GT Solar Receives $20M Order

GT Solar and Jiangxi Sornid Hi-Tech have signed a new contract totaling more than $20 million for GT Solar’s GT-DSS450 ingot growth furnaces and ancillary equipment and services. The order was booked in GT Solar’s current fourth fiscal quarter and revenue is expected to be recognized in subsequent periods.

“We are committed to becoming a leading supplier of high quality multi-crystalline silicon wafers to the solar industry,” said Lou Hong, chairman of Jiangxi Sornid Hi-Tech Co., Ltd. “GT Solar is a valued partner and their ingot growth furnaces produce high quality ingots that meet our customers’ expectations.”

Earlier this month, GT Solar announced that Richard J. Gaynor has been appointed chief financial officer, effective March 1. Most recently he was CFO at Sonus Networks, a provider of voice over IP infrastructure solutions for wireline and wireless service providers. Prior to Sonus Networks, he served as CFO at Sycamore Networks, a global provider of intelligent optical networking hardware and software products.

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