Evergreen Solar Raises Cash for Increased Manufacturing

June 22, 2004 [SolarAccess.com]Solar photovoltaic (PV) manufacturer Evergreen Solar sold approximately US$20 million of equity in a private placement of common stock, and warrants to purchase common stock. Holders of outstanding shares of series A convertible preferred stock also agreed to convert their shares into common stock in conjunction with the closing of the private placement financing. Evergreen Solar said they intend to use the financing proceeds to increase the company’s manufacturing capacity, to accelerate its advanced technology development programs, and for general corporate purposes. According to reports from New Ratings, analysts at First Albany upgraded Evergreen Solar from “neutral” to “buy” while raising their estimates of the company. For more information see the New Ratings link below.