... Evergreen Solar Announces $200 Million Sales Agreement With SunEdison, LLC; Evergreen Solar's Recent Contract Awards Exceed $600 Million Over the Next Five Years
19.07.2006 13:30:00 (BUSINESS WIRE)
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. Under the terms of the agreement, Evergreen Solar will ship approximately $200 million of photovoltaic modules to SunEdison, LLC over the next five years.
"This agreement with SunEdison underscores the growth potential of our photovoltaic module product line and aligns our company with an emerging solar power leader," said Richard M. Feldt, Evergreen Solar's president and chief executive officer. "The agreement also demonstrates the strategic importance of EverQ - our partnership with Q-Cells and Renewable Energy Corporation. The recent announcement of our intention to expand EverQ's capacity to 80MW in 2007 and up to 300MW by 2010 enables us to continue forging long-term customer agreements with solar industry leaders like SunEdison."
"SunEdison simplifies solar development projects by offering clients access to the company's innovative Solar Power Service Agreement (SPSA), a finance and service model that allows public, private and nonprofit organizations to buy and use solar electricity generated at their facilities without capital investment," said Feldt. "This innovative platform enables wider access to solar power and supports Evergreen's ultimate goal of converging the cost of solar power with retail grid pricing."
"SunEdison's strategic partnership with Evergreen Solar, a solar power technology innovator, will be integral to our larger goal of building more efficient, more cost-effective systems that create value for our customers," said Brian Jacolick, vice president of sales for SunEdison. "We believe Evergreen Solar will be a valuable long-term partner and we look forward to working with the company over the next five years to spread the benefits of affordable solar power."
The sales agreement with SunEdison is Evergreen Solar's fifth major contract secured since November 2005 and is the largest in Company history. The value of these five contracts totals more than $600 million over the next five years. The photovoltaic modules will be manufactured at Evergreen Solar's plant in Massachusetts and at the new 30MW EverQ factory in Thalheim, Germany.
About SunEdison, LLC
SunEdison, LLC, headquartered in Baltimore, Maryland, offers clients an innovative set of financial solutions based around solar technologies, to meet the energy needs of its clients. SunEdison provides solar generated energy at or below current retail utility rates to a broad and diverse client base - from public agencies to private enterprises to non-profit organizations. For more information about SunEdison, please visit www.sunedison.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com.
About EverQ
EverQ's existing solar module manufacturing plant in Thalheim, Germany, produces Evergreen Solar's high-output Spruce Line(TM) of photovoltaic panels. Products fabricated by EverQ use Evergreen Solar's patented String Ribbon(TM) manufacturing process. String Ribbon is substantially more efficient in the use of silicon than conventional sliced crystalline technologies.
EverQ is a strategic partnership of Evergreen Solar, Inc. of the United States, Q-Cells AG of Germany, and Renewable Energy Corporation ASA of Norway. Evergreen Solar develops, manufactures and markets solar power products using its String Ribbon technology. Q-Cells is the world's largest independent manufacturer of crystalline silicon solar cells. Renewable Energy Corporation is one of the world's largest manufacturers of solar-grade silicon and multicrystalline wafers.
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 forward-looking statements include, but are not limited to, those related to the Company's expectations regarding the anticipated benefits of the SunEdison relationship; the anticipated size and value of shipments to SunEdison; EverQ's capacity expansion plans and the Company's achievement of its ultimate goal of converging the cost of solar power with retail electric pricing. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. 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 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 Quarterly Report on Form 10-K filed with the SEC on March 16, 2006 (copies of which may be obtained at the SEC's website at: http://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.
Evergreen very LONG!
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