Marlboro, Massachusetts [RenewableEnergyAccess.com] Evergreen Solar, Inc., a manufacturer of solar power products with its proprietary, low-cost String Ribbon wafer technology, announced the pricing of its public offering of 15,000,000 shares of its common stock.The public offering price of $8.25 per share will result in gross proceeds of $123.75 million and net proceeds, after underwriting commissions and other offering expenses, of approximately $117.37 million to Evergreen Solar.
Evergreen Solar also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of its common stock. All of the shares are being sold by Evergreen Solar.
The offering is expected to close on or about May 30, 2007.
Evergreen Solar expects to use the net proceeds of the offering primarily for manufacturing expansions, to secure the supply of key raw materials, including silicon, as well as for general corporate purposes, including working capital.