Klimaschutz, eine Perle? Ballard PWR SYS!
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Eröffnet am: | 09.02.07 10:09 | von: Thumanin | Anzahl Beiträge: | 15 |
Neuester Beitrag: | 28.06.07 09:14 | von: ConnyM | Leser gesamt: | 10.861 |
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Marktkapital. 493,40 Mio. EUR
Stücke 114 Mio.
Im Rahmen der jüngsten Entwicklungen und Diskussionen über den Weltklimaschutz werden in den nächsten Jahren mit Sicherheit einige, bisher eher unbekannt Firmen, in den Vordergrund rücken.
Vor allem auch deswegen, weil wohl die politische Ausrichtung der USA zum Klima-und Umweltschutz sich gedreht hat. Die Reduzierung des CO2 ausstosses wird dabei wohl eine größere Rolle spielen. Einer der größten "CO2-Verschmutzer" ist das Auto.
Alternative Antriebsenergien wie Gas, oder Ethanol werden vorrausichtlich von Hybridautos echte Konkurenz kriegen. Im Moment ist dieser Markt noch nicht ganz ausgereift, aber durch den wachsenden Druck auf Alternativen, wird hier wohl künftig mehr investiert werden und somit ein größeres Wachstum und mehr Bedeutung aufkommen.
Konzerne wie Siemens kaufen oder investieren bereits in diesen Markt (Zukäufe), und vor allem auch in Ballard Power (siehe Meldung).
Zitat:
'Der weltweit wachsende Hybridmarkt wird bis zum Jahr 2015 ein Volumen von 10,6 Milliarden US-Dollar erreichen', sagte Klaus Egger, Mitglied des Bereichsvorstandes Siemens VDO./sbi/sb
Meldung:
MÜNCHEN (dpa-AFX) - Der Industrie- und Technikkonzern Siemens verstärkt seinen Autozuliefer-Bereich. Siemens VDO Automotive übernehme das in den USA ansässige Geschäftsfeld Elektroantriebe von der kanadischen Gesellschaft Ballard Power Systems, teilte das Unternehmen am Donnerstag in München mit. Die Sparte entwickle und fertige mit rund 80 Mitarbeitern Elektroantriebe für Brennstoffzellenfahrzeuge. Die Übernahme soll bis Anfang 2007 abgeschlossen sein. Finanzielle Details nannte Siemens nicht.
Profil:
Fuel Cell Partnership sei ein Zusammenschluss von Automobilherstellern und Brennstoffzellen-Bauern, der dazu beitragen wolle, die neuartige Antriebstechnologie möglichst schnell zu etablieren. Die in Kanada beheimatete Ballard Power sei Markt- und Technologieführer beim Bau von Brennstoffzellen. Im Kurs der Ballard Power-Aktie spiegle sich die Entwicklung der Technik wider. Zu Beginn des Jahres 2000 sei der Kurs auf mehr als 100 Euro nach oben geschossen. Zu diesem Zeitpunkt hätten Anleger ungehemmt in Unternehmen mit einer großartigen Idee investiert - auch wenn die Gewinne in weiter Ferne gelegen hätten. Zur damaligen Zeit hätten Optimisten noch von einer Nutzung in Pkws bis zum Jahr 2006 schwadroniert. Nun würden kleinere Brötchen gebacken. Inzwischen würden die Kanadier ihre damaligen Fehler einräumen und den kommerziellen Einsatz in der Auto-Industrie bis zum Jahr 2010 erwarten - wenn er überhaupt komme. Immerhin: Weltweit würden bereits 130 Testfahrzeuge mit Fuel-Cell-Antrieb laufen. Das kanadische Unternehmen verbrenne Geld, im ersten Quartal des laufenden Geschäftsjahres allein mehr als 12 Mio. USD. Im Gesamtjahr sollten es zwischen 50 und 65 Mio. USD werden. Sollte es in dieser Geschwindigkeit weitergehen, reiche das Eigenkapital noch vier Jahre. Mit Gewinnen sei frühestens im Jahr 2010 zu rechnen. DaimlerChrysler und Ford, die beiden wichtigsten Partner die zusammen rund 30 Prozent an Ballard Power halten würden, würden zu ihrem Brennstoffzellen-Engagement stehen. Solange das so bleibe, habe die Technologie zumindest langfristig Chancen. Risikofreudige, langfristig orientierte Anleger würden darauf setzen. Die zuletzt starken Kursschwankungen würden Zocker nutzen und auf den nächsten Besuch von Präsident Busch hoffen.
(Quelle: Focus Money)
News:
Ballard legt Bilanz 2006 und Ziele für 2007 vor - Umsatzsteigerung um 30 Prozent geplant
Vancouver, Kanada - Der im regenerativen Aktienindex RENIXX gelistete Brennstoffzellen-Hersteller Ballard Power Systems hat die Geschäftszahlen zum Jahr 2006 veröffentlicht und die Ziele für das laufende Jahr 2007 bekannt gegeben. So hat das Unternehmen den Umsatz um 15 Prozent von 53,7 Mio. US-Dollar (ca. 41,5 Mio. Euro) im Jahr 2005 auf 62 Mio. US-Dollar (ca. 48 Mio. Euro) im Jahr 2006 erhöht und liegt damit im Zielrahmen 55 - 65 Mio. US-Dollar (ca. 43-50 Mio. Euro).
Nach Unternehmensangaben sind im vergangenen Jahr insgesamt 315 Brennstoffzellen vom Typ Mark 1030 an Kunden im Bereich Kraft-Wärme-Kopplung in Wohngebäuden ausgeliefert worden. Als Jahresziel hatte Ballard 280 Stück festgelegt. Zusätzlich wurden 147 Brennstoffzellensysteme des Typs Mark 9 SSLTM an gewerbliche Kunden ausgeliefert, gegenüber einem Ziel von 300 Brennstoffzellen. Zudem wurde ein 2-Jahresvertrag mit General Hydrogen mit einem Volumen von 2.900 Brennstoffzellen-Einheiten abgeschlossen. Gleichzeitig hat Ballard im jahr 2006 seine Produkte entprechend der internationalen Markt-Anforderungen technisch weiterentwickelt. So wurden Prototypen mit höherer Lebensdauer bei niedrigeren Kosten vorgestellt.
Für das Jahr 2007 will der kanadische Hersteller die Kommerzialisierung seiner Brennstoffzellentechnik weiter vorantreiben. Gleichzeitig peilt Ballard eine Umsatzsteigerung von bis zu 30 Prozent gegenüber 2006 an. Auf der technologischen Seite sind weitere Kostensenkungen um ca. 25 Prozent vorgesehen.
Interessante Links:
www.h2fc.com
www.ballard.com
www.fair-pr.com/hm04/images/exhibitors/ballard-pm.pdf
Auch charttechnisch sieht es interessant aus. Der Boden ist gefunden und kleiner Wiederstände können recht schnell gebrochen werden.
Auch das Volumen steigt, vor allem seit Februar, ist hier wieder mehr Bewegung drin.
Die Ballard Power hat ja mächtig gas gegeben.
Da hatte Thumanin auf jeden Fall den richtigen Richer!
Aber das die Fundamentaldaten gesteigert wurden und Siemens den Hybridbereich gekauft hat ist nur die eine Seite der neuen Erfolgsstory des Entwicklers für Brennstoffzellensysteme in Automobilen, der eng mit Ford und Mercedes zusammenarbeitet!
Der Bereich Brennstoffzelle birgt noch unvorstellbahres Potenzial für die Straße!
Charttechnisch ist pünklich zu diesen News das Cross der 5-Jahres FSE-Charts Kopf- und Bodenlinie erreicht worden. Damit gibt es nach FSE nichts, was den Kursschub charttechnisch bremsen kann (bis in den 17 Euro-Bereich).
Der US-Chart trübt diesen Blick leider ein wenig, denn der Hype in 2002 hat sein letztes Aufbäumen ein wenig moderater zu Papier getragen. Daher zeigt der US-Chart 7,5$ als aktuelle Kopflinie.
Das große Volumen und die Kurskontrolle, sowie Kursentwicklung werden nicht in Frankfurt, sondern klar an der Nasdaq gemacht. Daher ist dieser Chart der bestimmende!
Das gehandelte Volumen hat noch nicht das erreicht, mit dem Ballrd bei vorherigen Schüben glänzen konnte. Also steckt hier auch nnoch Potenzial!
Diese vorsichtige Betrachtung schafft immernoch Luft für 5,80 Euro (7,5$) was einem weitern Potenzial von ca 15% bis spätestens Ende Monat 4.2007 entspricht!
Das bekannte Katapult der FSE könnte bei höherem Volumen bedingt durch den Chart und die magische 10 auch ein wenig höher laufen!
Fazit:
Bis Ende Monat 4.2007 sehen wir zimlich sicher die 5,80 Euro (7,50$)
15% sicheres Potenzial in 2 Monaten. Charttechnisch und fundamental untermauert!
Eine darauf folgende Kurserholung in den Bereich 6$ (4,60 Euro) ist anzunehmen!
Absichern des Kaufes mit Stop Loss nicht vergessen! Jeder Schuss kann auch nach hinten losgehen!
Wünsche einen netten Börsentag,
euer Alpha.
PS: der US-Chart gibt ein vergleichbares Szenario widerholend für Monat 9.2007 vor!
Hier gibt es momentan 3 optionale Ziele (8$,12$,30$)
Haftungsausschluss:
Sämtliche Aussagen basieren lediglich auf Theorien und persönlicher Erfahrung sowie logischer Herleitungen. Meine Ausführungen sollen niemandem etwas unterstellen in irgendeiner Form angreifen und niemanden zum Handeln in irgendeiner Form ermutigen. Für die Richtigkeit und Vollständigkeit von Informationen, Analysen und Herleitbarkeit aller enthaltenen Annahmen kann, will und werde ich weder Garantie, noch Haftung übernehmen.
Tschau Gretel
Ballard Signs Supply Agreement with Dantherm for Backup Power
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 03/21/07 -- Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) today announced that it has signed a supply agreement with Dantherm Air Handling A/S (Dantherm). The agreement is effective immediately, and extends to mid-2009. Ballard will supply 300-400 Mark1020 ACS fuel cells, comprising a mixture of 1kW and 2kW units, for integration into Dantherm's backup power products for European telecommunications customers. The value of the contract is approximately $1 million. Ballard expects to ship 70-100 Mark 1020 ACS units under this agreement in 2007.
"We are very excited to have Dantherm as a lead customer for the Mark1020 ACS in the backup power market," said Noordin Nanji, Ballard's Chief Customer Officer. "The company is a highly-respected supplier of complete power supply solutions for fixed and wireless telecommunications mobile networks."
Backup power solutions based on fuel cell technology deliver a number of significant advantages over conventional batteries and diesel generators, including higher reliability over a wide range of operating conditions; lower maintenance costs; longer operating life; and reduced size, weight, installation footprint, and environmental impact. The Mark1020 ACS fuel cell provides all of these advantages to power sub-system integrators, and enables an extremely compact and cost-effective backup power solution with its air-cooled design.
"This agreement with Ballard marks the official beginning of a strong and growing partnership with the leading provider of fuel cell products," said Per Albaek, Managing Director of Dantherm Air Handling A/S. "Dantherm selected Ballard's Mark1020 ACS fuel cell for our products because it is simply the best air-cooled fuel cell on the market today in terms of performance, reliability, and price. Using Ballard's product offering and fuel cell expertise, we provide backup power solutions available for sale today to customers who see the compelling value proposition fuel cell technology provides to the telecommunications market."
This agreement is an important step in Ballard's strategy to build a leading position in the backup power market, along with materials handling and residential cogeneration.
Brunnen fallen bevor ein Deckel auf das Loch kommt. Im Klimawandel ist das Kind allerdings schon im Brunnen, nur habens noch zuwenige bemerkt.
Mit sonnigem Gruß
Atomi
dabei bleiben!!!
Tschau Gretel
Ballard Announces 2007 First Quarter Results
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/24/07 -- Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP), a leader in the development, manufacture and sale of hydrogen fuel cells, today announced operating and financial results for the quarter ended March 31, 2007. All amounts are in U.S. dollars, unless otherwise noted.
"Ballard's continued operational progress was evidenced in the first quarter by several key developments, including the sale of our e-drive operations, contracts with Dantherm Air Handling for backup power and the US Department of Defense for materials handling, as well as an extension of service agreements for fuel cell-powered buses," said John Sheridan, Ballard's President and Chief Executive Officer. "We also continued to show progress in our financial performance. Revenue growth was strong, and while operating cash consumption was higher than the same quarter in 2006, this was largely due to the timing of collections from customers last year."
Ballard confirmed its full-year financial guidance for 2007:
- Revenues from continuing operations for 2007 are expected to be in the range of $55 to $65 million, growth of up to 30% over 2006.
- Operating cash consumption is expected to be in the range of $40 to $50 million, a reduction of up to 20% over 2006.
2007 Q1 financial highlights
- Revenues of $13.6 million, reflected a 44% increase over revenues of $9.4 million for the same period in 2006.
- Product and service revenues of $9.7 million reflected an increase of $2.5 million (36%) year over prior year quarter due to higher automotive fuel cell, carbon fiber product, and residential cogeneration fuel cell product shipments.
- Engineering development revenues of $3.9 million reflected an increase of $1.6 million (73%) from the prior year quarter due to the achievement of milestones in automotive and residential cogeneration fuel cell development programs.
- Loss from continuing operations of $14.5 million, or ($0.12) per share, was comparable to the prior year quarter.
- Operating cash consumption(1) of $16.1 million reflected an increase of 33% compared to $12.1 million for the prior year period, which was positively impacted by pre-payments of $3.8 million received from customers under bus service contracts entered into in early 2006. With respect to the outlook for 2007, operating cash consumption for the first quarter was impacted by the payment of 2006 employee bonuses, along with operating cash consumption related to Ballard's electric drive operations, which together totaled $6 million and will not re-occur in the remainder of 2007.
2007 Q1 operational highlights
Residential Cogeneration
The Japanese Ministry of Energy, Trade and Industry (METI) has announced volume allocations for the 2007 residential fuel cell cogeneration program of 930 units, a 20% increase over the previous year. Ballard's joint venture, Ebara Ballard, was allocated 271 units, 29% of the total. Of these units, 120 will be natural gas-fueled and 151 will be kerosene-fueled.
Ballard shipped 71 Mark1030 fuel cells in the quarter and is on target to meet its annual goal of 400 units shipped.
Materials Handling
In the quarter, Ballard was awarded a research and development contract by the US Department of Defense for a materials handling demonstration program, valued at up to $3 million. This program will support Ballard's goal of reducing Mark9 SSL(TM) product costs by 25% in 2007.
The materials handling segment is being impacted by developments with respect to Ballard's two lead customers:
- The recent acquisition of Cellex Power by Plug Power; and
- The negotiations related to the potential acquisition of General Hydrogen by Plug Power, as announced by Plug Power last week.
In conjunction with the Plug Power/General Hydrogen negotiations, Ballard is in discussions with Plug Power to re-negotiate the supply agreement Ballard signed with General Hydrogen in October 2006.
Given the focus of General Hydrogen and Cellex Power on this possible transaction and the integration activities which would follow, along with a longer than expected sales cycle, Ballard's Mark9 SSL(TM) shipments in the quarter were negligible.
With respect to General Hydrogen volumes specifically, Ballard's expectations for 2007-2008 are now less than the 2,900 units called for in the existing General Hydrogen supply agreement. Accordingly, the Mark9 SSL(TM) volume target of 700 units for 2007 is no longer appropriate. Ballard will be working with its customers to re-assess market plans and volume projections over the coming months, after the outcome of the possible transaction activity is known. Despite this short-term volume impact, Ballard views these consolidation prospects as positive for market development over the medium term.
Backup Power
On March 21, 2007, Ballard entered into a supply agreement with Dantherm Air Handling A/S (Dantherm) to supply 300-400 Mark1020 ACS fuel cells for integration into Dantherm's backup power products for European telecommunications customers. Under the terms of the supply agreement, Ballard expects to ship 70-100 Mark1020 ACS fuel cells to Dantherm this year. This agreement is an important step in Ballard's strategy to build a leading position in the backup power market.
Ballard shipped 7 Mark1020 ACS fuel cells in the quarter and expects to meet or exceed its goal of shipping 100 units in 2007.
Automotive
Ballard continued development of its current Mark 1100 automotive fuel cell with its Alliance partners, DaimlerChrysler AG and Ford Motor Company, and began early work on the next generation program. This progress was reflected in the related $2.2 million of engineering development revenue recorded in the quarter.
On April 2, 2007, Ballard secured contract extensions with DaimlerChrysler to provide service to Mercedes-Benz fuel cell bus fleets in Hamburg and Amsterdam in 2007 and 2008. This second extension of the Hamburg and Amsterdam fuel cell bus programs reflects the positive experiences Ballard's customers have had with the HyFLEET:CUTE program.
Also in the quarter, Ballard closed the sale of its electric drive operations. Estimated net proceeds were $3 million, including purchase price adjustments, which are expected to be finalized in the second quarter of 2007. As previously disclosed, the total net estimated loss on disposal of $108 million for the transaction, was recorded as a net loss of $111 million in 2006 and an offsetting estimated net gain of $3 million was recorded in 2007, at closing, as a result of employee future benefit plan curtailments. The results of these operations have been presented as discontinued operations and Ballard has restated comparative figures in the financial statements.
2007 Q1 financial results
Ballard's revenues for the three months ended March 31, 2007, increased 44% to $13.6 million compared to $9.4 million for the same period in 2006. During the first quarter of 2007, product and service revenues increased $2.5 million, or 36%, and engineering development revenue increased $1.7 million, or 73%, compared to the same quarter last year. Product and service revenue totaled $9.7 million for the current year quarter with product revenues of $6.8 million and service revenues of $2.9 million, compared to product revenues of $4.4 million and service revenues of $2.7 million in the first quarter of 2006. The increase in product revenues is driven by higher shipments of automotive fuel cells, carbon fiber material product and 1kW residential cogeneration fuel cells. Service revenues relate to contracts to provide field service for fuel cell-powered buses in Europe, China and Australia, along with non-recurring engineering services. The increase in engineering development revenue resulted from work performed and achievement of the milestones under the automotive fuel cell and 1kW residential cogeneration fuel cell development programs.
Ballard's loss from continuing operations for the three months ended March 31, 2007 of $14.5 million, or ($0.12) per share, was comparable to $14.4 million, or ($0.13) per share, for the corresponding period in 2006. A slight increase of $1.5 million in operating expenses for the first quarter of 2007, compared to 2006, is primarily a result of increased research and development activities for automotive fuel cell development programs. Ballard's net loss for the three months ended March 31, 2007, decreased 17% to $14.3 million, or ($0.12) per share, compared with a net loss of $17.2 million, or ($0.15) per share, for the corresponding period in 2006, mainly due to a net gain on disposition of Ballard's electric drive operations of $2.9 million for employee future benefit plan curtailments.
Operating cash consumption(1) for the three months ended March 31, 2007 increased 33% to $16.1 million, compared to $12.1 million for the three months ended March 31, 2006. The increase in operating cash consumption was driven by higher working capital requirements and slightly higher research and development activities, partially offset by lower capital expenditures. The prior year's first quarter operating cash consumption was positively impacted by pre-payments of $3.8 million received from customers at the beginning of bus service contracts entered into in early 2006. Turning to the outlook for 2007, operating cash consumption for the first quarter was impacted by the payment of 2006 employee bonuses of approximately $4 million along with operating cash requirements related to Ballard's electric drive operations, of approximately $2 million, both of which will not re-occur in the remainder of 2007.
For a more detailed discussion of Ballard's 2007 first quarter financial results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.
Selected Consolidated Financial Information
By Jack Uldrich
Tschau Gretel
April 24, 2007
Venture capitalists are people, just like you and me. They put their pants on one leg at a time, and they're prone to making investing mistakes just like the rest of us. That said, it's hard to deny that some VCs are clearly better than others. And one of Silicon Valley's more successful and higher-profile VCs is John Doerr. Among his big wins are early investments in Symantec, Amazon.com, and more recently, Google.
This success, I believe, gives his words some weight. So when he says, as he did in November, that global warming is real and that "cleantech" is "the biggest economic opportunity of this century," my ears -- and yours -- should perk up.
It's not that the idea of cleantech being a big investment opportunity is new. The Motley Fool, myself, and others have been writing about it for some time. Instead, it was Doerr's explanation of how cleantech can help address global warming that I found so interesting. He laid out four steps for solving global warming that, when viewed in aggregate, can provide investors with a useful framework for thinking about how to invest in cleantech.
First, Doerr said the U.S. government should adopt a mandatory goal of reducing greenhouse gas by 25% by 2010. This is an ambitious goal and, even with Democrats now in control of both houses of Congress, I feel it is unlikely to be achieved. Nevertheless, I do believe some controls are coming, and investors can profit by understanding which companies are getting ahead of the curve and positioning themselves to benefit from government mandates. For instance, I have written before about Duke Energy's willingness to embrace mandates and explained how this progressive position -- when backed with strategic investments in cleaner coal-burning technologies and large-scale carbon sequestration and alternative fuel energy projects -- could position it ahead of its peers if and when government mandates on carbon emissions are imposed. More recently, IBM announced its Big Green Innovations initiative as a way to take advantage of this emerging market.
Second, Doerr called for the adoption of renewable sources like solar and wind power. This is hardly a bold call, but investors should give serious consideration to investments such as Motley Fool Rule Breakers recommendation Suntech Power. The company's big plans to buy $5 billion worth of solar wafers from MEMC Electronic Materials over the next 10 years is just one indication that it expects to be a leader in the growing solar cell market. Other companies with solar resources worth considering are SunPower (Nasdaq: SPWR) and First Solar (Nasdaq: FSLR).
Third, he said the United States needs to reinvigorate its biofuels industry. To a degree, this is already happening. Archer Daniels Midland now has a 50 million-gallon facility in production, and a couple of months ago, VeraSun announced plans to begin building a large-scale 30 million-gallon biodiesel facility. With the advent of new, tougher EPA regulations requiring cleaner-burning diesel -- which biodiesel meets -- the demand for biofuels could grow stronger in the near future. And both companies, by positioning themselves at the forefront of this biofuels "reinvigoration," could profit nicely from its expansion. More recently, ConocoPhillips (NYSE: COP) and Tyson Foods (NYSE: TSN) have teamed up to create a new biodiesel out of animal fat.
Finally, Doerr said there needs to be more investment in technologies that can remove existing carbon dioxide from the atmosphere. I am unaware of companies that are doing this now, but I do know that Headwaters is actively working to develop unique nanoparticle catalysts that might soon help in this quest.
There will be no shortage of other companies working on such technologies, but I encourage investors to keep an eye on the big boys such as DuPont. Cleaning up vast amounts of carbon dioxide is a big problem, and it could well take a big company to deliver the resources necessary to make a dent.
Investors looking for a more diversified approach to investing in alternative energy might want to consider the PowerShares WilderHill Clean Energy (PBW) fund, which counts Echelon (Nasdaq: ELON), Evergreen Solar (Nasdaq: ESLR), and Ballard Power (Nasdaq: BLDP) among its holdings.
The bottom line is that, like Doerr, I believe cleantech will be huge. I also believe there will be many technologies and companies taking part in the solution. But before they invest in the field, Fools should be strategic about how they want to approach the opportunity. After all, just because the opportunity is big doesn't mean everyone's profits will be, too.
Meinungen?
08.05.2007, 17:05 Uhr
Brennstoffzellen: Ballard unterzeichnet neuen 2 Jahres-Vertrag mit Plug Power
Vancouver, Kanada – Der Brennstoffzellen-Entwickler Ballard Power Systems hat einen neuen 2-Jahres-Vertrag mit Plug Power Inc. für die Lieferung von Brennstoffzellen abgeschlossen. Hintergrund ist der erhöhte Bedarf an Brennstoffzellensystemen wegen der geplanten Übernahme der kanadischen General Hydrogen Corp. durch Plug Power. Anfang des Jahres hatte Plug Power bereits Cellex Power Products Inc. übernommen. Beide Unternehmen sind im Transportmaschinen-Sektor tätig und sollen in den nächsten zwei Jahren zusätzlich zu Plug Power mit Brennstoffzellen beliefert werden.
Gibt es ein paar gute techniker unter euch?
Wie ist dieser Einbruch zu erklären und wie könnte ein konservatives Kursziel für die nächten 3 Jahre aussehen?
Ich schätze gute Analysen!
Danke,
euer Alpha