Solar Energy Revenues, Jobs and Productivity More Than Double in FY-2005
GT Equipment Technologies Inc., the only worldwide company that designs, manufactures, assembles, programs and installs turn-key fabrication lines for all three stages of the photovoltaic manufacturing chain - wafers, cells and modules -- announced today that the company generated more revenue growth, employment growth and productivity growth in the fiscal year just ended, March 31, 2005, than at any time in its 11-year history. The growth was in the company's solar division, GT Solar Technologies, Inc. The $38 million of business already booked for the next fiscal year far exceeds the nearly $23 million in total revenues for the Company's fiscal year ended March 31, 2005.
While revenues have more than doubled, productivity and employment growth have both increased as well. Equipment shipped in March of 2005 increased by a factor of 4X over equipment shipped in any given month during the previous year. The increased shipments are a result of exceptional productivity gains from the company's workforce using an advanced manufacturing process that allows for improvements in the manufacturing of the equipment while maintaining the ability to customize orders. GT Equipment Technologies has more than doubled its workforce in the past 9 months to 75 and is still hiring, especially assemblers, technicians and engineers.
"The unprecedented demand for solar energy equipment throughout the world is driving our business," said Kedar Gupta, Chairman and CEO. "Demand is being driven by a combination of government incentives in certain countries, the supply and price of oil, and by improvements in the efficiency and cost of solar PV technology, " he said.
"There has also been a dramatic cost reduction in the manufacturing process with the costs of solar PV production declining by 80% to 90% over the past 20 years," said Tom Zarrella, President and COO. "With the solar photovoltaics market growing by more than 30% a year, the solar division of GT Equipment Technologies is a beneficiary of that growth, and we have positioned the company accordingly."
GT Equipment Technologies was recently named by the Export-Import Bank of the United States as "Environmental Exporter of the Year" in the United States. GT Equipment Technologies, Inc. is a privately held company and an industry leader in the design and manufacture of semi-custom and specialty equipment for the solar and materials processing industries, particularly for photovoltaic and semi-conductor applications.
About GT Equipment Technologies, Inc.
GT Equipment Technologies is a privately held company and an industry leader in the design and manufacture of semi-custom and specialty equipment for the solar and materials processing industries, serving markets for photovoltaic and semi-conductor applications. For more information on GT Equipment Technologies and its solar division, visit our website at www.gtequipment.com.