Shares of Solar Integrated Technologies Inc. surged as much as 29 percent to a record, the third day of gains that have more than doubled the company's market value.
The shares closed up 15 pence, or 24 percent, at 76.5 pence in London, valuing the Los Angeles-based company at 26.5 million pounds ($51 million).
Revenue for the 2006 fiscal year will be in ``the mid point of $35 million to $45 million,'' Chief Executive Officer Randall MacEwen said in a telephone interview today.
``The solar market will be strong in the years to come,'' John-Marc Bunce, an analyst covering alternative energy companies at Ambrian Partners Ltd., said in an interview. Solar Integrated ``will need more capital to grow faster,'' Bunce said. ``The roofing projects they undertake require significant working capital.'' Bunce doesn't have a rating on the company's stock.
Solar Integrated on Jan. 19 said it won a contract with Tesco Plc to build the world's largest solar roofing system. The panels will cover more than 500,000 square feet of the roof and produce a fifth of the power supply at the retailer's California depot.
California Governor Arnold Schwarzenegger has signed legislation on the ``Million Solar Roofs plan.'' The scheme aims to provide 3,000 megawatts of ``clean energy'' through the installation of 1 million roofs in the state by 2018.
The $13 million contract with Tesco is part of the scheme. The company is ``confident'' of winning more contracts under this program, MacEwen said.
Investments in clean and renewable energy rose 43 percent to $70 billion in 2006, the Financial Times said Jan. 3, citing research company New Energy Finance.
Shares of ReneSola Ltd. (SOL:US), a Chinese maker of wafers for solar-energy cells, have gained sixfold since it sold shares on London's junior market in August. Solar sold stock on London's Alternative Investment Market at 171 pence a piece in May 2004.
Solar Integrated, which has supplied its products to Wal- Mart Stores Inc. and the U.S. Government, was founded in 2002.
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