A guaranteed contract which calls for Evergreen Solar to ship a minimum of $70 million of photovoltaic (PV) modules to PowerLight over the next four years.
MARLBORO, Mass.--(BUSINESS WIRE)--Nov. 4, 2005--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. Evergreen Solar and PowerLight Corporation have entered into a definitive agreement for a guaranteed contract which calls for Evergreen Solar to ship a minimum of $70 million of photovoltaic (PV) modules to PowerLight over the next four years. There are defined options which could increase the value of the shipments in the contract to approximately $170 million. Shipments to PowerLight are scheduled to commence during the first half of 2006.
PowerLight Corporation is a market leader in developing innovative solar electric technologies and large-scale, grid-connected projects for customers worldwide. PowerLight plans to use Evergreen Solar's products within its proprietary applications for solar power projects around the globe. It is currently anticipated that these materials will be produced at Evergreen Solar's manufacturing plant in Massachusetts and EverQ's 30-megawatt facility, which is currently under construction in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar and Q-Cells AG, the world's largest independent manufacturer of crystalline silicon solar cells.
"This new agreement with PowerLight is a significant milestone for Evergreen Solar. It reaffirms the value proposition of our String Ribbon wafer technology and our expansion strategy," said Richard M. Feldt, Evergreen Solar's President and Chief Executive Officer.
Evergreen Solar's patented String Ribbon wafer technology enables the Company to manufacture solar wafers, cells and modules more efficiently than conventional methods. This proprietary technology generates nearly one-and-a-half times as much power per pound of refined silicon as conventional methods.
Daniel Shugar, PowerLight's President, stated, "With its pioneering String Ribbon technology and rapidly expanding manufacturing capabilities, Evergreen Solar is setting a new industry standard and is emerging as a key player in the solar power market. We anticipate that Evergreen will play an important role in PowerLight's continued growth and look forward to leveraging this relationship to meet the worldwide needs of our corporate, government and residential customers."
Feldt concluded, "PowerLight's distinctive products, reputation and global reach make them an outstanding distribution partner and powerful new ally for Evergreen. We look forward to leveraging these value-added resources to promote our brand and to expand and strengthen our distribution capabilities."
About PowerLight Corporation
PowerLight Corporation (www.powerlight.com) is a leader in developing innovative solar electric technologies and large-scale, grid-connected projects for customers worldwide. Incorporated in 1995, PowerLight delivers reliable, clean power solutions for business, government and residential customers. PowerLight has built and operates many of the largest solar electric systems in North America and Europe. For more information, visit www.powerlight.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. 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.