Evergreen Solar Ships 31.9 MW in Last Quarter

Evergreen Solar Inc. this week confirmed that it shipped more than 30 megawatts (MW) of its StringRibbon product in final three months of 2009. The average selling price was US $2.32 per watt, raising the firm’s product gross margins to 11.9% from 7.1%.

“Over two years ago, we established a cost target for our Devens facility of about two dollars per watt. We are pleased to have effectively achieved this cost target during the fourth quarter,” said Richard Feldt, chairman, CEO and president of Evergreen. “Our proven track record of manufacturing excellence is even more critical as we will relentlessly pursue additional operational efficiencies, further reduce our silicon and other materials costs and make progress on our technology roadmap to further reduce our costs at Devens to about $1.50 per watt in 2011 as we transition panel assembly to China.”

Evergreen also said that it reduced total manufacturing cost to $2.05 per watt, down 8.5% from $2.24 per watt, reduced wafer manufacturing cost to approximately $0.69 per watt from $0.75 per watt in the third quarter of 2009 and generated $16.9 million of cash from operations, up from $11.2 million.

“Demand for our product was robust throughout the fourth quarter of 2009, a trend which has continued so far in the first quarter of 2010. While incentive program modifications in Europe have resulted in some near-term uncertainty with respect to demand and selling prices, we remain focused on what we can directly control, namely continued operational improvements at Devens and our expansion in China, where we believe we will produce wafers at about $0.30 per watt and panels for about $1.00 per watt by 2012 through our relationship with Jiawei Solar,” Feldt said.

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