Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String RibbonTM wafer technology, announced on Wednesday that the Company is scheduled to join the Russell 2000® and Russell 3000® indexes.
Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String RibbonTM wafer technology, today announced that the Company is scheduled to join the Russell 2000® and Russell 3000® indexes. The newly reconstituted Russell indexes will become effective at the close of the U.S. markets on June 24, 2005.
"During the past 12 months, Evergreen Solar has achieved several significant milestones, including strong revenue growth, positive gross margins, technological breakthroughs and our strategic partnership with Q-Cells," stated Evergreen Solar President and Chief Executive Officer Richard M. Feldt. "Our addition to the Russell indexes is a reflection of the Company's substantial progress and will help continue to raise our visibility on Wall Street."
Membership in Russell's indexes is determined primarily by market capitalization rankings and style attributes. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. More than $360 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index. For more information, go to www.russell.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (Nasdaq: ESLR) 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® is a registered trademark and String RibbonTM is a trademark of Evergreen Solar, Inc.