Raises Contractual Backlog to more than 1 Gigawatt
MARLBORO, Mass., Oct 16, 2008 (BUSINESS WIRE) -- Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of STRING RIBBON(TM) solar power panels with its proprietary, low-cost wafer manufacturing technology, announced it has signed two new long-term sales contracts totaling more than 160 MW. The first is with Mainstream Energy Corporation and AEE Solar, Inc., a leading wholesale distributor in North America; the second contract is with, one of the top-tier general trading companies in Japan.. The combined contracts extend the company's total contractual backlog to more than 1 GW. Shipments under these contracts will begin in 2009 and continue through 2012.
The solar panels for these two contracts will be produced at the company's Devens, Massachusetts, facility and at the company's next factory. With these contracts, the Devens facility has now sold 100 percent of its 160 MW manufacturing capacity from 2010 and beyond.
"Despite the current uncertainty in the financial markets and concerns regarding the availability of credit to fund major projects, the demand for our products among our customers remains strong." said Richard M. Feldt, Evergreen Solar's chairman, president and chief executive officer.
"We are one of Evergreen Solar's oldest and longest-running partners. We view them as a solar technology pioneer that has made and continues to make considerable strides in improving cell efficiencies, and more importantly, lowering the overall cost of solar power" said David Katz, chief executive officer of AEE Solar. "We are excited about strengthening our relationship with Evergreen Solar by increasing the supply of their high-quality solar panels to help with the increasing demands of our installer network."
AEE Solar will market the panels in the United States and Canada through its extensive dealer network. Evergreen Solar's other new customer is expected to market the panels globally.
About Mainstream Energy Corporation
Mainstream Energy Corporation invests in and actively supports the growth of downstream companies involved in the sales and installation of solar equipment and services. Mainstream Energy strives to make solar an increasingly large part of our national energy supply by expanding customer access to solar energy and lowering the cost of solar products, systems and services.
About AEE Solar, Inc.
AEE Solar, Inc. (www.aeesolar.com), a Mainstream Energy subsidiary, is one of America's oldest and most respected wholesale distributors of renewable energy systems and equipment. The company is headquartered in Northern California with warehouses and sales offices in all major U.S. and Canadian markets. AEE Solar is a full-service distributor offering a comprehensive range of solar and renewable energy products and services to support the growth of solar contractors, dealers and installers nationwide.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets STRING RIBBON(TM) solar power products using its proprietary, low-cost wafer technology. The company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the company, please visit www.evergreensolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to: the start-up and future production capacity of the company's Devens manufacturing facility; the company's ability to protect the intellectual property incorporated in String Ribbon and other proprietary technologies; the demand for the company's products and the company's ability to enter into additional long-term customer agreements; and the ultimate value of the customer contracts given changing market dynamics and governmental subsidy and incentive programs, currency fluctuations and related contractual pricing parameters. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Such risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission - including the company's Annual and Quarterly Reports on Forms 10-K and 10-Q filed with the SEC (copies of which may be obtained at the SEC's website at: http://www.sec.gov) - could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
SOURCE: Evergreen Solar, Inc.