Evergreen Solar Announces Polysilicon Supply Agreements for EverQ

Evergreen Solar, manufacturer of solar power products with its proprietary, low-cost String Ribbon wafer technology, announced new polysilicon supply agreements that will allow its EverQ joint venture to increase its solar module production capacity from about 30 MW this year to approximately 300 MW by 2010.

The supply agreements are expected to become effective 3Q 2006. Renewable Energy Corporation (REC) of Norway, manufacturer of solar-grade silicon and multicrystalline wafers, will supply EverQ with 7,400 metric tons of granular polysilicon over seven years beginning in 2008. Shipments of ~400 metric tons are expected to begin in the second half of 2008 and increase to 1,200 metric tons annually by 2010, continuing through 2014. This is in addition to the 190 metric tons REC currently supplies annually to EverQ. Evergreen Solar, Q-Cells AG of Germany (manufacturer of crystalline silicon solar cells) and REC have agreed to become equal partners in EverQ. It is anticipated that Evergreen Solar will continue to market and sell all modules manufactured by EverQ. EverQ’s existing solar module manufacturing plant in Thalheim, Germany, manufactures Evergreen Solar’s high-output Spruce Line of photovoltaic panels. Products fabricated by EverQ use Evergreen Solar’s patented String Ribbon manufacturing process. String Ribbon is said to be substantially more efficient in the use of silicon than conventional sliced crystalline technologies. EverQ is a strategic partnership of Evergreen Solar, Inc. of the U.S., Q-Cells AG of Germany, and Renewable Energy Corporation ASA of Norway. Evergreen Solar expects quarterly revenue from its Marlboro factory to continue in the $10 to $12 million range for the balance of 2006.
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