Evergreen Solar Secures Largest Sale to Date

Massachusetts-based Evergreen Solar ended last week with an announcement of its largest sales agreement to date. Evergreen and California-based system integrator PowerLight signed an agreement for Evergreen to ship a minimum of $70 million of photovoltaic modules to PowerLight over the next four years.

There are also defined options that could increase the value of the shipments in the contract to approximately $170 million. Shipments to PowerLight are scheduled to begin the first half of 2006. PowerLight Corporation is a market leader in developing large-scale, grid-connected projects for customers worldwide. PowerLight plans to use Evergreen Solar’s products within its proprietary applications for solar power projects around the globe. It is currently anticipated that these materials will be produced at Evergreen Solar’s manufacturing plant in Massachusetts and EverQ’s 30 MW facility, which is currently under construction in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar and Q-Cells AG, the world’s largest independent manufacturer of crystalline silicon solar cells. “This new agreement with PowerLight is a significant milestone for Evergreen Solar,” said Richard M. Feldt, Evergreen Solar’s president and chief executive officer. “It reaffirms the value proposition of our String Ribbon wafer technology and our expansion strategy.” Evergreen Solar said its patented String Ribbon wafer technology enables the company to manufacture solar wafers, cells and modules more efficiently than conventional methods. This proprietary technology generates nearly one-and-a-half times as much power per pound of refined silicon as conventional methods, according to Evergreen. “With its pioneering String Ribbon technology and rapidly expanding manufacturing capabilities, Evergreen Solar is setting a new industry standard and is emerging as a key player in the solar power market,” said Daniel Shugar, PowerLight’s president.
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