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Calpine lowers loss on high power prices
CCT Staff
May 12, 2008
Power producer Calpine Corp. said Monday its first-quarter loss narrowed as higher electricity prices offset certain one-time contract losses. The San Jose-based company posted a loss of $214 million, or 44 cents per share, compared with a loss of $459 million, or 96 cents per share, in the year-ago quarter.
Because of the company's recent reorganization, Calpine said the per-share figures are not comparable between the two periods. The company emerged from Chapter 11 protection in January after a two-year period in bankruptcy where it cut one-third of its workforce and sold off several plants to better its finances
Venture capital
Menlo Park-based Kleiner Perkins Caufield & Byers, a major Silicon Valley venture capital fund, is launching a new $500 million investment vehicle, the Green Growth Fund. The fund is intended to help speed up mass market adoption of solutions to the world's climate crisis. Also, the company has formed a $700 million fund, KPCB XIII, to invest in greentech, information technology and life sciences ventures. "Greentech" is a term used to describe energy-efficient technologies such as solar.
Energy
In what the companies called the largest ever procurement in the U.S. of fuel power cells for public transport buses, Oakland-based AC Transit agreed to buy a minimum of eight Model 120 fuel cell power systems from UTC Power of Connecticut to power AC Transit's hybrid electric fuel cell buses scheduled for delivery in 2009 and 2010. AC Transit said the power cells deliver "significantly better" fuel economy.
Quickly
Seattle-based Pyramid Breweries Inc., which operates a brewery in Berkeley and alehouses in Berkeley, Walnut Creek and Sacramento, has signed a deal with AFIC EXIM (Canada) Corp. to distribute its beers in British Columbia and Alberta in Western Canada. .... The Trident Society, a Florida-based provider of cremation-only services, has added new business offices in San Mateo and Alameda. The new offices expand Trident Society's presence in the Bay Area, which includes locations in Walnut Creek, Alameda and San Jose.
Compiled from staff and wire reports. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or dvoros@ bay areanewsgroup.com.
Copyright 2008
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