Sales Growth and Lower Costs to Lead to Improved Financial Performance
MARLBORO, Mass., April 23 /PRNewswire-FirstCall/ -- Evergreen Solar, Inc. (Nasdaq: ESLR), a developer, marketer, and manufacturer of photovoltaic (solar electricity) products for the worldwide market, today announced that it has doubled its manufacturing capacity over 2003. The factory now has an installed capacity of 6 MW (megawatts, or million watts) per year, up from the 3 MW capacity of Line 1.
Richard M. Feldt, President and Chief Executive Officer of Evergreen Solar, said, "I'm pleased with the progress we've made on our Line 2 expansion, and the new double String Ribbon(TM) furnaces are a key component of that effort. With the expanded wafer production and the equipment installed throughout Line 2, we have made substantial strides in increasing the capacity of our first factory."
Evergreen further reported that the factory has achieved a 4.5 MW run rate. The Company has sold the full output of its factory to date and continues to see greater demand for its products. Dr. Rex D'Agostino, Vice President of Sales, stated, "Our customers continue to indicate a strong interest in our products and look forward to increased product availability in the future."
With strong demand, the capacity expansion is considered central to further strengthening the financial position of the Company. Mr. Feldt added, "As Line 2 ramps up in the coming quarters and product volume rises, we are on track to substantially increase sales revenues, lower manufacturing costs, and improve financial performance."
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (www.evergreensolar.com) develops, manufactures, and markets solar power products that provide reliable and environmentally clean electric power throughout the world. Solar power systems are used for residential, commercial, and industrial applications, including remote homes, water pumping, telecommunications, lighting, and rural electrification, as well as for electric utility customers choosing to generate their own environmentally clean "green" power. Evergreen's proprietary and patented manufacturing processes aim to reduce raw material usage and simplify process steps, to lower costs and improve products.