By allowing the troops to recharge their radios, GPS devices and other equipment, the green technology freed the Marines of India Company from constant resupply by road and air. And by carrying fewer batteries, they carried more bullets.

The Marine Corps is addressing a paradox confronting military planners: Modern U.S. forces are more lethal than any in history, but they also gobble up more energy. That lengthens vulnerable supply lines and overloads soldiers and Marines in the field.

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By allowing the troops to recharge their radios, GPS devices and other equipment, the green technology freed the Marines of India Company from constant resupply by road and air. And by carrying fewer batteries, they carried more bullets.

The Marine Corps is addressing a paradox confronting military planners: Modern U.S. forces are more lethal than any in history, but they also gobble up more energy. That lengthens vulnerable supply lines and overloads soldiers and Marines in the field.

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The piece said Information Network chief Robert Castellano believes “massive inventory buildup and huge overcapacity” are having a serious impact on solar panel manufacturers. The industry is up to 122 days of inventory, from an average 71 days in 2008, he reports. Capacity utilization in the industry is down to 27.9 percent, from 48 percent last year.

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The company has seen increasing price-cuts among competitors selling into Germany’s solar power market. Although First Solar makes panels from a thin-film semiconductor technology, it started to see trouble in the German market from manufacturers hit with a glut of polysilicon-based product and slowing of new panel projects, said CEO Mike Ahern.

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Segrich notes that Suntech has emerged as the largest Chinese solar module manufacturer; but he says the company’s stock is likely to underperform as the rapid deterioration of pricing and demand in the solar market continues amid the sharp economic downturn.

For 2009, Segrich expects the company to produce $1.95 billion in revenue, shipping 690 MW, below the company’s forecast of 800 MW or more. Segrich notes that the company’s initial response to the slowdown was to reduce volumes–but he thinks the company will drop prices aggressively in Q1 to increase utilization and maintain market share. Segrich forecasts negative free cash flow for the year of $530 million, with significantly depressed margins, as prices sink.

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The solar analysts at Merrill Lynch think so. In a piece authored by analysts Lu Yeung, Vincent Chow, Matthew Yates and Steve Millunovich, Merrill this morning asserts that “improving second derivative trends” suggest the industry is headed for a cyclical bottom.

The Merrill analysts assert that, while there is not likely to be a recovery in demand until early 2010, Q4 2008 and Q1 2009 “will mark the shipment bottom,” with modest sequential increases in subsequent quarters. “Our research suggests that some Asian vendors may forecast flat-to-rising shipments, suggesting inventory is peaking and depletion is underway, thanks to swift production cutbacks, signs of easing in solar project financing and solar ASP declines,” they write.

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“Street estimates generally have Q1 revenue flat-to-up sequentially, but we see a downtick as more likely,” he writes. “The main sticking point appears to be project financing rather than the price of modules. Smaller systems are more likely to find cash buyers or owner equity financing along with renewable-specific loans in markets such as Germany and Japan. However, larger projects are likely to be hampered by tight credit and lack of third-party tax equity.”

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For Q3, the company posted revenue of $594.4 million and non-GAAP profits of 36 cents a share. That beat the Street estimate of $571.7 million at the top line, but fell short of Street estimate of 42 cents at the bottom line.

But what really matters here is the outlook. For Q4, the company now sees revenue of $345 million to $360 million, dramatically below the Street consensus of $614.78 million. Suntech said it expects to be “marginally” profitable or break even in the quarter. The Street had expected 43 cents.

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While quick House approval would be nice, it might not play out that way. Citigroup analyst Timothy Arcuri notes in a research piece this morning that approval in the House could drag into November, in part because the solar tax credit extension is longer than the bill’s one-year extension for wind-related credits and two years for other renewable energy sources. “We don’t think that distinction was broadly expected,” he writes.

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Richard Keiser, technology strategist at Bernstein Research, wrote this morning that an “astounding number” of solar panel companies demonstrated products at the show–and offered aggressive expansion plans. He says that suggests fears of commoditization and oversupply “are well founded.”

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Chin today cut EPS estimates by about 10 percent for 13 global solar companies, including SunPower (SPWR), Evergreen Solar (ESLR), LDK (LDK), Suntech (STP), Yingli (YGE), Q-Cells, Solarworld, REC, Conergy, Solon, Motech, E-Ton and Sino-American Silicon. He also cut his rating on SunPower to Neutral from Buy, while increasing his rating on Energy Conversion Devices (ENER) to Buy from Neutral.

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As I noted yesterday, the Spanish government is considering a proposal which would put a 300 MW cap on subsidized solar installations, with a reduction in the subsidy to 33 Euro cents per kilowatt-hour for roof-top installations, and 29 cents for ground-based systems. That would be down from about 45 cents now.

Several analysts weighed in on the issue this morning.

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According to Bloomberg, the Spanish newspaper Cinco Dias reported that the Spanish industry ministry is considering cutting the electricity rate paid to photovoltaic installations by as much as 35%.

The story reports that the ministry would set a limit of 300 megawatts of new capacity for the industry for next year, 200 for roof-top installations and the rest for ground equipment. The new tariff would be 33 Euro cents per kilowatt-hour for roof installations and 29 cents for ground panels, down from about 45 cents. (Shah last week had said the proposal could be 33 cents for roof-top installations, and 25 euro cents for ground-mounted.)

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According to Reuters, Japan’s Ministry of Economy, Trade and Industry is discussing bring back subsidies for the country’s solar sector. The story, citing unidentified ministry officials, says that the country is considering subsidies and tax breaks that could halve the cost of putting up solar panels in households. “It’s clear that lack of vision dented Japan’s lead in market share,” said the official.

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Intel Capital is leading a $50 million investment round in the new company, along with the Cogentrix Energy unit of Goldman Sachs, PCG Clean Energy and Technology Fund and Solon AG. The deal expected to close in the second quarter.

In addition to focusing on advanced solar cell technologies, the company said SpectraWatt will work on improving current manufacturing processes to cut the costs of generating solar power.

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