d Evergreen Solar Announces $70 Million Sales Agreement with PowerLight Corporation
Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, today announced its largest sales agreement to date. Evergreen Solar and PowerLight Corporation have entered into a definitive agreement for a guaranteed contract which calls for Evergreen Solar to ship a minimum of $70 million of photovoltaic (PV) modules to PowerLight over the next four years. There are defined options which could increase the value of the shipments in the contract to approximately $170 million. Shipments to PowerLight are scheduled to commence during the first half of 2006.
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PowerLight Corporation is a market leader in developing innovative solar electric technologies and 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-megawatt 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. It reaffirms the value proposition of our String Ribbon wafer technology and our expansion strategy," said Richard M. Feldt, Evergreen Solar's President and Chief Executive Officer.
Evergreen Solar's 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.
Daniel Shugar, PowerLight's President, stated, "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. We anticipate that Evergreen will play an important role in PowerLight's continued growth and look forward to leveraging this relationship to meet the worldwide needs of our corporate, government and residential customers."
Feldt concluded, "PowerLight's distinctive products, reputation and global reach make them an outstanding distribution partner and powerful new ally for Evergreen. We look forward to leveraging these value-added resources to promote our brand and to expand and strengthen our distribution capabilities."
About PowerLight Corporation
PowerLight Corporation (www.powerlight.com) is a leader in developing innovative solar electric technologies and large-scale, grid-connected projects for customers worldwide. Incorporated in 1995, PowerLight delivers reliable, clean power solutions for business, government and residential customers. PowerLight has built and operates many of the largest solar electric systems in North America and Europe. For more information, visit www.powerlight.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using the Company's proprietary low-cost manufacturing technologies. The products provide reliable and environmentally clean electric power in global markets. Solar power applications include complete power systems for electric utility customers choosing to generate their own environmentally benign power, as well as wireless power for remote homes, water pumping, lighting and rural electrification. For more information, visit www.evergreensolar.com.
Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
A Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. The Company cautions you that any statements contained in this press release which are not strictly historical statements constitute forward-looking statements. Such statements include, but are not limited to the Company's expectations regarding the demand for solar energy; the anticipated benefits of the PowerLight relationship; the future value of the PowerLight contract; the production of materials to be supplied under the PowerLight contract; the anticipated benefits of the Company's String Ribbon technology; the Company's plans for the EverQ facility; the Company's expansion strategy; the Company's distribution capabilities; and the Company's position in the solar power market. Such risks and uncertainties include, among other things, the following factors: the Company's business and results of operations could be materially impaired as a result of poor manufacturing or product performance or higher costs attributable to the expansion or operation of manufacturing facilities; the market for solar power products is emerging and rapidly developing, and market demand for solar power products such as the Company's products is uncertain; the Company has limited experience manufacturing large volumes of solar power products on a commercial basis at acceptable costs, which it will need to do in order to be successful; the Company faces intense competition from other companies producing solar power and other distributed energy generation products; the success of EverQ is subject to numerous risks associated with the development of manufacturing facilities in international markets and depends on many factors that are outside of the Company's control, including the availability of government grants and contributions by Q-Cells; the risk that the Company may fail to bring to market new products under development or that any such products may not achieve commercial acceptance; the risk that technological changes in the solar industry could render its solar products uncompetitive or obsolete; the Company sells via a small number of reseller partners, and the Company's relationships with current or prospective marketing or strategic partners may be affected by adverse developments in the Company's business, the partner's business, competitive factors, solar power market conditions, or financial market conditions; the market for products such as the Company's solar power products is heavily influenced by federal, state, local and foreign government regulations and policies, as well as the availability and size of government subsidies and economic incentives, over which the Company has little control; and the Company is susceptible to shortages of specialized silicon that the Company uses in the manufacture of its products. In addition to the foregoing factors, the risk factors identified in the Company's filings with the Securities and Exchange Commission - including the Company's Annual Report on Form 10-K filed with the SEC on March 10, 2005 and Quarterly Report on Form 10-Q for the quarter ended July 2, 2005, filed on August 11, 2005 (copies of which may be obtained at the SEC's website at: www.sec.gov) - could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Quelle: BUSINESS WIRE
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