Finnish Scientist Could Revolutionise Inverter Design



Finnish Scientist Could Revolutionise Inverter Design

If this researcher at the Tampere University of Technology (TUT), Finland, is right, generally used design principles of power inverters used in photovoltaic applications are wrong. As they are attracting growing international attention, the potentially revolutionary understandings could be key to solving the problems solar photovoltaic power systems have with power quality and disruptions in the power grid.

Is a photovoltaic cell a non-ideal current source? “I had some doubts about the real nature of the converters used in PV applications, because the PV generator seemed to be a current source not a voltage source,” says Professor Teuvo Suntio from the Department of Electrical Engineering at TUT. He had been reading too many articles describing converters interfacing with PV generators as if they were conventional voltage-fed converters that behave as current sinks at their input terminals. “According to [German physicist Gustav R.] Kirchhoff, connecting two current sources in series does not work properly at all,” Suntio evokes. “This is the basis for the 'revolutionary' ideas.”

That in mind, in 2008, the Finnish scientist began to search for the truth about properties of PV converters. The power electronics expert wondered why many shortcomings and malfunctions of renewable energy power systems remained unresolved. Suntio’s findings could provide game-changing explanations. First, he has explained why a converter directly connected to the PV generator does not work properly if its input current is used as a feedback variable; he recommends the use of the input voltage instead. Second, using output voltage or output current as a feedback variable leads to instability when the MPP [maximum power point] is reached. “This means that the output-side feedback cannot be used without compromising the stability of the PV system,” Suntio explains. Third, the voltage-sourced inverter (VSI) contains right-half-plane (RHP) zero in its output dynamics when the inverter operates in the constant-current region of the PV generator. “This means that the grid-current loop is actually unstable,” Suntio says. “The RHP zero actually turns into a RHP zero in the DC-link feedback loop and, consequently, instability would take place if the control bandwidth of the loop is too low. Such instabilities at rather low frequencies were reported, but their origin was unknown.” Fourth, Suntio and his team noticed that “the inverter output impedance exhibits 'negative incremental resistive' behavior at the frequencies close to the grid frequency and its low harmonics.” They explained that behavior with the cascaded control and phase locked loop (PLL) synchronizing the inverter with grid frequency.

Suntio’s progressive understandings could help improve the reliability of future inverter devices and, especially, the reliability of renewable energy systems as a whole. “Correctly considering the PV generator as an input source would also reduce costs if the sizing of the components are carried out without unnecessary oversizing," the scientist adds.

He also reckons, however, that there is still a long way to go before solar researchers “really understand and, especially, accept the facts related to the power electronics converters applied in the renewable energy systems.” Suntio predicts the main paradigm shift will come when one day “everyone recognises that the same power stage can have properties that are quite different from each other, and that the determining factors are the input and output sources as well as the feedbacks applied.” He even suggests changing currently used terminologies so that other engineers could understand what their colleagues are talking about. “Real knowledge about the origin of different undesired phenomena in the behavior of the inverters will enable their solving in a most optimal way,” he says, adding that many of today’s solutions focus on making inverters more complex or oversizing the devices to compensate for shortcomings. “Even though we have worked hard at making these discoveries known within the research community, there still is too much resistance.”

In 2008, TUT began collaborating with the global manufacturer of power and automation technologies ABB. Together, they have joined forces to pinpoint the optimal structure of photovoltaic power plants and develop new PV inverters ABB has patented. “ABB was the only company visionary enough to recognize the potentials of the research activities at Tampere University of Technology,” Suntio says. “As a consequence of that, the full-scale research projects started in 2009, yielding the 'revolutionary' knowledge.”

Acquires 7MW Solar Parks in Greece


Business News Day Star Acquires 7MW Solar Parks in Greece
DayStar Technologies has entered into a lock-up agreement to acquire seven solar parks, 1MW each, from Arxikon Construction Company in Greece.

The parks are located in industrial areas in Northern Greece. Electricity revenues from the projects are through long-term feed in tariff contracts and will cash flow approximately $75,000,000 Euros over 20 years (beginning at approximately $3.9 million Euro per year).

The electricity sales contracts have a consumer price index increase clause. This lock-up agreement allows DayStar 200 days to complete its due diligence, regulatory approvals and financing, the company says.

These solar parks have an asset value of approximately $21,000,000 Euros base on yielding a 15% IRR, and estimated annual power production of 10,850MWh per year.

Each of the solar parks were constructed with Bosch monocrystalline solar cells and SMA inverters and are fully equipped with data acquisition systems for 24/7 monitoring.

NREL Research Fellow Howard Branz Named APS



NREL Research Fellow Howard Branz Named APS
A solar energy scientist at the US Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL) who has done pioneering and breakthrough work on thin films and nanostructures has been elected a fellow of the American Physical Society (APS). NREL Research Fellow Howard Branz was elected an APS fellow for “seminal research on thin-film silicon: defects, metastability, growth processes, nano-structuring and solar cells,” said James Riordan, spokesman for the APS.

Each year, less than one-half of 1% of APS members are accorded the honour, which recognises members who made advances in physics through original research and publication or made significant innovative contributions in the application of physics to science and technology. The APS has 50,000 members and works to advance and diffuse the knowledge of physics through research journals, scientific meetings, education, outreach and advocacy.

Branz is recognised worldwide for his research in nano-structured anti-reflection silicon, solar hydrogen production and defects and diffusion in semiconductors. He and his National Centre for Photovoltaics team won a prestigious R&D 100 Magazine Award in 2010 for black silicon, an elegant way to turn silicon cells black in just minutes and virtually eliminate reflection waste. The process produced a confirmed record of 18.2% efficiency for a nano solar cell.

Branz also led a research initiative that demonstrated how an NREL-developed chemical vapour deposition process has promise in lowering the cost of making silicon solar cells. Branz’s colleague, NREL senior scientist Pauls Stradins, said Branz “is a very talented, productive scientist, gifted at creating novel renewable energy technology, very much an innovator.” Stradins cites two especially important innovations: Branz’s breakthrough work on the deep connections of hydrogen bonding and motion within the silicon network and his insights into the role of entropy in the thermal excitation process in solids.

Branz, a Fulbright Scholar, earned his PhD at the Massachusetts Institute of Technology (MIT) and joined NREL in 1987. In 2010, he won the Southeast Regional Laboratory Consortium Award for Excellence in Technology Transfer. Earlier this year, he was named to NREL’s Research Fellows Council, the Laboratory’s top advisory council comprised of 10 internationally recognised scientists and engineers. He has published 106 journal articles and 104 conference papers. Branz also has 17 patents issued or applied for, and five pending NREL Records of Invention.

German Energy Storage Association Established


German Energy Storage Association Established
Its goal is to bring together the relevant decision makers in the sector, to offer expertise to policy makers and the public, to  speed up the development of the market and to build a strong contact network. Prof. Dr. Eicke R. Weber, Speaker of the Fraunhofer-Alliance Energy and Director of the Fraunhofer Institute for Solar Energy Systems (ISE) in Freiburg, assumed the office of Founding President of the BVES. "Our association envisages its mission as establishing energy storage as an energy resource along with the conventional and renewable energy supply in order to introduce more efficient, reliable, low-cost and safe energy ressources. To fulfil this vision we want to support the development of a stable energy storage market in Germany, which will then also serve as a model for additional markets in Europe and worldwide," continued Prof. Dr. Weber.

All companies that are involved in the production, planning, sale and operation of energy storage solutions are invited to become member companies. The interest group that is supported and represented by its members is committed to the further development of energy storage in the areas of politics, educational work, consulting and research. The work of the BVES will also involve the provision of industry information to members, as well as pushing ahead the coordination of development activities for energy storage systems in different applications. As one of its next work steps, the Association is planning to create an "Energy Storage Roadmap" in which a clear position for the role of energy storage systems in the energy revolution, the ‘Energiewende’ in Germany will be defined. Further work will be agreed upon at the occasion of the first meeting of members on March 19th, 2013 in Düsseldorf, within the scope of the Energy Storage – International Summit for the Storage of Renewable Energies.

Managing Director of the German Energy Storage Association is Dr. Harald Binder, who has worked in a wide range of international managerial positions, most recently as Vice President and General Manager of Applied Materials. Dr. Harald Binder is an active member of the board of trustees of the Institute of Microelectronics (IMS) in Stuttgart as well as Chairman SEMI Europe PV Group.


Solar Research Trends 2012


Applications Research Top Solar Research Trends 2012
Cost cutting and negative operating results dominated the picture of PV manufacturing around the globe last year. Despite all cost pressure, or maybe even just because of it, research went on even in the difficult market environment of 2012, and has created a number of breakthroughs in many disciplines of PV manufacturing and performance. We looked at the top 10 most-read research articles on Solar Novus Today in 2012 to spot the important trends.

Flexible thin-film research

Despite all cost pressure, or maybe even just because of it, research went on even in the difficult market environment of 2012.

Despite on-going research in the crystalline world, R&D massively takes place in other PV technology sectors. Last summer, scientists at the University of Toronto, Canada, and the King Abdullah University of Science & Technology (KAUST) in Saudi Arabia reported that they collaboratively have created a colloidal quantum dot (CQD) thin-film solar cell with a certified world-record efficiency of 7%. (See “Quantum Dot Solar Cell Achieves World Record Efficiency”).The 37% increase over the previous certified world record was made possible by a technical advance called “hybrid passivation scheme”. The breakthrough could further pave the way for inexpensive, fast mass production of thin-film solar technologies as it offers the possibility of creating solar cells on flexible substrates, using “roll-to-roll” manufacturing in the same way that newspapers are printed in mass quantities.

A method that can also be used to produce organic photovoltaic (OPV) cells developed for instance by energy company Phillips 66 in collaboration with South China University of Technology (SCUT) and California start-up Solarmer Energy Inc. The article “Phillips-66 Creates World Record OPV Cell with 9.31% Efficiency” describes research that resulted in a new world record last year for energy conversion efficiency in this category. At the same time, an interdisciplinary group of researchers from the University of California Los Angeles (UCLA) developed a high-performance polymer solar cell (PSC) that is highly transparent in the visible light range and produces energy by absorbing near-infrared and infrared radiation from the solar spectrum. These lightweight, flexible PSCs made from photoactive plastic-like materials are nearly 70% transparent to the human eye, because they mainly use near-infrared and infrared radiation  (See “Highly Transparent Polymer Cell Converts Near-Infrared Solar Radiation”.)

Material research

A possible way to drive down material and manufacturing costs was presented by researchers at the North Carolina State University (NCSU) in Raleigh, North Carolina (US), who may have found a way to significantly enhance solar absorption using sandwiched nanostructures. The article “Thinner, Cheaper Solar Cells with Sandwiched Nanostructures” describes a technique that would enable manufacturers to produce much thinner, thus, much cheaper, solar cells in less time while maintaining or even improving conversion efficiency. The new production process would even be compatible with existing manufacturing processes of thin-film solar cells in the industry.

Another result in thin-film research was presented by researchers at the Agency for Science, Technology and Research (A*STAR) in Singapore who may have found a way to reduce the cost of dye-sensitized solar cells (DSSC) by replacing indium tin oxide (ITO) electrodes with a thin film of carbon nanotubes. The article “Carbon Nanotube Thin Film Could Drive Down Cost of Dye-Sensitized Solar Cells”, describes what scientists believe could lead to the emergence of truly flexible solar cells. Transparent conductive oxides like ITO are state-of-the-art technology for window electrodes. However, they are brittle and the most expensive part of DSSC. Plus, indium is scarce. By contrast, carbon-based materials could have significantly lower cost, due to the abundant material source and potentially scalable fabrication.

Cell efficiency

In an effort to raise cell efficiency, scientists at the US Department of Energy’s National Renewable Energy Laboratory (NREL) together with Natcore Technology, Inc. have created the “blackest” solar cell to date, a black silicon solar cell that absorbs 99.7% of the sunlight. In this collaborative project, described in “Blackest Solar Cell Absorbs 99.7% Sunlight,” the researchers are aiming at reducing the cost of silicon solar cells by about 2 to 3% while increasing energy output from 3% to 10% over the course of a day without a tracking mechanism. Black silicon solar cells can potentially get higher solar energy conversion efficiency since they reflect less light. Furthermore, black silicon as an anti-reflection technology costs much less than conventional anti-reflection technologies that don’t use liquid etches.

Another, still more fundamental research project at NREL concentrated on the first solar cell that produces a photocurrent with external quantum efficiency (the spectrally resolved ratio of collected charge carriers to incident photons) greater than 100%, though applying a process called Multiple Exciton Generation (MEG)—or Carrier Multiplication (CM)—as the key to achieving a peak quantum efficiency of 114%, where a single absorbed photon bearing at least twice the bandgap energy can produce two or more electron-holes. This research is highlighted in “NREL Creates What May be Third-Generation Solar Cell.”

CPV finally going large scale

Research on concentrating PV (CPV) has made a big step forward in efficiency last year. CPV pioneers Dr. Andreas Bett, Fraunhofer ISE and Hansjörg Lerchenmüller, Soitec Solar GmbH have been awarded with the German Environmental Award for their groundbreaking achievements. Research on CPV continued all over the world: The US Department of Energy's (DOE) National Renewable Energy Laboratory (NREL) with industrial partner Solar Junction developed a SJ3 solar cell that uses tunable bandgaps, lattice-matched architecture and ultra-concentration tunnel junctions to achieve a world-record conversion efficiency of 43.5% with potential to reach 50% ().

Storage solutions

Research on the storage solutions for renewable energy – one of the main drivers in the industry last year – continued, as well. Materials scientists at Rice University in Houston, Texas (US) have developed a rechargeable lithium-ion battery that can be painted on virtually any surface. The new fabrication technique, described in “Paintable Battery Works with Solar Cells,” would open the door to new design and integration possibilities for storage devices. The technology developed by Rice could one day enable standalone hybrid devices for capturing and storing solar energy.

Duke University researchers analyzed a hybrid system in which sunlight heats a mixture of water and methanol in a maze of tubes on a rooftop. After two catalytic reactions, the system produces hydrogen that can be stored and used on demand in fuel cells. The set-up allows up to 95% of the sunlight to be absorbed with very little being lost as heat to the surroundings.

All these research achievements show that the technological progress of PV continues to advance. Even with the burden of rapidly decreasing crystalline PV, through intensive research also other disciplines and technologies still have their chance to emerge end become competitive.

Business Features Smart Grid Required for India’s Solar Plan


Business Features Smart Grid Required for India’s Solar Plan
The government of India is planning to tap the most talked about solar rooftop segment potential (estimated at 92.7GW) in a big way, adding at least 1000MW capacity by 2017. This will be done by integrating a central subsidy plan under phase 2 of National Solar Mission with initiatives being taken at the state level. In reality, India’s power success story is hindered by limited, inefficient (technically and operationally) and poorly managed grid infrastructure.

100,000 villages in India are not connected to grid and 400 million people don’t have access to reliable electricity. Those having access to electricity, face frequent power cuts and low power quality in their daily lives. On the commercial side, a number of industrial associations from Faridabad to Chennai, are ailing due to the irregular power supply, which is affecting businesses.

According to the Ministry of power, currently transmission and distribution losses in India are among the highest in the world with an average at about 30.14% and including non-technical losses such as theft, the average stands at 50%. Due to the rising power deficit year over year, India faces the biggest blackout ever. The Solar Rooftop Plan seems to be a plausible solution, which may largely improve power accessibility, overcome transmission and distribution losses problem, and shrink the demand and supply gap.

KPMG forecasts that rooftop solar capacity to be 4000 MW by 2017 and rooftop power will see parity much earlier by 2014 because of rapidly falling module prices and the rise in the cost of conventional power due to fuel shortages.

The role of the smart meter

In India smart metering technology plays a very important role for grid interactive solar rooftops. Interval metering for the FiT arrangement is quite popular, although another option for net metering is being assessed. In net metering, the smart meter communicates in a two-way fashion by registering the power taken from the grid and power fed into the grid and finally giving the net balance of power use. Net metering is essentially supported by upfront capital subsidy (feeding excess power fed into grid is purchased at conventional power prices) or through generation based incentive.

Commercial and industrial consumers, who already pay high commercial tariffs, face problems in their business operations due to power shortages and currently meet their shortage using costly power from backup diesel generators. Hence, solar rooftop power used primarily for captive consumption with the GBI incentive, renewable energy certificates or capital subsidy on equipment will be viable investments. On the residential side, however, payback time can be a disincentive. As per financial analysis done by Hari Manoharan, a consultant with RESolve Energy Consultants, for residential rooftops based on GBI scheme in Tamil Nadu, payback of Rs. 56,000 over 16 years will be observed based on various assumptions. To make solar on residential rooftops more appealing, financial incentives must be much more attractive.

Technical issues to be addressed

The main technical issues to be addressed for off-grid systems will be correct sizing by the installer and proper installation by the local work force in off-grid areas. Also, there needs to be proper standardization for indigenous equipment such as the battery and inverters used in systems.

“Smart metering for solar system integration with grid will take a lot of time to be accepted since people see solar power as a solution for frequent power cuts in India” says Giridaran Srinivasan, Project Engineer, RESolve Energy Consultants. He adds that unstable grids across various states in India (where power failures are frequent) don’t accept decentralised renewable energy power and make net metering impossible during power cuts as grid tie inverters disconnect immediately when a grid failure occurs.

During power cuts, the owners can only use solar power by using off grid changeover switch or hybrid inverters (expensive hence used for large rooftops), although they are forced to consume all the power themselves, which is not always feasible, hence it is always good to have a battery backup for evening and night power requirements, which will also be helpful during blackouts and emergencies.

Regulation required

All of the segments under discussion for solar rooftops rely significantly on diesel generators for meeting their power needs during power cuts in India. The government needs to consider making regulations for prohibiting the use of diesel generators. Consumers will then look at solar as only suitable alternative (with no noise and air pollution).

India is on the way to tap the most potential segment in solar sector as recognized by solar experts. Various stakeholders must work upon for making the solar rooftops technically robust for the Indian grid. The policies launched at state and central level need to be fine-tuned to make the investments viable along with necessary regulations, which will expedite the adoption of this cleaner source of power and put more power into the hands of the Indian consumer.

Award-Winning PV Cell Could Stride Toward 50% Efficiency


Award-Winning PV Cell Could Stride Toward 50% Efficiency

In their quest for progressively efficient photovoltaic devices, scientists in the III-V Multijunction Photovoltaics Group at the U.S. Department of Energy's (DOE) National Renewable Energy Laboratory (NREL) have been trying to prevail over the solar spectrums boundaries and unchanging rules since the 1990s, when they began their search for easy-to-grow materials with ideal band gaps.

In 2012, NREL and its industry partner, Solar Junction, defeated those solar rules so well they won an R&D 100 award from R&D Magazine for a world-record three-layered multijunction solar cell — the SJ3 — with 43.5% efficiency at 415 suns, as Solar Novus Today reported. Now, NREL has verified that record was outshone when a SJ3 cell reached 44% efficiency at 947 suns.

In concentrated photovoltaics (CPV) in particlular, cell efficiency has proven to be a powerful lever to drive down the cost of solar electricity and, thus, propelling the technology forward. “We have seen in the past that improvements in multijunction cell efficiency have catalyzed the introduction of new CPV systems companies and innovative approaches to lowering CPV costs,” says Daniel Friedman, manager of the NREL III-V Multijunction Photovoltaics Group. “I would anticipate the present  improvements in cell efficiency, as well as future improvements, to have a comparable catalyzing effect on the industry.”

According to NREL, with inventions such as the ultra-high-efficiency SJ3 cell, CPV technology could provide enough electrical energy to supply the entire US many times over. But what would have to happen for such a cogent clean energy solution to become reality? “Such an ambitious goal is very complex and involves more than just photovoltaics,” Friedman points out, referencing a recent NREL study that tackles big-picture questions on what large-scale renewables adoption could look like. “One component of this is to lower the cost of photovoltaics, and that is what the improved CPV cell efficiencies drive towards.”

Cost and long-term reliability remain major challenges on the path to more widespread implementation of CPV power systems. Friedman affirms this current research successfully addresses both. “This achievement [of the world-record 44%-efficient SJ3 cell] stands on the shoulders of several decades of R&D in multijunction photovoltaics,” the NREL researcher says. It was NREL's pioneering multijunction work that ultimately led to the Solar Junction SJ3 solar cell with tunable bandgaps, lattice-matched architecture and ultra-concentrated tunnel junctions.The Lab predicts there could be a 50%-efficient cell in the near future. “There are several multijunction approaches that have pathways to near-50% efficiencies. The SJ3 is one such, and the Inverted Metamorphic Multijunction approach is another,” Friedman reports. “In both cases, a key step towards near-50% efficiencies is the addition of a fourth junction with approximately 0.7 eV bandgap under the existing three-junction structures.” Furthermore, he believes it possible to enhance the performance of the existing junctions by careful analysis and improvement of their optoelectronic properties.

As solar researcher, Friedman’s outlook for solar energy is positive. “The multijunction solar cell field is in the midst of an exciting renaissance, where great strides are being made in the fundamental understanding of the subtleties of the device operation and in the application of this understanding towards obtaining higher-performance devices. I'm looking forward to continuing to work in the multijunctions field during these times,” the scientist concludes.

Renewable Energy Outlook Uncertain

Ernst & Young released its quarterly Country Attractiveness Indices report (CAI) for renewable energy today. There are some quite interesting observations regarding the state of and projections for renewable energy (and specific renewable energy sectors) within the report, but the ranking of the top countries in the index remains the same:


Renewable Energy Outlook Uncertain
With all kinds of economic struggles and uncertainty in Europe, the 2012 outlook for renewable energy in the region is not as bright as in 2011.
“The sovereign debt crisis continues to stifle renewable energy investment in the Eurozone, along with Governments scaling back their ambitions for the sector,” Ernst & Young writes.
“Simultaneously capital scarcity and increased competition from Asia will continue to put pressure on developed markets for the foreseeable future.”
“Early indications for 2012 are that it will be more challenging for stakeholders, with mature markets getting softer due to continued liquidity constraints and the ongoing withdrawal of government incentives,” Gil Forer, Ernst & Young’s Global Cleantech Leader, says.
“The perfect storm of Basel III, banking downgrades and Eurozone instability has increased the underlying costs to banks of lending, especially long-term,” Ben Warren, Ernst & Young’s Energy and Environmental Finance Leader, summarizes.
“With Basel III to be fully implemented by 2019 we feel it is likely that there will be further impacts on costs of bank funding from the legislation during 2012 and therefore additional increases in margins and reducing availability of long-term bank debt.”
Renewable Energy in Asia Still Hot… but Complicated
“However within emerging markets we continue to witness growth in the levels of capacity, as energy security concerns and demand for jobs drive increased government commitments to renewable energy,” Forer notes.
But the researchers find a mix of increasing solar energy targets and underdeveloped grid infrastructure that limits usefulness of new wind power projects.
US Wind Support Now Gone
As you well know, US policy support for the wind industry, especially in the case of the Production Tax Credit (PTC), has dropped off a cliff at the federal level, leaving the industry worse off than it was in 2011. 2012, thus, is looking to be a less exciting year for renewable energy fans in the US.
Germany on the Line
Germany has been a solar powerhouse for years now. But proposed changes to its feed-in tariff program for solar that are on the table right now could have a dramatic and negative effect on that industry.
“The German solar photovoltaic (PV) market expanded in 2011 with more than 7GW installed, but if currently proposed reductions and restrictions in photovoltaic (PV) feed in tariffs pass the German government in March, this would significantly suppress market activity in 2012 and beyond,” Ernst & Young note.
Middle East and North Africa (MENA) May Be Ready for a Growth Spurt
Despite waning and uncertain renewable energy support from the leaders mentioned above, the Middle East & North Africa (MENA) region offers up a bit of relief, as it looks set to start booming (as reported here on CleanTechnica a few times this year).
“An abundance of solar and wind resources are expected to attract a significant amount of investment in the short to medium term, particularly in more economic and politically stable markets. Many countries in the region are seeking to significantly increase the proportion of renewable energy in their generation mix as they look to diversify their predominantly hydrocarbon fuel supply and to meet the ever-increasing consumer demand.”
Consolidation Inevitable
As written here on CleanTechnica several times in the past several months, consolidation within maturing renewable energy sectors (especially solar) make consolidation of cleantech companies inevitable. Company mergers and acquisitions are likely to continue to a high degree throughout 2012.
Connect with me on Google+, Twitter, or the little-known social networking site referred to as ‘Facebook‘.
Source: Ernst & Young | Renewable Energy Girl via shutterstock

generally growth oriented managers


generally growth oriented managers
While we are generally growth oriented managers, we also in 2012 had good reason to believe that many of our holdings represent excellent values. As of December 31st 2012, 66 of our 80 holdings were trading below the average (1979 to present) price to book ratio of the S&P 500 index.  Our average price to book was 1.45, compared to 2.27 for the S&P 500.

Finally, a compelling argument, if we needed one, for hastening the transition to an economy that can persist and even thrive in a warming world was recently articulated by the World Economic Forum at Davos. "On the economic front, global resilience is being tested by bold monetary and austere fiscal policies. On the environmental front, the Earth's resilience is being tested by rising global temperatures and extreme weather events that are likely to become more frequent and severe. A sudden and massive collapse on one front is certain to doom the other's chances of developing an effective, long-term solution." In other words, we need to get the economy on a sustainable footing before it comes unraveled. Given the imperative of this reality, we have difficulty imagining a near-future scenario where the best next economy companies don’t become the most important to society and subsequently, potentially the best performing.

The decisions we make as an interconnected global civilization now will be the difference between catastrophe and a thriving society with a healthy economy. Given the stakes, we have no doubts about how to place our bets.

Thanks for your continued support of Green Alpha Advisors and investing in the next economy.

Green Alpha Advisors' Annual Client Letter and Portfolio Commentary


Green Alpha Advisors' Annual Client Letter and Portfolio Commentary

Garvin Jabusch and Jeremy Deems
2012 saw a return to positive performance for the next economy and for markets overall. Generally, global economic conditions, as indicated by some jobs growth, slowly improving industrial output and a housing rebound, improved marginally, but debt crises in Europe and America, exacerbated by eternal dithering, gamesmanship and posturing by politicians and other policy makers on both continents, kept optimism in check and moderated expectations for growth. With respect to the next economy, though, growth and expectations for growth began showing real signs of building momentum as mainstream awareness of the need ensure the longevity of the world economy by changing some of its foundations continued to advance. Thus our ‘next economy’ macroeconomic thesis became still more relevant and closer to fruition.

The basic macroeconomics of the next economy thesis are fundamental, and their essentials don’t change over time.  As we wrote in last year's letter: “Earth’s economies may stagnate or grow; either way, we believe things like renewable energy, clean transportation, sustainable infrastructure and water resources must grow in value. Over time, the value of stocks in our models will not be dependent on Wall Street gamesmanship, but on simple necessity. As awareness of the magnitude of our growing resource-climate-security problems advances, so will the valuations of our portfolio companies.” Even as chronic fiscal imbalances distract world leaders’ attention from climate and resource challenges, business, individual and institutional investors, academia, think tanks and research all are addressing the latter at an ever accelerating pace.

Thus we continue to be very optimistic about our potential to provide competitive long term returns performance to our portfolio shareholders. Essentially, Green Alpha Advisors is an asset manager offering portfolios of stocks in companies with proven business plans responding to the challenges presented by a warming, increasingly populous, resource-constrained world. Portfolios of these companies deliver growth in all sectors including transportation, communications, commerce, infrastructure, materials, energy, agriculture and water. Considering:

I. The world’s population is growing fast, but its resources aren’t,

II. Energy security and national security depend upon the U.S. minimizing use of foreign oil,

III. The fossil-fuels based economy, with its digging, burning, scarring of the landscape, disruption of ecology, and disease causing pollution, is ultimately too expensive to maintain, and

IV. Climate change,

it’s clear the time is past due for serious investment in mitigation and adaptation, and indeed the signs that people and institutions are getting that are becoming omnipresent.

Each of the three Green Alpha portfolios saw a positive return for 2012. Our flagship green economy benchmark, the Green Alpha Next Economy Index (or GANEX) returned 4.21%; our Sierra Club Green Alpha portfolio (SCGA), actively managed and more concentrated than the GANEX, returned 6.79%; and our newest portfolio, the Green Alpha Growth and Income Portfolio (GAGIP), was up 6.96% for the partial year from its inception on October 8th, 2012.  While we are happy to return to positive performance after a tough year for next economy stocks in 2011, we did nevertheless underperform the legacy fossil-fuels based indices; the S&P 500 was up 16% and the Dow Jones Industrial Average returned 7.26% in 2012. All three of our portfolios did however outperform prominent green economy ETF portfolios (see discussion below).

All Green Alpha portfolios are based on our universe of next economy companies, with individual securities and weights selected to best fit the mandate of each portfolio. We’re especially pleased that December 30th 2012 saw the fourth anniversary of the inception of the GANEX, reflecting a four year track record milestone measuring the growth and progress of the overall next economy. (On the topic of portfolios, look for an exciting announcement from us later in Q1 regarding our fourth and newest portfolio offering that will greatly enhance our ability to serve current and future clients.)

On the securities level, we saw once again in 2012 the importance of diversification across all sectors of the next economy. We find it hard to overemphasize this point: the post fossil fuels economy is emerging in all sectors, so to invest as though renewable energy (as critical as it is) is the only aspect of a green economy is shortsighted and results in high volatility. Attempting to represent the entirety of the next economy, our Green Alpha Next Economy Index (GANEX) is invested in 27 sectors and 52 sub-sectors, spanning, we believe, nearly everything required for a broad-based economic system to function. Reviewing GANEX’s top five 2012 total return performers gives some indication of its diversification:

Badger Meter, Inc. (BMI), 63.98%. Badger makes water meters, “flow measurement and control solutions” for farming, commercial, utility and residential applications. The U.S. drought of 2012 (and continuing) has brought the need for smarter, more productive water management into sharp focus. You can’t manage what you don’t measure.
Trex Company, Inc. (TREX), 62.51%.  Trex is the world's largest manufacturer of high performance wood-alternative decking. We consider Trex a prime example of waste-to-value economics that not only keeps huge quantities of waste out of landfills and oceans (Trex used 3.1 billion plastic bags in 2010, participates in a system responsible for 70% of all U.S. plastic bag recycling, and has never harvested a single tree to make its product), but also delivers a superior product with better long term value. In a world of constrained resources, making great stuff from leftovers is the best of all worlds.
Cree, Inc. (CREE), 54.17%. Cree is a leading developer of high efficiency LED lighting and systems and semiconductors for radio frequency applications. Cree LEDs can provide illumination as efficiently as 200 lumens per Watt, compared to 14½ lumens per Watt of a 60W incandescent bulb. This translates to big savings in energy and money, and is a straightforward example of one of our primary themes, focusing on innovation in economic efficiencies – getting more output out of less input.
Valmont Industries, Inc. (VMI), 51.03%. Valmont Industries provides critical infrastructure such as efficient mechanized poles and towers for wind turbines, lighting, communications and more. In 2012, VMI gave our portfolios exposure to the infrastructure aspects multiple trends such as the booming mobile and mobile web markets as well as the growing wind energy sector without the risk associated with an individual turbine manufacturer. Full disclosure, for valuation reasons, we removed Valmont from our portfolios as of year-end 2012.
The Hain Celestial Group, Inc. (HAIN), 47.9%. Hain Celestial is a leader in natural and organic food that vertically integrates manufacturing, marketing sales and distribution. We think of Hain as a macroeconomic bet on efforts of people to improve their individual health, and also on efforts at a policy and advocacy level to manage mushrooming and economically destructive escalation in healthcare costs. In addition, from a long-term agricultural management point of view, we think that that industry’s ever more potent pesticides, herbicides and petroleum based fertilizers will prove so deleterious to human health, land productivity and biosphere health that organic methods will continue to increase in popularity, and may one day even be required.
From the standpoint of our next economy sector classification scheme (NESC), the top performing Industry and Sector in the GANEX Portfolio was the Products (Industry), Capital Goods & Equipment (Sector), with Portfolio exposure of 16.11%.

The chart below shows the performance of the GANEX, from its inception on December 30, 2008 to the end of 2012, versus two prominent green exchange traded funds, the Guggenheim Solar portfolio (TAN, in gold here), and the PowerShares WilderHill Clean Energy ETF (PBW, the black line). Over this period, the GANEX returned 28.15%, while the TAN was -79.22% and PBW performance was -46.68%. To be clear, GANEX differs significantly from these other two. TAN is a basket of exclusively solar and solar-related stocks, and PBW, though not as sector focused as TAN, is limited primarily (but not exclusively) to renewable energy. GANEX by contrast attempts to capture the entirety of the next economy, including renewable energy and solar, but also everything else we’ll need to have a thriving economic system, including, again, transportation, communications, commerce, infrastructure, materials, energy, agriculture, water and more. So while the comparison with these two may not be exact, we believe it does show the importance of careful diversification into all areas of the emerging green economy.

GE Energy Financial Services


GE Energy Financial Services announced today it has more than doubled its global solar power investment commitments in the past year to US $1.4 billion, for nearly US $5 billion in projects. Its latest deal is a US $100 million investment in a 127-megawatt project that will be built in Arizona.

GE announced at the Infocast Solar Power Finance & Investment Summit in San Diego that its 1-gigawatt portfolio spans 48 solar power plants—including 24 San Diego school rooftops—in six countries: Australia, Canada, Italy, Portugal, Spain and the United States.

GE’s latest investment is in LS Power’s US $550 million Arlington Valley Solar Energy II project, a crystalline silicon photovoltaic solar farm whose construction is expected to begin next month near Arlington, Arizona. Converting sunlight into electricity, the solar power project—located on approximately 1,160 acres—will provide enough clean, affordable energy to power approximately 53,000 California homes and displace 215,000 tons of greenhouse gas emissions per year, equivalent to taking 38,000 cars off the road. When operational at the end of 2013, San Diego Gas & Electric will buy the power from the plant, which also will help California meet its target of generating 33% of its electricity from renewable sources by 2020. Fluor Corporation designed, is building and will operate and maintain the solar farm.

In 2011, GE agreed to invest in a 50MW portfolio of solar PV farms in Canada, a 10MW solar PV project in Australia, a 550MW solar PV project in the United States, and a 20MW solar PV power plant atop a greenhouse in Italy. In addition to these and other direct investments in solar projects, GE has made venture investments in solar energy technology companies, as well as in the Spain-based solar project developer and operator FRV. Overall, the GE unit has made more than US $8 billion in renewable energy commitments globally, including solar, wind, biomass, hydro and geothermal power assets.

News for solar power invest


It almost doesn’t make sense…
Last year, Germany, the United States, Italy and the U.K. all installed a record number of solar panels in their respective countries.
In fact, Germany installed more solar panels in December than the United States did in all of 2009.
Yet solar stocks were blindsided by investors in 2011. Top firms like First Solar (Nasdaq: FSLR) fell as much as 80% during the year. Many others fell more than 50%.
What happened?
As our own energy guru David Fessler explained last week:
“Polysilicon prices have collapsed 90% in the last five years. By the end of 2011, they were halved to $0.90 per watt.”

This epic price collapse, coupled with the fact that manufacturers had ramped up production, sent most solar manufacturers plummeting.
Today, most investors see the huge sell-off as a reason to steer clear of solar stocks. But these crash-level prices have also created a number of opportunities to scoop up great companies at deep discounts.
A Solar Comeback

In addition to being undervalued, there are three more reasons 2012 is set to be a banner year for solar stocks…
Record low prices boosting global demand: Some analysts worry a supply glut will continue suppressing solar stocks in 2012. Yet solar’s new low prices are sending demand for solar products much higher. Demand is expected to jump in the United States, Europe and Asia this year. China is poised to double its solar capacity for the second year in a row, 4 to 5 GW. Not to mention, solar is also quickly becoming a viable solution for the 1.3 billion people around the world with no access to grid energy.
Solar is more efficient than Ever: On top of record low polysilicon prices, solar efficiency is also making leaps and bounds. According to MIT’s Technology Review, conventional silicon solar panels typically convert less than 15% of light. Yet a startup out of North Carolina, Semprius, just tested its solar panels and scored a 33.9% efficiency rating. This is the first time ever any solar module has been able to convert more than one-third of the sunlight that falls on it into electricity. And it makes solar energy generation look much more promising for the future.
Big investors are getting involved: Even though government subsidies are set to wind down over the next few years in Europe and the United States for solar, big investors are already picking up the slack. Berkshire Hathaway owned MidAmerican Energy Holdings announced in December it purchased a solar farm in Southern California for $2 billion. Google reported it invested over $450 million last year as well in solar projects. GE announced in 2011 that it’s going to build the largest solar plant in America, capable of powering 80,000 homes each year. Billions of dollars more is expected to flood this market over the coming months.
The Solar ETF That Covers it All

There’s no doubt, the solar industry is set to grow immensely over the coming years. But tariffs, expected consolidation, and the steady removal of government subsidies make it hard to tell who is and isn’t set to profit.
Perhaps the easiest way to invest in solar today is simply looking to an ETF like the Global Solar Index ETF (NYSE: TAN). This fund is currently comprised of 33 securities all relative to solar energy. About a third of its holdings are in the United States, a third is in China and the rest is spread out between Europe and Canada.

Invest quotes


Invest quotes
Warren Buffett Quotes On Investing
I was searching the entire web for some of the famous quotes by Warren Buffett (Warren Buffet). I don’t know how many I’ve read. But I would like to share with you 79 of them which I find interesting and which makes sense. If you are an investor then it’s a must read! And feel free to comment below if I’d missed something! Happy Investing!

‘Never invest in a business you cannot understand.’
‘Always invest for the long term.’
‘Buy a business, don’t rent stocks.’
‘Someone’s sitting in the shade today because someone planted a tree a long time ago.’
‘I really like my life. I’ve arranged my life so that I can do what I want.’
‘We will only do with your money what we would do with our own.’
‘If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.’
‘I am a better investor because I am a businessman and a better businessman because I am an investor.’
‘Price is what you pay. Value is what you get.’
‘The Stock Market is designed to transfer money from the Active to the Patient.’
‘Stop trying to predict the direction of the stock market, the economy, interest rates, or elections.’
‘I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for ten years.’
‘I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.’
‘For some reason, people take their cues from price action rather than from values. What doesn’t work is when you start doing things that you don’t understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it’s going up.’
‘We don’t get paid for activity, just for being right. As to how long we will wait, we’ll wait indefinitely.’
‘As Buffet said in the speech, “He’s not looking at quarterly earnings projections, he’s not looking at next year’s earnings, he’s not thinking about what day of the week it is, he doesn’t care what investment research from any place says, he’s not interested in price momentum, volume or anything. He’s simply asking: What is the business worth?’
‘Buy companies with strong histories of profitability and with a dominant business franchise.’
‘Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.’
‘When asked how he became so successful in investing, Buffett answered: ‘we read hundreds and hundreds of annual reports every year.’
‘When a management team with a reputation for brilliance joins a business with poor fundamental economics, it is the reputation of the business that remains intact.’
‘Only those who will be sellers of equities in the near future should be happy at seeing stocks rise.  Prospective purchasers should much prefer sinking prices.’
‘Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.’
‘Wide diversification is only required when investors do not understand what they are doing.’
‘You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right – that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else.’
‘It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.’
‘The first rule is not to lose. The second rule is not to forget the first rule.’
‘Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.’
‘I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.’
‘Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful.’
‘Our favorite holding period is forever.’
‘Risk comes from not knowing what you’re doing.’
‘Time is the friend of the wonderful company, the enemy of the mediocre.’
‘Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.’
‘The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.’
‘Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.’
‘Risk can be greatly reduced by concentrating on only a few holdings.’
‘It is not necessary to do extraordinary things to get extraordinary results.’
‘An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.’
‘Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.’
‘In the business world, the rearview mirror is always clearer than the windshield.’
‘If a business does well, the stock eventually follows.’
‘Cash never makes us happy, but it’s better to have the money burning a hole in Berkshire’s pocket than resting comfortably in someone else’s.’
‘A public-opinion poll is no substitute for thought.’
‘I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. “I’m paying $32 billion today for the Coca Cola Company because.” If you can’t answer that question, you shouldn’t buy it. If you can answer that question, and you do it a few times, you’ll make a lot of money.’
‘The investor of today does not profit from yesterday’s growth.’
‘You only have to do a very few things right in your life so long as you don’t do too many things wrong.’
‘It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.’
‘You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.’
‘Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.’
‘An investor needs to do very few things right as long as he or she avoids big mistakes.’
‘Do a lot of reading’ (On how to determine the value of a business)
‘The investor of today does not profit from yesterday’s growth.’
‘Only when the tide goes out do you discover who’s been swimming naked.’
‘The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.’
‘You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.’
‘Time is the friend of the wonderful company, the enemy of the mediocre.’
‘I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.’
‘We will reject interesting opportunities rather than over-leverage our balance sheet.’
‘I always knew I was going to be rich. I don’t think I ever doubted it for a minute.’
‘Turnarounds seldom turn.’
‘If at first you do succeed, quit trying on investing.’
‘I don’t measure my life by the money I’ve made. Other people might, but certainly don’t.’
‘Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you’re still around to play the next day.’
‘You shouldn’t own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.’
‘With few exceptions when a manager with a reputation for brilliance tackles a business with a reputation for poor economics, it is the reputation of the business which remains intact.’
‘The business schools reward complex behavior more than simple behavior, but simple behavior is more effective.’
‘It’s not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.’
‘A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.’
‘You do not adequately protect yourself by being half awake when other are sleeping.’
‘We like to buy businesses, but we don’t like to sell them.’
‘Money to some extent sometimes let you be in more interesting environments. But it can’t change how many people love you or how healthy you are.’
‘It’s us fun being a gorse when the tractor comes along, or the blacksmith when the car comes along.’
‘Enjoy your work and work for whom you admire.’
‘With enough insider information and a million dollars, you can go broke in a year.’
‘Read Ben Graham and Phil Fisher read annual reports, but don’t do equations with Greek letters in them.’
‘In a commodity business, it’s very hard to be smarter than your dumbest competitor.’
‘A hyperactive stock market is the pickpocket of enterprise.’
‘Valuing a business is part art and part science.’
‘Chains of habits are too light to be felt until they are too heavy to be broken.’

Mitglieder des Vorstandes der HypoVereinsbank


Mitglieder des Vorstandes der HypoVereinsbank
UniCredit Bank AG
Lutz Diederichs
Lutz Diederichs
Unternehmer Bank
geboren am 8. November 1962 in Heinsberg/Rheinland
Beruflicher Werdegang

seit Januar 2010
Mitglied des UniCredit Management Committee

seit Oktober 2009
Mitglied des UniCredit Executive Committees Corporate & Investment Banking

seit Januar 2009
Mitglied des Vorstands der UniCredit Bank AG, München
Geschäftsbereich Unternehmer Bank
(seit Januar 2013),
Corporate & Investment Banking
(Oktober 2009 – Januar 2013),
Corporate Banking und Markets & Investment Banking (April 2009 – Oktober 2009),
Firmenkundengeschäft (Januar 2009 –
April 2009)

Mai 2008–Dezember 2008
Head of Corporate Division Bayerische Hypo- und Vereinsbank AG; Member of UniCredit Group Executive Committee Corporate Division

Januar 2008–April 2008
Bereichsvorstand Großkunden und kommerzielle Immobilienkunden

2004–2007
Leiter des Geschäftsbereiches Firmenkunden Mitte/Ost

2002–2003
Leiter des Geschäftsbereiches Ost Firmenkunden und Freie Berufe, Berlin

2000–2001
Leiter Firmenkundensteuerung & Marketing, München

1997–1999
Leiter Firmen- und Immobilienkunden, Niederlassung Dresden

1995–1997
Betreuung gehobener mittelständischer Firmenkunden, Berlin-Brandenburg

1991–1995
Risikomanagement Firmenkunden- und Immobiliengeschäft Berlin-Brandenburg, Betreuung mittelständischer Firmenkunden, Berlin

1990
Traineeausbildung für Hochschulabsolventen im Firmenkunden- und Immobiliengeschäft der Bayerischen Vereinsbank AG, Bonn/Stuttgart

Studium der Volkswirtschaftslehre, Bonn, Diplom-Volkswirt

Mutual Funds


Mutual Funds


A mutual fund is a type of investment company that pools money from many investors and invests the money in stocks, bonds, money-market instruments, other securities, or even cash. Here are some characteristics of mutual funds:

Investors purchase shares in the mutual fund from the fund itself, or through a broker for the fund, and cannot purchase the shares from other investors on a secondary market, such as the New York Stock Exchange or Nasdaq Stock Market. The price that investors pay for mutual fund shares is the fund’s approximate net asset value (NAV) per share plus any fees that the fund may charge at purchase, such as sales charges, also known as sales loads.

Mutual fund shares are "redeemable." This means that when mutual fund investors want to sell their fund shares, they sell them back to the fund, or to a broker acting for the fund, at their current NAV per share, minus any fees the fund may charge, such as deferred sales loads or redemption fees.

Mutual funds generally sell their shares on a continuous basis, although some funds will stop selling when, for example, they reach a certain level of assets under management.

The investment portfolios of mutual funds typically are managed by separate entities known as "investment advisers" that are registered with the SEC. In addition, mutual funds themselves are registered with the SEC and subject to SEC regulation.

There are many varieties of mutual funds, including index funds, stock funds, bond funds, and money market funds. Each may have a different investment objective and strategy and a different investment portfolio. Different mutual funds may also be subject to different risks, volatility, and fees and expenses. Fees reduce returns on fund investments and are an important factor that investors should consider when buying mutual fund shares.

savings bank


 savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.
In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure.
In 1914, the New Student's Reference Work said of the origins:[1]
France claims the credit of being the mother of savings banks, basing this claim on a savings bank said to have been established in 1765 in the town of Brumuth, but it is of record that the savings bank idea was suggested in England as early as 1697. There was a savings bank in Hamburg, Germany, in 1778 and in Berne, Switzerland, in 1787. The first English savings bank was established in 1799, and postal savings banks were started in England in 1861. The first chartered savings bank in the United States was the Provident Institution for Savings in the Town of Boston, incorporated December 13, 1816. The Philadelphia Savings Fund Society began business the same year, but was not incorporated until 1819. In 1818 banks for savings were incorporated in Baltimore and Salem, and in 1819 in New York, Hartford, Newport and Providence.
Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach.
Austria: see Erste Group
Brazil: see Caixa Econômica Federal
Communist Czechoslovakia: see Economy of Communist Czechoslovakia
Germany: see Sparkassen
New Zealand: Savings banks ceased to exist in 1987 as an official type of bank, being replaced with registered banks (Grimes, 1998)
Norway: see Sparebank
Portugal: see Caixa Geral de Depósitos
Soviet Union: Traditionally, the Russian term sberkassa (сберкасса, сберегательная касса) is translated as "savings bank". However sberkassas were not banks in the common sense. Initially they were the outlets of the only Soviet State Bank, Gosbank until 1987 and Sberbank (USSR Savings Bank) afterwards.
Spain: see Savings bank (Spain)
United Kingdom: see Trustee savings bank
United States: see Savings and loan association, Federal savings bank, and Mutual savings bank

In finance

In finance
Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and expected rate of return. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.


 investment is the application of funds to hold assets over a longer term in the hope of achieving gains and/or receiving income from those assets. It generally does not include deposits with a bank or similar institution. Investment usually involves diversification of assets in order to avoid unnecessary and unproductive risk.
In contrast, dollar (or pound etc) cost averaging and market timing are phrases often used in marketing of collective investments and can be said to be associated with speculation.
Investments are often made indirectly through intermediaries, such as pension funds, banks, brokers, and insurance companies. These institutions may pool money received from a large number of individuals into funds such as investment trusts, unit trusts, SICAVs etc to make large scale investments. Each individual investor then has an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied.

In economics or macroeconomics


In economics or macroeconomics



economic theory or in macroeconomics, investment is the amount purchased per unit time of goods which are not consumed but are to be used for future production (i.e. capital). Examples include railroad or factory construction. Investment in human capital includes costs of additional schooling or on-the-job training. Inventory investment is the accumulation of goods inventories; it can be positive or negative, and it can be intended or unintended. In measures of national income and output, "gross investment" (represented by the variable I) is also a component of gross domestic product (GDP), given in the formula GDP = C + I + G + NX, where C is consumption, G is government spending, and NX is net exports, given by the difference between the exports and imports, X − M. Thus investment is everything that remains of total expenditure after consumption, government spending, and net exports are subtracted (i.e. I = GDP − C − G − NX).
Non-residential fixed investment (such as new factories) and residential investment (new houses) combine with inventory investment to make up I. "Net investment" deducts depreciation from gross investment. Net fixed investment is the value of the net increase in the capital stock per year.
Fixed investment, as expenditure over a period of time ("per year"), is not capital. The time dimension of investment makes it a flow. By contrast, capital is a stock— that is, accumulated net investment to a point in time (such as December 31).
Investment is often modeled as a function of Income and Interest rates, given by the relation I = f(Y, r). An increase in income encourages higher investment, whereas a higher interest rate may discourage investment as it becomes more costly to borrow money. Even if a firm chooses to use its own funds in an investment, the interest rate represents an opportunity cost of investing those funds rather than lending out that amount of money for interest.

Investment has different meanings in finance and economics.


Investment has different meanings in finance and economics.
In economics, investment is related to saving and deferring consumption. Investment is involved in many areas of the economy, such as business management and finance whether for households, firms, or governments.
In finance, investment is putting money into something with the expectation of gain, usually over a longer term. This may or may not be backed by research and analysis. Most or all forms of investment involve some form of risk, such as investment in equities, property, and even fixed interest securities which are subject, inter alia, to inflation risk.
In contrast putting money into something with a hope of short-term gain, with or without thorough analysis, is gambling or speculation. This category would include most forms of derivatives, which incorporate a risk element without being long-term homes for money, and betting on horses. It would also include purchase of e.g. a company share in the hope of a short-term gain without any intention of holding it for the long term. Under the efficient market hypothesis, all investments with equal risk should have the same expected rate of return: that is to say there is a trade-off between risk and expected return. But that does not prevent one from investing in risky assets over the long term in the hope of benefiting from this trade-off. The common usage of investment to describe speculation has had a effect in real life aswell: it reduced investor capacity to discern investment from speculation, reduced investor awareness of risk associated with speculation, increased capital available to speculation, and decreased capital available to investment.

Why does easing boost the stock market?

The theoretical basis is that QE will lower interest rates on government securities, which forces investors to move out the risk curve. QE occurs because short-term interest rates are already at the zero bound and the Fed must move out the curve to have something to work with. To illustrate it in a very simple way, the Fed buys treasuries and lowers the return for a new buyer, so the treasury guy looking for a certain rate of return moves into MBS, the MBS guy moves into HY, the HY guy moves into equities. Increasing risk-taking activity stimulates the economy as more money is available for investment, and as asset prices increase, the wealth effect boosts consumer confidence. By targeting mortgage-backed securities in addition to treasuries, they hope to lower the cost of owning a home, bolstering the housing market. Finally, while they will never admit this, by increasing the monetary base of the USD, it decreases the value of the USD compared to other currencies, which makes American exports more competitive, and has a mildly inflationary effect by increasing the cost of imports.


Excellent analysis! they asked bernanke about inflation and he said it wont be an issue BC he can increase the interest rates on treasuries, a power the fed previously didnt have.


Whenever QE is expected, the market rallies. Can someone explain why that is? I don't quite understand it. Is it because the market expects people to move into equities and away from bonds?

Orchard Global Capital Group


Orchard Global Capital Group

Established in 2001, the Group is a privately owned firm. Our primary business is global alternative asset management through operating subsidiaries and affiliates in Asia, Europe and North America known as Orchard Global Asset Management ("OGAM" or "Orchard"). Our global presence gives us the ability, access and depth to identify and source attractive investment opportunities around the world.

We are good at what we do and we are one of the best fixed income relative value and arbitrage managers globally. We have never had a negative year.

We invest through our hedge funds, managed accounts and investment vehicles. The Group is registered with regulators in every operating jurisdiction. We use only tier-one external accounting, custodial and administrative service providers, and we take the extra measure of using an independent valuation agent to verify the pricing on our assets.

Our principals are veteran investment banking and asset management professionals, who over twenty years or more, each ran or created successful businesses in the institutional banking, finance and investment management sectors. We are supported by a superior team of expert managers, analysts and internal administrators. We believe our close team and reward culture helps drive our very high retention rate which makes each team member a unique stakeholder and valuable asset in the long term performance of the firm and the funds under management.

Stark Investments

How Much $$$ Can You Really Make on Wall Street?



Most people are familiar with Harbinger's woes by now, with the SEC charges and all.
Still can anyone tell me what happened to Stark Investments? This venerable Milwaukee based shop used to have one of the largest current AUM among hedge funds but has been bleeding capital rapidly and appears to be in a free fall. The firm now manages less than $1 B, having at one point had more than $14 B under management.
Would this illiquid investment possibly be some sort of robotic power-suit?
And do you think one of the major catalysts to redemption was the death of Don Cheadle?

They were hurt badly during the downturn then suffered an exodus of partners.
They just had to shut down their flagship multi-strategy fund, among other funds. I wonder how all of these affect their head counts.

If you think it's easy doin' one night stands Try playin' in a rock roll band

They had issues surrounding the liquidity of their investments. A lot of their funds were locked up in illiquid investments, the more liquid stuff had to be sold to meet redemption requests. When the bounce came, this harmed them as the remaining investments they had left were of a weaker quality than their original pre crisis portfolio. Also I think there were more general latent issues of style drift and too rapid growth that were tolerated by investors while performance was strong, but were another reason to exit when things got bad.

petroleum glande sudoripare



Glande sudoripare

  Share on joliprintPDF  Partager
Une glande sudoripare est une glande située sous la peau qui sécrète la sueur. Il en existe deux types différents chez l’Homme en fonction de sa localisation et du type de sueur qu’elle sécrète.
Les glandes sudoripares sont très nombreuses et permettent le dégagement de chaleur par la peau. © invision.me.free.fr
Les glandes sudoripares sont très nombreuses et permettent le dégagement de chaleur par la peau.

Les glandes sudoripares eccrines

Situées sur tout le corps (excepté sur les parties génitales), les glandes sudoripares eccrines sont surtout présentes au niveau des paumes des mains, sous les pieds et sur le front. La partie la plus interne de la glande est située dans le derme, alors que la plus externe forme un pore à la surface de la peau.

Elles sécrètent de la sueur, qui est un liquide hypotonique dérivé de la filtration du plasma sanguin (composé d’eau, d’électrolytes), ce qui permet la thermorégulation par transpiration.

Les glandes sudoripares apocrines

N’étant actives qu’à partir de la puberté, les glandes sudoripares apocrines sont associées à des follicules pileux des aisselles, autour de l’anus et des mamelons. Ne participant que peu à la thermorégulation, ces glandes sécrètent des phéromones ayant un rôle chez les animaux dans la sexualité, la lutte de territoire… mais peut-être aussi chez l’Homme.



Petroleum

C’est le pétrole qui rentre dans la composition de ce remède homéopathique. Le pétrole est roche liquide carbonée mondialement connu comme le grand pollueur universel de la planète via les petites voitures et les grands avions sert donc également à l’élaboration de petits granules blancs.
En homéopathie, petroleum est un remède prescrit contre des problèmes cutanés comme l’eczéma. Petroleum améliore les peaux sèches, rugueuses ayant tendance à se craqueler. Petroleum régule en fait l’action des glandes sudoripares qui lubrifie la peau, surtout par temps froid et humide.
Petroleum est également souvent utilisé contre le mal de mer.
Petroleum est particulièrement adapté aux personnes émotives, distraites et irritables.
Autres domaines d’action liés :
Nausées
Entorses chroniques
Articulations douloureuses
Démangeaisons
Engelures
Herpès

Glandes sudoripares


Glandes sudoripares
Elles sont, et de loin, les plus nombreuses (on en compte environ trois millions). Elles se localisent sur presque tout le corps mais surtout sur la paume des mains, sur la plante des pieds, et sur le front (elles sont cependant absentes au niveau des petites lèvres, du gland et du clitoris).
Chacune d'elle est une glande simple, tubuleuse et en spirale, dont l'extrémité, le glomérule, se situe dans l'épaisseur du derme ou dans le tissu sous-cutané.
La partie sécréteuse se trouve enroulée dans le derme ; le canal excréteur s'étend vers le haut et débouche sur un pore en forme d'entonnoir à la surface de la peau. La sécrétion des glandes eccrines, la sueur qui participe à une grande partie de la transpiration (les poumons sont aussi une source de transpiration) est une solution aqueuse hypotonique, dérivée du plasma sanguin par filtration passive.
Elles jouent un rôle important dans la thermorégulation du corps ou de certains organes (dont le scrotum et les testicules chez l'Homme). Lorsque le corps risque la surchauffe (par exemple pour cause de fièvre, d'effort intense, ou d'une chaleur externe intense) la production de sueur permet d'humidifier la surface de la peau et des poils, ce qui via l'évaporation, facilite l'abaissement de la température corporelle.
Une autre fonction est l'hydratation de l'épiderme. Elles ont aussi un rôle immunologique.
La sueur sécrétée par les glandes sudoripares eccrine est composée à 99 % d'eau et d'électrolytes, représentés surtout par le chlorure de sodium (qui confère à la sueur une légère saveur salée) et en proportion moindre, les ions potassium, calcium et magnésium.
Le pour cent restant est constitué de composés organiques. L'acide lactique est le principal composé organique présent dans la sueur. D'autres acides sont également décelables à l'état de traces, comme l'acide acétique, acide propionique, acide butyrique ou encore acide urique (urée).
Le pH de la sueur varie entre 3,8 et 6,5, en relation étroite avec la quantité d'acide lactique excrété, ce qui freine la reproduction de certaines bactéries.

Glandes sudoripares


Glandes sudoripares
Chez l'Homme ces glandes se trouvent sous les aisselles (dans l'organe axillaire, sur la peau autour de l'anus et autour des mamelons. Elles sont plus grosses que les glandes eccrines et leur conduit excréteur débouche dans un follicule pileux.
Outre les composants de base identiques à ceux de la sueur des glandes eccrines, les sécrétions des glandes apocrines contiennent des molécules organiques (lipides et protéines) dont des phéromones.
À cause de bactéries qui transforment ces molécules, ces sécrétions occasionnent la typique "odeur de transpiration".
Les glandes sudoripares apocrines ne s'activent qu'à partir de la puberté, sous l'influence du système hormonal.
Chez les animaux, ces glandes jouent un rôle dans la reconnaissance mutuelle, la délimitation du territoire et le pouvoir d'attraction (sexuelle). Un sujet populaire d'études est de vérifier à quel point ces fonctions - particulièrement la dernière - jouent un rôle chez les humains.
La sécrétion de sueur apocrine débute à la puberté (c'est une sueur non permanente). Son fonctionnement est notamment lié aux étapes de la vie génitale. Les glandes sudoripares apocrines sont toujours annexées à un poil et débouchent dans l'entonnoir folliculaire (infundibulum) en dessus du canal excréteur de la glande sébacée.

Homéopathie Petroleum


Traiter les affections dermatologiques et gastro-entérologiques avec Petroleum
Avec un large éventail d'indications thérapeutiques et de propriétés curatives, Petroleum est un remède d'une grande utilité en homéopathie. Il contribue efficacement au traitement symptomatique des affections et à la guérison de nombreux maux.


Le pétrole est un liquide naturel de couleur brun composé essentiellement d’un mélange complexe d’hydrocarbures. Il provient des gisements ou des fonds marins. Il s’agit d’un minéral naturel d’une grande utilité en homéopathie. Cela d’autant plus qu’il sert à l’élaboration d’un remède homéopathique, en l’occurrence Petroleum. Pour ce faire, le pétrole brut est préalablement distillé ou purifié afin d’obtenir l’huile de pétrole qui est le constituant de base de ce remède. Dilué, puis vigoureusement agité, ce constituant acquiert des propriétés thérapeutiques qui permettent de traiter un nombre considérable de pathologies.

Dermatologie
Le dysfonctionnement des glandes qui secrètent la sueur ou glandes sudoripares a pour conséquence diverses affections de la peau qui sont efficacement traitées par l’administration de Petroleum. Ce remède intervient dans la régulation de ces glandes, atténue et éradique aussi les manifestations cutanées consécutives aux démangeaisons et l’eczéma. Les indications de ce remède sont donc liées aux pathologies de la peau qui sont entre autres l’impétigo, le psoriasis, l’herpès des organes génitaux et les verrues.

Petroleum est prescrit dans le but de faire disparaitre le caractère disgracieux de la peau malsaine fissurée, crevassée et rugueuse. Il est ainsi indiqué pour soigner les patients affectés par les gerçures, les dartres et les loupes. La loupe est affection de la peau résultant d’un accroissement anormal du volume de la glande sébacée, avec pour conséquence la présence d’un kyste.

Trouble de comportement
Divers troubles de comportement constituent des indications de Petroleum. En tout état de cause, ce remède est approprié aux personnalités perturbées au niveau de leur esprit et qui ne parviennent pas à orienter et à coordonner leurs pensées. Ce sont des individus qui délirent ou qui ont un comportement irrésolu et anxieux. Ce manque de coordination apparait également au niveau de leur comportement moteur marqué par des mouvements incontrôlés (convulsions) et déséquilibrés (vertiges).

Dans bien des cas, ces vertiges apparaissent lorsqu’ils empruntent un moyen de transport. Le mal de transport qui est ainsi manifeste sera l’une des principales indications de Petroleum. Ce mal est souvent associé à l’anxiété et à la peur.


 Petroleum est particulièrement adapté pour atténuer ces troubles nerveux du comportement consécutifs à un mal de mer ou à toute cinétose. Les propriétés thérapeutiques de ce remède soulagent les voyageurs ou les sujets irritables, agités et victimes de tensions émotives.
Gastro-entérologie
Petroleum agit efficacement au niveau de l’appareil digestif pour enrayer les manifestations symptomatiques qui surgissent. Ses propriétés curatives sont tout à fait indiquées pour le traitement de l’ulcère d’estomac, de la gastralgie et de la dyspepsie gastro-intestinale. Les symptômes de ces troubles digestifs sont aggravés par le mouvement avec une amélioration en mangeant. Petroleum est également prescrit en présence des diarrhées incessantes souvent associées à des colites et lorsque prévalent des nausées persistantes, de violents vomissements et des douleurs au niveau de l’estomac.

Posologie recommandée en cas de pathologies dermatologiques
La dilution de Petroleum en 5 CH permet de traiter diverses affections de la peau. Contre l’eczéma, il convient de prendre 3 granules en 5 CH 3 fois par jour. Cette même dilution est prescrite pour le traitement des crevasses et des gerçures. La posologie est alors de 5 granules 3 fois par jour dans un premier temps. Ensuite, avec l’amélioration de l’aspect cutané, cette fréquence des prises peut être réduite à 5 granules 2 fois par jour. Lorsque la peau est rugueuse et suintante, 3 granules en 5 CH sont recommandés 3 fois par jour. Lorsque les démangeaisons sont plus intenses face à un temps froid, il convient de prendre une dilution en 7 CH à raison de 2 granules le matin au réveil et le soir au coucher durant 1 mois.

Posologie recommandée en cas de trouble de comportement
Les troubles de comportement moteur tels que les vertiges sont traités grâce à l’administration 3 granules de Petroleum 9 CH 3 fois par jour. Petroleum 9 CH est administré contre les troubles de comportement résultant d’un mal de transport, la posologie est 3 granules toutes les heures. Mais, ces prises doivent être espacées avec l’atténuation de troubles et des malaises.

Posologie recommandée en cas de pathologies gastro-entérologiques
3 granules de Petroleum 5 CH, 4 à 5 fois par jour, sont administrés aux patients affectés par des vomissements soudains et atroces qui sont améliorés en mangeant. Lorsqu’il s’agit d’une nausée qui baisse d’intensité en mangeant, la posologie requise est de 3 granules de Petroleum 9 CH 3 fois par jour.

Traitements et pathologies associés à « petroleum »
Traitements Associés‎
Anacardium Orientale Antimonium Crudum Baptisia Tinctoria Borax Calendula Officinalis Cocculus Indicus Croton Tiglium Dulcamara Ignatia Amara Ipeca Iris Versicolor Kalium Bichromicum Lycopodium Clavatum Niccolum Sulfuricum Nitricum Acidum Nux Vomica Nux Vomica Sanguinaria Canadensis Tabacum Theridion Curassavicum Veratrum Album

percolation petrole

percolation petrole



La percolation : un concept unificateur
spécial 30 ans - 30/04/2000 par Pierre-Gilles de Gennes dans mensuel n°331 à la page 58 (2247 mots) | Gratuit
De la formation d'un continent lorsque le niveau de la mer baisse à la polymérisation du latex, en passant par la composition des alliages métal-liques, la percolation intervient dans de nombreux systèmes physiques. On peut ainsi calculer les lois générales qui régissent leurs comportements.

Considérons un ensemble d'îles, et supposons que le niveau de l'océan baisse progressivement. Une situation de ce genre se rencontre effectivement en mer Baltique. Peu à peu les différentes îles grandissent, et certaines se relient entre elles. Un voyageur qui ne marche que sur la terre ferme est, au début, confiné dans une île. Toutefois cette île, lorsque le niveau océanique baisse, devient, le plus souvent, connectée à de nombreuses autres ; le domaine d'excursion de notre voyageur augmente.

Finalement, lorsque le niveau océanique atteint une certaine valeur critique, le voyageur peut s'éloigner arbitrairement loin de son point de départ : il est maintenant sur un continent, qui porte encore de nombreux lacs, mais qui est connecté : on peut aller d'un point à un autre du continent sans jamais traverser un bras de mer. La transition que nous venons de décrire, entre un archipel d'îles déconnectées et un système où certaines des îles se sont soudées pour former un continent, est appelée transition de percolation.

La nature nous offre de nombreux objets formés au hasard qui ont une transition analogue : certains à l'échelle atomique, d'autres à l'échelle macroscopique. Certains peuvent être décrits par une carte à deux dimensions, comme dans l'exemple précédent. Mais d'autres sont tridimensionnels, ou font même intervenir des dimensionalités plus élevées. Dans tous les cas, toutefois, on voit à l'oeuvre les mêmes concepts géométriques et statistiques : la percolation est un concept unificateur très puissant.

Un autre type de percolation se rencontre dans les alliages substitutionnels ; dans ce type d'alliage binaire AB, chaque site d'un réseau cristallin est occupé soit par un atome A, soit par un atome B. Prenons à titre d'exemple les alliages de cuivre Cu et d'argent Ag : les atomes se disposent aux noeuds d'un réseau cubique : à chaque noeud on peut avoir soit un cuivre probabilité p, soit un argent probabilité 1 - p. La répartition est tout à fait en désordre à condition que l'alliage ait été préparé dans des conditions convenables de température. A basse concentration de Cu, ces atomes sont presque tous isolés, entourés par une matrice d'atomes Ag. A des concentrations un peu supérieures, on commence à voir apparaître des doublets, c'est-à-dire deux atomes Cu voisins et entourés de Ag, puis des triplets, etc. ; plus généralement, les atomes Cu forment ce que nous pourrions appeler des îles dans un océan de Ag. Au mot d'îles on préfère ici le mot d'amas accidentels ou plus brièvement d'amas, en anglais cluster .

Tant que p est inférieur à 19,5 % on constate que tous les amas sont de taille finie. Par contre, pour p supérieur à 19,5 %, on voit coexister certains amas de taille finie et un amas infini - l'analogue du « continent » dans notre premier exemple.

Nous venons de définir ici un problème où ce sont les sites du réseau qui ont un caractère aléatoire occupation par Ag ou Cu : on parle de percolation des sites. Cette notion a une certaine importance pratique en physique des solides, dans les directions suivantes :

- En physique des semi-conducteurs . Dans une matrice isolante, par exemple du silicium Si, on remplace quelques atomes Si par des atomes de phosphore P. Chaque atome P apporte un électron supplémentaire qui, à basse température, est localisé dans une « orbitale* » de dimension finie au voisinage du P. Les seuls déplacements possibles pour de tels électrons sont des sauts d'un atome P1 vers un autre phosphore P2 voisin de P1. Un tel saut n'est possible que si les orbitales centrées sur P1 et P2 se recouvrent ; on dira dans ce cas que P1 et P2 appartiennent au même amas. Lorsque la concentration en P est très faible par exemple, moins de 1 P pour 100 000 Si, les P forment seulement des amas finis, et le système est isolant. Mais, à concentration plus élevée, une grande partie des atomes P appartient à un amas infini qui permet le transport de courant sur des distances macroscopiques : le matériau est alors conducteur.

- En physique des molécules . Les polymères sont de longues chaînes organiques, soit linéaires, soit ramifiées. On prépare souvent des polymères ramifiés par des réactions de condensation : une molécule portant deux fonctions acide réagit sur une molécule portant trois fonctions alcool. La présence de trois fonctions simultanées permet d'avoir trois chaînes issues d'un même point, donc une structure ramifiée.

Au début de la réaction, on obtient ainsi des chaînes de formes assez variables et compliquées, mais toujours courtes amas finis. Par contre, quand la fraction p d'acide qui a réagi dépasse un certain seuil pc, il apparaît une macromolécule géante amas infini, dont la taille est limitée seulement par la taille du récipient où se fait la réaction.

Les propriétés physiques du milieu changent de façon spectaculaire quand le taux de réaction p traverse la valeur critique pc. Pour p < pc on a une solution qui est un liquide tout à fait usuel sol. Pour p > pc, on obtient une sorte de gelée, qui résiste si on la soumet à une traction : un gel.

Ces transitions sol-gel ne se rencontrent pas seulement au cours d'une polymérisation. Ainsi la gélatine utilisée en cuisine et en photographie est à haute température une solution de chaînes de collagène. Mais par refroidissement ces chaînes s'associent entre elles, et l'on aboutit à un gel. En chimie minérale aussi, les gels jouent un rôle important : de nombreux catalyseurs industriels, par exemple, sont formés sur des gels d'alumine. Dans tous ces cas, en faisant varier un paramètre physique comme la température ou le taux de réaction, on rencontre une transition sol-gel très analogue dans son principe au seuil de percolation. Cette similarité a été notée récemment par plusieurs auteurs, et notamment par D. Stauffer à Saarbruck. Les principales mesures que l'on peut effectuer sont ici d'ordre mécanique :

- Quand on approche la transition du côté sol, la viscosité croît et devient infiniment grande au seuil.

- Quand on dépasse le seuil, on peut mesurer le module d'élasticité G de la phase gel : il part de zéro et croît avec le taux de réaction.

Nous allons maintenant décrire une situation physique apparemment complexe, mais finalement assez simple, où apparaît un autre seuil de percolation. Il s'agit ici de la fabrication du caoutchouc. Les Indiens de l'Amazonie utilisaient la sève de l'hévéa latex pour se faire des bottes, assez rustiques, de la façon suivante. Le pied que l'on veut chausser est recouvert d'une couche de latex liquide. Au bout d'un moment celle-ci durcit à l'air, et le pied est chaussé. Il s'agit d'une transition sol-gel, au cours de laquelle de longues chaînes d'isoprène sont attachées les unes aux autres par des ponts oxygène.

La méthode amazonienne n'est pas très efficace : l'oxygène poursuit son action et finit par détruire les chaînes : la botte est fragile. C'est le grand mérite de Goodyear, en 1839, d'avoir remarqué que le soufre était capable de ponter les chaînes sans ensuite les détruire. Le traitement au soufre des latex constitue ce qu'on appelle la vulcanisation. De notre point de vue géométrique, il s'agit encore d'une transition de percolation, mais ici les éléments de construction sont de très longues chaînes flexibles.

Du point de vue théorique comme du point de vue expérimental, on s'intéresse particulièrement au voisinage du seuil de percolation, où les amas sont grands. Nous avons déjà cité quelques méthodes expérimentales mesures mécaniques sur les gels, magnétiques sur certaines solutions solides qui fournissent des informations sur l'apparition d'un amas infini. Des expériences plus fines, fondées notamment sur la diffusion de la lumière, commencent à être pratiquées.

Par ailleurs, un certain type d'expérimentation sur ordinateur se développe pour les modèles simples sur des réseaux périodiques, comme la percolation des sites : on réalise par des tirages au sort des amas accidentels et on étudie ensuite leur nombre, leur taille, etc.

Enfin, dans une direction légèrement différente, on peut faire des calculs statistiques rigoureux sur la répartition des amas qui ne sont pas trop grands ; pratiquement, on arrive à décrire tous les amas qui ont une dizaine de sites. Au-delà, le nombre d'amas différant par leur forme devient prohibitif. Ensuite, par des manipulations mathématiques, on peut dans une certaine mesure extrapoler les résultats à des amas plus grands, et finalement parvenir à une description quantitative du comportement près du seuil. Cela a été réalisé surtout par des travaux très soignés de l'école anglaise Domb, Sykes, Essam. On calcule ainsi de façon approximative toute une famille d'exposants critiques qui décrivent le comportement de différentes quantités au voisinage du seuil de percolation.

Très tôt on a essayé de trouver des formules au moins approchées pour le seuil de percolation pc et pour les principales quantités observables. La méthode la plus simple consiste à supposer que les amas ont une structure ramifiée simple comme un arbre généalogique. Cela omet toutefois la possibilité de cyclisation. Le décompte des arbres est un problème statistique simple, qui a été effectué notamment par P. Flory pour les polymérisations et raffiné à l'extrême par un groupe anglais M. Gordon. Il permet d'obtenir des estimations assez bonnes pour les seuils de percolation pc. Ce succès a longtemps fait croire que l'approximation des arbres était qualitativement satisfaisante, et que les cyclisations n'introduisaient que des corrections mineures. Pour une vulcanisation en milieu concentré, par exemple, avec de nombreuses chaînes côte à côte, l'approximation des arbres est acceptable, même à trois dimensions : au voisinage du seuil chaque chaîne ne porte que quelques ponts soufrés de l'ordre de deux très éloignés les uns des autres, et les probabilités de cyclisation sont très réduites.

En revanche, quand les cyclisations sont importantes, ce modèle est insuffisant : l'approximation des arbres prévoit certaines valeurs des exposants critiques indépendantes de la dimension spatiale. Ces valeurs sont complètement incorrectes pour les problèmes à deux et à trois dimensions. Il était donc nécessaire de trouver une théorie plus fine au voisinage du seuil, et c'est au domaine des transitions de phase qu'elle fut empruntée.

Un exemple classique de transition de phase nous est fourni par les matériaux ferromagnétiques : dans le fer métallique par exemple, chaque atome porte un moment magnétique, et deux moments voisins sont couplés : l'énergie est plus basse quand les moments sont parallèles. A basse température, les moments sont alors très alignés, et le système montre une aimantation macroscopique M0. Quand la température T croît, un certain désordre apparaît, et M0 décroît. Finalement, lorsqu'on atteint le point de Curie Tc, les moments sont fortement désordonnés et l'aimantation est nulle. La transition à Tc a fait l'objet d'études intensives et est maintenant assez bien comprise. Très tôt on a pressenti qu'il y avait une analogie entre le comportement de l'aimantation M0 T dans un ferromagnétique et la probabilité S°p qu'un site appartienne à l'amas infini dans le problème de percolation. Mais pendant longtemps les théoriciens ne sont pas parvenus à donner un cadre précis à cette similarité. La solution a été finalement fournie en 1971 par un très beau théorème de Kastelyn et Fortuin, que nous allons essayer de décrire ici.

Un modèle classique de ferromagnétisme est le modèle d'IsingI dans lequel chaque atome magnétique peut orienter son moment seulement dans deux directions opposées : chaque atome a donc deux états possibles. Une généralisation de ce modèle a été introduite par Potts, Askin et Teller le même Teller qui mit au point la bombe H... : elle consiste à attribuer à chaque atome non plus deux états, mais un nombre s d'états, où s est un entier tel que 2, 3, etc. Le cas s = 3 a été considéré en premier. Le théorème de Kastelyn-Fortuin nous dit que, si l'on calcule les propriétés d'un aimant pour s quelconque, et que, à la fin du calcul, on donne à s la valeur sans signification physique s = 1, on obtient les lois de la percolation. En particulier, la probabilité S° d'appartenir à l'amas infini joue le rôle de l'aimantation spontanée. Il est difficile de donner un sens concret à la prescription de Kastelyn et Fortuin : si l'on examine directement un système où chaque atome a un seul état possible s = 1, il est dépourvu de toutes variables statistiques, donc trivial ! Mais la limite SÆ1 fait apparaître des propriétés intéressantes, qui sont valables quelle que soit la dimension de l'espace considéré.

Le grand progrès réalisé à ce stade est de faire bénéficier les études sur la percolation de l'énorme arsenal théorique qui a été mis au point pendant les dix dernières années sur les transitions de phase. Pour celles-ci on connaît depuis longtemps une méthode de calcul, dite de champ moléculaire. Elle est malheureusement incorrecte à trois dimensions. Mais on sait que dans des espaces de quatre dimensions ou plus, le champ moléculaire devient qualitativement correct pour le modèle d'Ising. Pour la percolation, G. Toulouse a remarqué que l'approximation des arbres est l'analogue du champ moléculaire, et qu'elle devient correcte au-dessus de six dimensions. Les théoriciens de Philadelphie Lubensky, Brooks, Harris et collaborateurs ont appliqué les méthodes récentes, plus fines que le champ moléculaire, au calcul des exposants critiques.

Actuellement, nous pouvons donc dire que le problème de percolation est rentré dans un cadre connu, un peu comme les chimistes du début du siècle se félicitaient quand un élément nouveau comblait une case vide du tableau de Mendeleïev.

Par Pierre-Gilles de Gennes