working on adding iron ore berths at visakhapatnam port with a total capacity of 16 mtpa .

bulk materials port operator millennium bulk terminals - longview ( mbtl ) has obtained its first permit needed for the . . .

an alliance of three partners will position a floating transfer platform ( ftp ) in south vietnam capable of . . .

adani ports and special economic zone ( apsez ) , a port developer and part of the adani group , has begun the . . .

niotis : lng bunkering has moved past the ' chicken and egg ' situation .

a three - day strike started at australian port kembla coal terminal ( pkct ) on april 11 over a dispute regarding . . .

hutchison ports has signed a memorandum of understanding ( mou ) with the government of ukraine for the development . . .

ports america and sydney harbour investment partners ( ship ) have reached an agreement to promote , develop and . . .

on august 26 , california governor jerry brown signed into law a bill to block state funds for any new project that . . .

the company ' s consolidated net loss narrowed to rs 151 . 66 crore from rs 159 . 69 crore in the year - ago period

the firm had posted a net loss of rs 159 . 69 crore in the year - ago period , it said in a regulatory filing .

total consolidated income of the firm , however rose to rs 445 . 62 crore in january - march quarter of the last financial year from rs 426 . 51 crore during the same quarter in 2014 - 15 .

the firm indicated that it may have to take an impairment on certain assets related to the oilfields services business .

the carrying amount of certain rigs ( including capital work - in - progress of rs 79 . 04 crore ) , which have generally not been deployed for extended period of time of the said business is rs 173 . 03 crore as at march 31 , 2016 , it added .

" the management is in process of validating various operational assumptions impacting the estimated future cash flows from the operation of the rigs of the said subsidiary and the consequent effect on the valuation of the subsidiary to determine whether there is any decline , other than temporary in the value of the aforesaid investment , " it said .

pending conclusion of the said assessment , recoverable amounts of the goodwill and the rigs , are not yet estimated and accordingly , provision for impairment of the goodwill and the rigs , if any , has not been recognised as at march 31 , 2016 , it added .

in a separate filing , the company said its board has in - principle approved to sale of upto 51 % shares in its subsidiary , arkay logistics , subject to approvals .

for entire 2015 - 16 financial ; year , the firm ' s consolidated net loss was lower at rs 453 . 09 crore from rs 458 . 95 crore in 2014 - 15 . total consolidated income declined to rs 1 , 719 . 63 crore against rs 1 , 910 . 62 crore during the same period .

the portfolio companies have aggregate revenues of about usd 15 billion ( estimated for the financial year ending 31 march 2018 ) and employ over 8 , 000 people .

egfl has over the years demonstrated a successful track record of value creation and monetization . the assets monetized by egfl have attracted interest from leading global players .

divestment of a significant minority stake held in vodafone india to vodafone for usd 5 . 5 billion in 2011

pt elnusa tbk . was founded as pt electronika nusantara based on indonesia corporate establishment act no . 18 , dated 25th january 1969 , indonesia corporate capital change no . 10 , dated 13th february 1969 as witnessed by notary tan thong kie . such establishment data was recorded at republic of indonesia hall of record no . 35 , annex no . 58 , dated 2nd may 1969 . pt elnusa named by 9th september 1969 .

we are committed towards our customer’s expectations . we value and respect their valuable suggestion , their demands for solutions and services of complex application , assistance in special projects and in identifying important trends from time to time .

it is our quality of work and expertise in the domain that have kept our clients more than satisfied .

in over last 10 years we have built confidence in over 50 companies located globally in use of our services . some of our valued clients includes the following :

at ibm , when performance review time rolls around , staff get judged not on their past achievements but also on how they might perform . . .

samsung has taken the ‘make in india’ initiative to another level by launching ‘ . . .

the ruia family is looking at selling another 25 per cent stake in the company to an oil trader or a strategic investor like saudi aramco .

the indian market is expected to open higher . here is a list of top seventeen stocks that are likely to be in focus today .

post listing , the ports company will be india ' s second largest private port company with 88 mn tonnes per annum ( mtpa ) capacity .

the disinvestment of cochin shipyard has been put on the backburner , as it has yet to firm up its expansion plans for which it had to raise funds .

major of our work is carried out at our workshop cum office near the port area of mumbai .

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recently there is major job of vessel the work is in progress as follows .

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sungevity was a solar electricity company based in oakland , california until its bankruptcy and sale in early 2017 .

founded in 2007 , sungevity used a proprietary remote solar design ( rsd ) tool to offer a quote and system design options without visiting the home .

the company designs home solar systems ; provides financing options ; and manages system installation , maintenance , and performance .

sungevity operated in the united states and europe .

within the united states , sungevity installed solar solutions in california , colorado , connecticut , massachusetts , maryland , new mexico , new york , new jersey , rhode island , vermont , delaware , and washington d.c .

in 2012 , the company reported having more than 250 employees , but in 2017 it laid off almost all its staff and was sold .

sungevity

sungevity <EOT> owler has collected 16 screenshots of sungevity ' s website since oct 2012 . the latest sungevity website design screenshot was captured in jun 2018 .

sungevity ' s co - founder & ceo , andrew birch , currently has an approval rating of 64 % . sungevity ' s primary competitors are

sungevity designs and installs photovoltaic solar power systems for homes , businesses and government organizations . sungevity ' s headquarters is located in oakland , california . for every employee , sungevity generates $ 116 . 7k in revenue . sungevity has raised a total of $ 241 . 4m in funding . sungevity ' s top competitor is enphase , led by badri kothandaraman , who is their president & ceo . sungevity has 4 , 217 followers on owler .

since sungevity was founded in 2007 , it has participated in 11 rounds of funding . in total sungevity has raised $ 241 . 4m . sungevity ' s last funding round was on may 2016 for a total of $ 19 . 4m

sungevity didn’t immediately respond to this newspaper’s request for comment about the lawsuit’s allegations .

sungevity would only confirm that it reduced headcount at the end of last week .

sungevity currently has 18 , 571 followers on twitter . as of july 2013 sungevity had 6 , 356 followers . that ' s a 192 percent increase in 4 years

sungevity currently has 22 , 765 fans on facebook . as of july 2013 sungevity had 6 , 276 fans . that ' s a 262 percent increase in 4 years

sungevity posted a video " going solar could reduce your electricity costs . " on vimeo

sungevity has a european operation , which could make it more attractive to a company like ikea .

but as we have reported , sungevity ' s " asset - light " solar sales and installation approach did not stop cash burn . we covered sungevity ' s financial dilemma in detail here .

solar installer is one of sungevity ' s top competitors . solar installer ' s headquarters is in irvine , california , and was founded in null . like sungevity , solar installer also operates in the renewable energy industry . solar installer generates 6 . 13 % of sungevity ' s revenue .

last week , sungevity eliminated about 350 jobs , according to a source with knowledge of the company’s operations .

the board of sungevity “has extensively discussed and analyzed , in consultation with the company’s management , and financial and legal advisors , the alternatives available to the company , ” sungevity said in the court filing . after those consultations , sungevity determined that bankruptcy was the “best opportunity” to put the company back on firm financial footing .

troubled oakland solar company sungevity , now dubbed solar spectrum , said tuesday that is has merged . . .

recently bankrupt sungevity has sold assets to solar spectrum , a newly - established solar firm backed . . .

following approval from a bankruptcy court , california - based rooftop solar company sungevity inc . has . . .

the bright minds challenge team interviewed jan slaghekke , chief global officer at sungevity . they wa . . .

sungevity posted a video " it ' s easier than you think to save with solar . " on youtube

sungevity posted a video " don ' t choose between savings and service . get both . " on youtube

sungevity installers handle a solar panel on a bay area rooftop . a group of sungevity employees say they were laid off without notice from their jobs at the bankrupt solar energy company this month and are seeking back pay .

enphase is perceived as one of sungevity ' s biggest rivals . enphase was founded in 2006 in petaluma , california . enphase is in the renewable energy field . enphase generates $ 231 . 4m more revenue than sungevity .

sunrun has assumed ownership of some or all of bankrupt sungevity ' s solar financing agreements , accor . . .

the french energy giant made another move to expand its presence in the solar sector . sungevity filed . . .

but , according to emails obtained by gtm , jonna hensley , sungevity ' s " vp , people " wrote on march 21 , " sungevity has filed a supplemental motion with the bankruptcy court , " adding , " the motion will be heard by the bankruptcy court on april 7th , and sungevity will look to reimburse employees for those checks . "

perhaps there ' s still a chance for a graceful ending or an against - the - odds restart for sungevity .

in april 2018 , the sungevity rebrand was made official , and solar spectrum and horizon solar power be . . .

answers to common questions about sungevity ' s chapter 11 filing process q : what was announced ? s . . .

sungevity intends to sell itself to an investment group led by minnesota - based northern pacific group . the investors have agreed to provide sungevity with up to $ 20 million in financing . both the sale and the financing would require bankruptcy court approval .

sungevity installation crew member jeremiah eanes scales a roof on a home at 1236 6th avenue in san francisco , calif . , after installing solar panels on thursday , may 14 , 2009 . sungevity , which is based out of . . . more

sungevity billed itself as a lean , " asset - light " residential solar company that could scale faster than the vertically integrated leaders like solarcity , vivint and sunrun . but as we have reported , sungevity ' s " asset - light " solar sales and installation approach did not stop cash burn . ( we covered sungevity ' s financial dilemma in detail here . )

sungevity imploded earlier this year . now its successor is resurrecting the brand in a new attempt to build a solar empire .

" why the hell would anyone bring back that brand ? " was how one former sungevity employee reacted to the news .

“the actions we have announced will allow sungevity to emerge as a stronger and more competitive company , ” nettles said monday .

asi is sungevity ' s # 2 rival . asi is a private company that was founded in null in los angeles , california . asi competes in the real estate development & operations industry . compared to sungevity , asi has 567 more employees .

sungevity has employees and is the first highest among it ' s top 10 competitors . the top 10 competitors average 164 .

sungevity women leaders talk risk , resolve and respect in today ' s solar industry we know that it take . . .

do you smile when you get your energy bill ? sungevity customers do ! switch to renewable solar power a . . .

earlier this year , sungevity moved into the small commercial market and partnered with commercial - scale solar financier sol systems . sungevity will focus on what it calls the " underserved small business sector , " with systems sized between 20 kilowatts and 300 kilowatts .

it ' s conceivable that e . on will market sungevity ' s services in some of the territories it serves . sungevity sells solar energy contracts to homeowners , designs the layout of the solar panels on the roof and hires people to install the equipment .

missouri and kansas utility kansas city power & light ( kcp & l ) worked with sungevity last summer to bu . . .

the east bay bicycle coalition announces the winners of the 2012 bike - friendly business awards : sunpower , sungevity and arbor cafe .

“the board of directors of sungevity and its advisers reviewed a range of options and ultimately decided that a court - supervised sale represents the best path forward for our customers , suppliers , employees and business partners , ” said andrew birch , sungevity’s chief executive officer .

“the agreement we have reached with the team led by northern pacific group and its co - investors is a testament to their confidence in the future of sungevity’s business , ” said william nettles , who has been newly appointed as the chief administrative officer of sungevity .

listen to the energy gang contemplate the meaning of the sungevity bankruptcy . what does it say about the national installation and sales model ?

another way to look at that is that whatever remains of sungevity just got sold for up to $ 20 million . sungevity had announced a total of $ 850 million in vc and project financing , with an estimated $ 200 million of that coming as equity funding .

oakland - based sungevity also has entered into an asset purchase agreement with a group of investors led by northern pacific group , a minnesota - based private equity firm . if approved by the bankruptcy court , northern pacific would obtain essentially all of the assets of sungevity .

sungevity has been named a winner of owler ' s 2016 hot in oakland award ! each year , owler recognizes t . . .

sungevity , inc . is a privately - held company which designs and installs photovoltaic solar power systems for homes , businesses , and government organizations . sungevity was founded in 2007 by danny kennedy , andrew birch , and alec guettel . it is a solar . . .

subject to approval by the bankruptcy court , the northern pacific investors have agreed to provide sungevity with up to $ 20 million in financing .

sungevity ' s revenue is the second highest among it ' s top 10 competitors . the top 10 competitors average $ 8 . 7m .

sungevity posted a video " when it comes to solar , you don ' t have to choose between savings and service . " on youtube

in an earlier interview , dave dunlap , sungevity ' s chief development officer , stressed that sungevity has a different model . " it ' s not vertical integration , " said dunlap , adding , " it ' s a platform model " focused on strategic growth through partnerships . viridian , a crius energy company , recently joined other sungevity partners such as lowe ' s , sierra club , uc berkeley and e . on .

“sungevity intends to be at the forefront of the industry as solar continues on its growth trajectory in the years ahead , ” nettles said monday .

the story of how sungevity came to be , as told by its three founders : danny kennedy , former greenpeace activist fighting climate change ; alec guettel , entrepreneur ; and andrew birch , former bp solar executive . find out about how sungevity is changing the world with solar at urltoken .

with the caveat that these are anonymous comments on glassdoor and sentiment is raw , let ' s look at recent postings from ex - sungevity employees .

last week , gtm ' s julian spector asked who might want to buy the remaining assets of solar sales and installation company sungevity at a discount .

" this is not just about capital but a partnership with one of the leading utilities in the world , " said andrew birch , ceo of sungevity , which runs operations in nine states and in the netherlands and australia . sungevity has raised over $ 200 million in equity since its start in 2007 .

* gtm research u . s . residential solar economic outlook , feb . 2016 . * * urltoken , sept . 2014 . future utility rate increases are not guaranteed by sungevity . actual future utility rates , and fee structures are subject to change by your utility and other entities that sungevity does not control .

" how much could i save with solar ? " that ' s one of the most common questions we get at sungevity . in f . . .

oakland , calif . , aug . 19 , 2016 / prnewswire / - - sungevity , inc . , a technology - driven solutions provide . . .

the asset - light approach did not stop cash burn . we covered sungevity ' s financial dilemma in detail here . the company needed to significantly increase installations in 2017 and cut operating costs for each installation . that would , theoretically , allow sungevity to cross over from losing money to making a few million dollars .

pairing horizon ' s and sungevity ' s installations from q1 , the combined company would rank fifth among u . s . residential installers with 1 . 8 percent national market share , according to gtm research ' s pv leaderboard . the new sungevity says it has the momentum to reach fourth place by next quarter .

" in its heyday , sungevity was the undisputed champion of solar customer service , " said horizon president brian walrod . " sungevity did a lot of tremendous things for the industry , and although it didn ' t end in a great place , it doesn ' t erase the positive impact that it made . "

sungevity then filed for chapter 11 bankruptcy on march 13 as part of an attempt to reorganize its finances and arrange its sale to a group of private investors .

sungevity , a one - time high flyer in the solar industry , has eliminated more than 300 jobs , filed for bankruptcy monday and plans to sell itself .

“sungevity is very proud to partner with kcp & l on its first utility - scale solar project here in greenwood , ” said dave dunlap , sungevity’s chief development officer . “we believe strongly that utilities will play a major role in solar energy’s future adoption , and applaud kcp & l’s forward thinking approach for this site . ”

sungevity billed itself as a lean , " asset - light " residential solar company that could scale faster than the vertically integrated leaders like solarcity , vivint and sunrun .

oakland , calif , and brussels , belgium , aug . 24 , 2016 / prnewswire / - - sungevity , inc . , a technology - dr . . .

oakland — a group of former sungevity employees allege they were laid off without notice this month by the struggling solar energy company , and a lawsuit is seeking back pay .

the sungevity energy system is designed to meet your power needs today , with the flexibility to adapt as your needs change . it’s just a brighter way to do energy .

the san francisco chronicle recently reported on claims that sungevity held on to money meant for solar panel installers , who in turn had to place liens on customers ' homes .

what ' s more intriguing is what sungevity plans to do with one of the new investors in this round , e . on , one of the largest investor - owned electric utilities in the world . sungevity ' s executives hinted that they are working with e . on to expand their market reach , but they wouldn ' t say how .

with this merger come national aspirations , which solar spectrum inherited from sungevity . that marks a change of strategy for horizon , having grown within the borders of california so far .

a campaign launched by oakland , calif . - based sungevity called solar on the white house and another by urltoken founder bill mckibben tried to get obama to reinstall solar panels .

nearly 25 years after solar panels were removed from the white house , sungevity , a leader in residential solar panels , has launched an effort to bring solar power back ! sungevity ' s founder , danny kennedy , attended an earth day reception in the rose garden of the white house and offered to donate the system if obama would get on board— to which obama responded that he loves the idea of bringing solar to country ' s first residence . you can help make this a reality by signing the sungevity ' globama ' petition .

" we appreciate the recognition from the east bay bicycle coalition and also appreciate that oakland is increasingly bike - friendly , " said danny kennedy , sungevity ' s founder and president . the amenities at jack london are wonderful and there is nothing better than biking to work and having a spin along the waterfront . " how has sungevity created such a bike - friendly environment ? we heard from dozens of sungevity employees and many spoke to the company culture where biking is an integral part of a solar - powered , human - powered , " no fossil - fuel " mission . and sungevity gets the infrastructure piece right too . the company provides a 1 , 200 square foot bike room with enough room for 20 % of employees to park at any one time , with showers . sungevity also encourages their employees to bike through awards where winning teams get to give $ 500 to a charity of their choice , taco bike lunch days , and bike commute lunchtime workshops . one employee reported that he has biked to work at sungevity over 400 consecutive workdays . that may be a record !

everything we do revolves around ensuring you get the sungevity energy system that’s right for you . maybe that’s why one in three of our customers are referred to us by a friend .

the customer wrote that sungevity " responded quickly , stating that the sale should have no effect on my lease , " according to a letter ( pdf ) in a court docket .

even the lead generation , which appeared to be a key value - add of the model , was going out the door as sungevity focused on turning itself into a " platform . "

sungevity installation crew member jeremiah eanes scales a roof on a home at 1236 6th avenue in san francisco , calif . , after installing solar panels on thursday , may 14 , 2009 . sungevity , which is based out of berkeley , calif . , installs solar panels on local homes and uses microsoft virtual earth to calculate how to install them and what they will cost . less

one would hope that sungevity , a solar sales firm that stressed its human and social mission , would not completely bilk its staff as it goes through a difficult bankruptcy and potential asset sale .

sungevity , a venture - backed residential solar company in california , said friday that it recently raised $ 70 million in equity . but that ' s not the most interesting part of the announcement .

one customer who bought solar panels online from sungevity , larry oatfield of san francisco , said the installation was more complicated than he expected because he had to get a new roof to support the panels .

smith ' s next goal , he said , is to get sungevity to make the software monitor the performance of his customer ' s solar panels so he can see how they ' re doing online .

data on sungevity ' s annual losses from 2007 to 2016 was recently added to the bankruptcy docket ( pdf ) . it looks like the firm has lost almost half a billion dollars since its inception .

sungevity has now raised more than $ 850 million in vc and project financing from investors including brightpath capital partners , home improvement store lowe ' s , vision ridge partners , oaklandimpact , greener capital , firelake capital , craton equity partners and eastern sun capital partners . european utility e . on was an investor in sungevity ' s $ 70 million funding round last year , along with jetstream ventures and ge ventures .

sungevity ' s market share peaked at 2 . 5 percent in 2014 and was at 1 . 6 percent in q3 2016 , and total capacity installed peaked in q1 2016 , according to gtm research data .

oakland — sungevity , a one - time high flyer in the solar industry , has eliminated hundreds of jobs , filed for bankruptcy monday and arranged a sale of all of its assets to an investment group .

we proudly support the initiative to put solar on the white house and strongly urge you to accept sungevity ' s offer to donate and install a comprehensive solar system , at no cost to you or taxpayers .

“plaintiff received notice of termination by mail without 60 days’ notice as part of , or as the foreseeable result of , a mass layoff or plant shutdown ordered by sungevity , ” adelman stated in the court filing .

last year , sungevity added a page to its web site that lets prospective customers plug in their home addresses and see how much various solar panels would cost and how much energy they could save over several years .

sungevity just filed for chapter 11 protection and entered into a court - ordered " asset purchase agreement " led by northern pacific group that promises up to $ 20 million to fund day - to - day operations .

sungevity filed for chapter 11 protection in march and entered into a court - ordered " asset purchase agreement " led by northern pacific group that promises up to $ 20 million to fund day - to - day operations .

press release : sungevity : us residential solar market growth of 33 . 12 % cagr by 2020 - analysis , technologies & forecasts report 2016 - 2020 - key vendors : nrg energy , solarcity , sunrun - research and markets

separately , sungevity in january filed a notice that it had decided to eliminate 66 jobs in oakland . together , the two actions would bring the total job cuts during 2017 at the east bay green energy company to roughly 410 .

solar sales and customer - acquisition platform company sungevity just raised $ 650 million in project finance and equity funding from private equity giant apollo global management . adjusting for inflation , that ' s a heck of a lot of money . andrew birch , ceo of sungevity , told gtm that $ 600 million was for project finance and $ 50 million was part of an equity financing by existing investors including ge ventures , as well as new investors including apollo investment corporation .

“as a consequence of such a warn acts violation , plaintiff and other similarly situated employees of sungevity seek their statutory remedies , as well as unpaid wages such as accrued vacation pay missing from their final paychecks , ” adelman’s court filings stated .

a sungevity engineer can calculate these costs in about 10 minutes with help from microsoft ' s virtual earth - mapping software that helps him visualize the length , width , pitch and orientation of a roof and how much sunlight it can get .

francois hunter , center , a crew leader for sungevity , helps install solar panels with jeremiah eanes , left , larry galbert , second from left , and lionel gant , right , on a home at 1236 6th avenue in san francisco , calif . , on thursday , may 14 , 2009 . sungevity , which is based out of berkeley , calif . , installs solar panels on local homes and uses microsoft virtual earth to calculate how to install them and what they will cost . less

kennedy , who used to work with greenpeace , is the co - founder of sungevity , a berkeley startup that is using software to cut the costs of ordering , procuring and installing solar panels , a process that can be unwieldy and expensive .

however , his panels are generating 30 percent more energy than sungevity estimated - about 85 percent of his electricity bill . " even on that weekend we had rain , the panels were still sending out energy to the grid , " he said .

francois hunter , center , a crew leader for sungevity , helps install solar panels with jeremiah eanes , left , larry galbert , second from left , and lionel gant , right , on a home at 1236 6th avenue in san . . . more

no - longer - bankrupt solar sales firm sungevity has laid off two - thirds of its remaining technical staff , breaking the news at a company meeting today , according to sources . the company will provide no severance to the laid - off employees .

sungevity , a one - time high flyer in the solar industry , has eliminated more than 300 jobs , filed for bankruptcy monday and arranged a sale of all of its assets to an investment group . pictured are installers for sungevitiy atop a house in kensington

the lawsuit , which seeks class - action status , listed 336 workers whom sungevity dismissed on march 9 . that included 160 workers in oakland , 57 employees in kansas city and 119 remote employees who reported either to oakland or kansas city , the documents showed .

separate from the march 9 job cuts , sungevity in january filed a notice that it had decided to eliminate 66 jobs in oakland . together , the two actions would bring the total job cuts during 2017 at the east bay green energy company to roughly 410 .

in a market where other leading residential solar financiers have pulled back a bit on growth , sungevity , the largest privately held u . s . solar company , just landed an enormous war chest that will spur approximately 400 megawatts ' worth of solar deployments over three years .

" it was unfortunate what happened with sungevity , but we believe the brand stands for a lot of positive things , " said horizon ceo frank kneller . " most important to us was their total commitment to the customer and ensuring the customer had a flawless experience . "

had sungevity viewed itself as a solar software startup and licensed its customer acquisition platform for use by hands - on installers , it may have avoided the capital drain that comes from managing installations . instead , the leadership split the difference , becoming a software company that ' s not quite an installer , and an installer that ' s not quite a software company . even the lead generation , which appeared to be a key value - add of the model , was going out the door as sungevity focused on turning itself into a " platform . "

sungevity ' s software streamlines applications for rebates and other solar paperwork . one installer in southern california , mark smith of solar forward , created an online portal for each of his customers so that all their documents , which can run more than 70 pages per customer , are visible .

lucid was among 19 recipients of the california clean tech " game changer of the year " award for its impact on california ' s clean technology industry . winners were selected from more than 200 nominees representing an elite group of innovators , including google , sungevity , and tesla motors .

a sungevity leasing customer , who expressed satisfaction with the company ' s service , wrote , " my concern is that the assets i have leased from the company will be sold and my rights negatively impacted from such a transfer . i entered into my lease agreement in good faith that both parties would honor the terms of said agreement . i paid upfront all my lease costs for the entire term . i would expect any buyer to honor that payment and all other terms of my agreement . i contacted sungevity immediately upon receiving the court notice of the proposed sale . "

andrew adelman has filed a lawsuit on behalf of himself and hundreds of other sungevity workers , seeking 60 days of pay . the lawsuit alleges that the solar installation and software firm violated government rules that require 60 days’ advanced notice of a layoff under the worker adjustment and retraining notification act .

according to reports : “due to confusion by our bank , we learned that some checks issued to former employees bounced , despite the fact that funds were available in our account , ” said sungevity spokesperson john ordona . “we have looked into the matter , and we are rectifying it . ”

oakland - based sungevity , the fifth - largest residential solar installer at the start of the year , combusted in a spectacular bankruptcy in march that resulted in mass layoffs , unpaid accrued vacation days and bounced final checks . the remnants of the company that emerged from bankruptcy assumed the name solar spectrum .

for those americans who exercise a less granular understanding of the ins and outs of the cleantech world , the bankruptcy might not have registered . say what you will about sungevity , that company knew how to spend money on marketing , and that investment could continue to pay dividends for the new ownership .

sungevity initially made waves with a solution for that : a digital platform that could give quotes and design rooftop systems without having to roll a truck . the leadership famously chose an " asset - light " strategy , investing in the software and outsourcing the capital - intensive elements like equipment , installation and financing .

sungevity founder danny kennedy , whose company designed and is donating the $ 30 , 000 , 48 - panel solar roof system for the maldives presidential residence , said the system will initially provide half of the residence ' s power and will save the maldives $ 300 , 000 over its expected 25 years of operation .

sungevity knew bankruptcy was looming and had to make a choice in a race against time : be straight with its employees and honor its human capital , or play a game of brinksmanship that leaves the bones of the company picked clean by a private equity firm and its laid - off staff deprived of money they ' ve earned .

the kansas city chapter of the construction specifications institute ( kccsi ) announced last week that our sungevity office project won an excellence in design award . the award is given to a firm that has demonstrated overall design excellence for aesthetics , clarity , creativity , functionality , building performance , and appropriateness with regard to fulfilling the client’s program .

the east bay bicycle coalition ( ebbc ) announces the winners of its 3rd annual bike friendly business awards . sunpower of richmond is the winner in the large business category ; sungevity of oakland is the winner in the medium - size business category ; and arbor cafe in the temescal district is the winner in the small business category .

" sungevity has started relying more on sales through channel partners , as opposed to direct sales , " said nicole litvak , a senior analyst who covers the residential solar landscape at gtm research . " they’re also not doing the financing , and they’re not doing the installation . really , they’re mostly a software company at this point . "

the contracts are one way for consumers to use solar electricity without paying tens of thousands of dollars to own a set of solar panels . a homeowner who signs a contract , which typically runs 20 years , agrees to pay a monthly fee for the solar electricity . sungevity raises funds from banks and other types of investors to finance installations .

do you smile when you get your energy bill ? sungevity customers do ! switch to renewable solar power and you could get excited about your energy bills , too . find out how much you could save on electricity expenses with a free analysis from urltoken and learn how we calculate your savings estimates at urltoken sa . . . . show less

the top 10 competitors in sungevity ' s competitive set are enphase , asi , solar installer , america ' s solar company , sunsolarpros , jamar power systems , central california solar , sullivan solar power , delta solar electric and america ' s solar company . together they have raised over 213 . 9m between their estimated 1 . 0k employees .

when you decide to power your life with sunshine , it can be a bit hard to fathom the actual difference you make for the environment . so we put some numbers to it . the solar energy generated by an average 6 kw sungevity energy system over 20 years is estimated to offset about 118 metric tons of co 2 . * thatâ€™s equivalent to :

one theme we saw this year in our bike - friendly business award nominations is that alternative - energy companies like sun power , sungevity , and last year ' s award winners , sun , light & power , are living up to their mission by providing great support to their employees who bike . our bike - friendly business award winner in the medium - sized business category is a solar company with over 200 employees located in oakland ' s jack london square , a location chosen for its proximity to transit and increasing miles of oakland ' s bikeways . the founder and president of sungevity , danny kennedy , bikes to work almost everyday from his home , as do at least a third of the companies employees .

sungevity ' s market share peaked at 2 . 5 percent in 2014 and was at 1 . 6 percent in q3 2016 , and total capacity installed peaked in q1 2016 , according to gtm research data . the firm had announced a total of $ 850 million in vc and project financing , with an estimated $ 200 million of that coming as equity funding .

the private equity firm northern pacific group , which bought the assets that became solar spectrum , acquired a majority stake in southern california installer horizon solar power from oaktree ' s gfi energy group on august 17 . now the plan is to nest the two solar companies under the umbrella of the sungevity brand , in what could soon become a platform for further solar acquisitions .

the actual installation business was largely out of sungevity ' s hands , though - - its employees monitored installation partners from afar . when money got tight , the leadership targeted its internal costs : employees . it can ' t continue on its own in this stripped - down state , so the question now is who might want to buy the remaining assets at a discount .

sungevity has filed " a number of customary pleadings with the court , seeking authorization to pay certain pre - petition obligations , support its business operations , and transition them through the sale process . these include the payment of employee wages , taxes , insurance , critical vendors , and utility providers , as well as the continuation of the company ' s customer support programs . "

“sungevity failed to pay plaintiff and each of the class members their respective wages , salary , commissions , bonuses , accrued vacation and personal time off for 60 days following their respective terminations , and failed to make the pension and 401 ( k ) contributions and provide employee benefits under cobra for 60 days from and after the dates of their respective terminations , ” the court filings alleged .

pv magazine reported yesterday that a bankruptcy court approved the sale of sungevity ' s assets to private equity firm northern pacific group for $ 50 million , allowing " the company to invest $ 20 million in the company immediately . " an unsubstantiated rumor suggests that the firm has begun requesting pre - petition privileges from some of its suppliers , offering 40 cents on the dollar for its existing and outstanding liabilities .

other bay area creditors that sungevity says it owes include : menlo park - based sharespost 100 fund , owed $ 1 million ; piedmont - based dinwoodie meservey family trust , owed $ 1 million ; berkeley - based greener capital partners , owed $ 750 , 000 ; san francisco - based jim sandler , owed $ 460 , 000 ; and mountain view - based google , owed $ 387 , 000 .

the project is the solar technology’s first expansion since opening its doors in 2007 . the 82 , 000 square - foot space speaks to the heart of sungevity’s culture of openness , interaction and energy . the space is composed around an open central hub that overlooks the adjacent four - story atrium . this central hub links social areas and meeting spaces in an open and interactive environment , and provides easy access to work areas .

in the u . s . some activists have called on the obama administration to bring solar back to the white house roof—and solar company sungevity has offered to install 102 of its photovoltaic panels for free . " i think barack obama knows this problem , and he tries to correct that historical mistake , " chen says . " he appointed steven chu as energy secretary , and steven chu is a well - known supporter of renewable energy . "

the company ' s model sounded good on paper : use software to generate quotes without the need for site visits , but outsource the hardware , installation and financing , keeping those items off the balance sheet . the company could focus on customer relations without investing in all the capital - intensive parts of the solar business . a forbes article published in september called sungevity ' s platform " a sophisticated departure from the way companies usually sell customers on solar . "

among the 20 largest creditors with unsecured claims against sungevity , the five largest listed in the bankruptcy filing were boston - based eastern sun capital partners , owed $ 4 . 5 million ; san jose - based trina solar , owed $ 4 . 2 million ; fremont - based solaredge technologies , owed $ 2 . 9 million ; new york city - based mario palumbo of millennium partners $ 2 . 1 million ; and san francisco - based orrick , herrington & sutcliffe , owed $ 1 . 9 million .

gtm ' s julian spector broke the news last week of a 66 percent layoff of sungevity ' s remaining workforce . at the time , the company had declined to pay severance or accrued vacation days - - it handed out checks for the last pay period and sent people on their way . the company had already cut dozens of workers in january after an expected merger fell through at the close of 2016 , taking with it the promise of a $ 200 million cash infusion . we covered that failed merger here .

" so many of the national residential solar companies , like sungevity , have gone under in the past two years that it has started to look increasingly like the national model just doesn ' t work , " said allison mond , a solar analyst at gtm research . " that said , horizon solar power is the largest residential company operating solely in california , and it has been doing really well , with double - digit growth and successful reduction of customer acquisition costs despite difficulties across the board in the california market . "

gtm ' s julian spector broke the news of a 66 percent layoff of sungevity ' s workforce in march . the company had already cut dozens of workers in january after an expected merger fell through at the close of 2016 , taking with it the promise of a $ 200 million cash infusion . ( we covered that failed merger here . ) at the time , the company had declined to pay severance or accrued vacation days - - instead , it merely handed out checks for the last pay period and sent people on their way .

" more and more businesses in the east bay are promoting bicycle commuting for their employees and their customers , " said renee rivera , executive director . " companies like sungevity have discovered that cycling to work makes their employees healthier , happier and more productive , and they ' ve taken innovative steps to encourage bicycle commuting . not only that , many east bay retailers are discovering that bicycle commuters are a boon to their bottom lines . bicycle commuting is good for the planet , good for business , and great for the local economy . "

system size , cost , and availability vary according to location , electricity usage , and utility company . a 6 . 5 kilowatt system lease starts at $ 65 - 155 per month with an annual increase of 0 - 2 . 9 % each year for 20 years on approved credit . payment terms vary by location and are not available in all areas . zero due at lease signing . no security deposit required . sungevity is not a lender . all loan terms are determined and subject to approval by third party lenders . ma hic 168430 .

, the leader in online residential solar power , has sent a request to the obama administration and the department of the interior to accept their offer of a free solar power system . to encourage the white house and department of the interior to accept the offer and demonstrate true environmental and fiscal leadership , sungevity is today asking the public to show their support and sign the electronic globama petition . the petition , which can be signed at www . solaronthewhitehouse . com , will be shared with the president once it has received 10 , 000 signatures . "

e . on ' s interest in sungevity reflects a few trends . a growing number of power companies are seeking to add renewable energy generation or related investments to their portfolios . they also see fewer risks in betting on solar than they did even just a few years ago as they witness a continual growth in the u . s . solar market . the residential solar business has been growing quickly . new home solar installations jumped 60 % in 2013 , and its growth will likely outpace the commercial and utility market segments again in 2014 , said gtm research .

please help to get president barack obama to install solar panels on the white house in washington d . c . and thereby setting a good example for americans and the global communities around the world . this care2 petition is being created for one purpose : to support the signatures of the thousands of individuals who are unable to sign the original " globama " petition listed below . this is a valid petition with a valid target and is in direct conjunction with the " globama " petition movement , so please sign and aggressively share this petition , in order to harvest the missing signatures of those who are unable to sign the ' original ' . we will not permit the obama administration to contradict their own ' new energy plan ' for america ' s future . thank you ! > " globama " petition excerpt : dear president obama , we proudly support the initiative to put solar on the white house and strongly urge you to accept sungevity ' s offer to donate and install a comprehensive solar system , at no cost to you or taxpayers . this achievement will be an important symbol to the world that the united states is committed to realizing the environmental and economic benefits of clean energy . sincerely , people for solar on the white house = = = = = = = = = = = = = = = = = = = = = = > the original and official " globama " petition : urltoken > " obama contradicts his own ' new energy plan ' by inaction " - volconvo public debate forums : urltoken

the white house itself once harvested the power of the sun . on june 20 , 1979 , the carter administration installed 32 panels designed to harvest the sun ' s rays and use them to heat water .

here is what carter predicted at the dedication ceremony : " in the year 2000 this solar water heater behind me , which is being dedicated today , will still be here supplying cheap , efficient energy… . a generation from now , this solar heater can either be a curiosity , a museum piece , an example of a road not taken or it can be just a small part of one of the greatest and most exciting adventures ever undertaken by the american people . "

for some of the solar panels it is the former that has come to pass : one resides at the smithsonian ' s national museum of american history , one at the carter library and , as of this week , one will join the collection of the solar science and technology museum in dezhou , china . huang ming , chairman of himin solar energy group co . , the largest manufacturer of such solar hot water heaters in the world , accepted the donation for permanent display there on august 5 . after all , companies like his in china now produce some 80 percent of the solar water heaters used in the world today .

but they are based on the same technology developed here in the u . s . and once manufactured in warrentown , va . , by intertechnology / solar corp . , the company behind the carter panels . * roughly three meters long , one meter wide and just 10 centimeters deep , the blue - black panels absorb sunlight to heat water piped through their innards . the carter administration set a goal of deriving 20 percent of u . s . energy needs from such renewable sources by the turn of the century . today , the u . s . gets a mere 7 percent of its energy from renewables , the bulk of that from the massive hydroelectric dams constructed in the middle of the 20th century . solar thermal and photovoltaic technology combined provide less than 0 . 1 percent .

by 1986 , the reagan administration had gutted the research and development budgets for renewable energy at the then - fledgling u . s . department of energy ( doe ) and eliminated tax breaks for the deployment of wind turbines and solar technologies—recommitting the nation to reliance on cheap but polluting fossil fuels , often from foreign suppliers . " the department of energy has a multibillion - dollar budget , in excess of $ 10 billion , " reagan said during an election debate with carter , justifying his opposition to the latter ' s energy policies . " it hasn ' t produced a quart of oil or a lump of coal or anything else in the line of energy . "

and in 1986 the reagan administration quietly dismantled the white house solar panel installation while resurfacing the roof . " hey ! that system is working . why don ' t you keep it ? " recalls mechanical engineer fred morse , now of abengoa solar , who helped install the original solar panels as director of the solar energy program during the carter years and then watched as they were dismantled during his tenure in the same job under reagan . " hey ! this whole [ renewable ] r & d program is working , why don ' t you keep it ? "

after they came down it took a soft - spoken administrator from a small environmental college in maine to rescue the carter panels from being a forgotten curiosity stored in the dark corner of a vast government warehouse .

a long , strange trip in 1991 peter marbach was newly minted development director at unity college in maine , which was facing a severe budget crisis . marbach needed to find a way to bring attention—and hopefully donations—to the struggling college and its mission : environmental education . leafing through a magazine , he stumbled across a picture . " there was this photograph of the solar panels , but they were all sort of disheveled and sort of tossed in a corner in this government service warehouse in franconia , virginia , " he recalls . " it was just such a waste . "

marbach , lithe from years of mountain climbing and other outdoor pursuits , seems slow to anger , but his eyes , crinkled at the edges from years of smiling , still flash when asked to recollect what inspired his rescue mission . yet he doesn ' t sound angry , so much as bemused . " it was in that instant where i was just so filled with anger and disappointment that : how could this happen ? " he says . " wouldn ' t it be something if i could somehow find a way to get these panels and resurrect them ? "

marbach wrote to former president carter , who wrote back : " it would please me very much to see those panels in use again . " he also enlisted the aid of maine ' s former u . s . senator , william cohen . armed with carter ' s letter and cohen ' s support he contacted the general services administration —the independent government agency that is landlord to other government agencies and generally runs the physical stuff of government . the gsa determined unity was eligible as an institution of higher learning to take the panels for an administrative fee of $ 500 .

the panels weighed more than 45 kilograms each and there were 32 of them . marbach just had a battered , blue school bus that was mostly used to carry the school soccer team to away games nearby . " the soccer coach was giving me a hard time , " marbach chuckles as he remembers . " he said , ' you realize that if you take that bus and drive it down there i have no excuse to ask the administration to get us a new bus because that will prove the bus can go that far . ' "

marbach pressed on , stripping the seats out of the bus to make room for his cargo and enduring a bumpy and loud trip down the eastern seaboard . once in virginia , he pulled up to the grounds of a federal warehouse he describes as much like the fictional one used to store the ark of the covenant in the first indiana jones movie , " just bigger " and stacked with unused furniture and crates of office supplies rather than mysterious archaeological artifacts . a golf cart and an attendant drove marbach through the cavernous space , where he found the solar panels in a dim corner gathering dust instead of sunlight . some were broken . " it just looked like there was not a lot of thought given to taking care of these things , " marbach says .

a new dawn ? there was a lot of thought given to installing the 32 solar panels in the first place , not least because the system could not alter the look or profile of the white house in any way . in fact , morse , who first got involved with solar during the nixon administration by being asked to assess its potential , spent years determining what could be installed . ultimately , he had to make parts of the panels white , rather than a darker ( more sunlight - absorbent ) color . on june 30 , 1979 , the panels were unveiled , although they remained invisible from the ground .