This award recognizes the substantial progress that the Evergreen Solar team has achieved over the last few years. Importantly, we remain optimistic about our continued growth prospects given our strategic capacity expansion plan and our promising String Ribbon(TM) process.
MARLBORO, Mass., Aug. 17 -- Evergreen Solar, Inc. (Nasdaq: ESLR), a developer of proprietary, low cost solar power products, today announced that the company was named to the prestigious New England Technology Fast 50 list. The annual ranking, conducted by Deloitte & Touche LLP and Wilmer Cutler Pickering Hale and Dorr LLP, designates the fastest-growing companies located in Massachusetts, New Hampshire, Vermont, Maine and Rhode Island by revenue growth.
Richard M. Feldt, President and Chief Executive Officer of Evergreen Solar, stated, "We are pleased to be named to the New England Technology Fast 50 and congratulate the other influential companies with whom we share this honor. This award recognizes the substantial progress that the Evergreen Solar team has achieved over the last few years. Importantly, we remain optimistic about our continued growth prospects given our strategic capacity expansion plan and our promising String Ribbon(TM) process."
"The Deloitte New England Technology Fast 50 companies have shown the strength, vision and temerity to succeed despite a very challenging technology environment," said Stephen DiPietro, Deloitte partner responsible for the New England Technology Fast 50 Program. "We applaud the successes of Evergreen Solar and acknowledge their place as one of the very few to accomplish such a fast growth rate over the past five years."
Winners are selected based on the percentage of growth in fiscal year revenues from 1999 to 2003. To be considered, Fast 50 entrants must have met the following criteria: Have operating revenue of at least $50,000 in 1999 and at least $1,000,000 in 2003; Be a public or private company, headquartered in New England, excluding Connecticut. Subsidiaries and divisions are not eligible, unless they have some public ownership and are separately traded; Be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.
"Each company has a remarkable story of sustained revenue growth in challenging and competitive industries," said William F. Lee, co-managing partner at Wilmer Cutler Pickering Hale and Dorr and co-chair of the 2004 New England Technology Fast 50. "The Fast 50 winners have been chosen because they have proven that they have the most impressive record for growth and lead the way for New England technology companies."
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (Nasdaq: ESLR) develops, manufactures, and markets solar power products utilizing the Company's patented low-cost manufacturing technologies. The products provide reliable and environmentally clean electric power in global markets. Solar power applications include wireless power for remote homes, water pumping, lighting, and rural electrification, as well as complete power systems for electric utility customers choosing to generate their own environmentally benign power. For more information visit http://www.evergreensolar.com.