Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products, has entered into a multi-year supply contract with Global Resource Options, Inc. (GRO), a Vermont-based solar power distributor and system integrator. The agreement calls for Evergreen Solar to ship approximately $88 million of photovoltaic modules to GRO over the next four years.
“GRO is a great addition to Evergreen Solar’s growing list of high-volume distributor and system integrator customers,” said Richard M. Feldt, President and Chief Executive Officer of Evergreen Solar. “GRO has firmly established its presence in the Northeast region and is expanding into adjacent markets. We see them as a key partner in our effort to grow and maximize our penetration of the U.S. market.”
Jeff Wolfe, Chief Executive Officer of GRO, said the contract would assist the company in executing its business strategy of maintaining consistent and reliable supplies of solar products to residential and small commercial customers throughout the region.
“We are thrilled to partner with Evergreen Solar, with its proprietary String Ribbon technology and rapidly expanding manufacturing capability,” Wolfe said. “Our relationship with Evergreen ensures that as the market for solar continues to expand, GRO will continue to grow with it. GRO customers can be confident that they will have ready access to solar installations, at a steady price, for years to come.”
Following on the heels of its sales agreements with PowerLight Corporation and S.A.G. Solarstrom AG, this is the third major contract that Evergreen Solar has announced in recent months. The value of the three contracts totals nearly $260 million over the next four years. These products will be manufactured at Evergreen Solar’s plant in Massachusetts and at EverQ’s new 30-megawatt facility in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corporation ASA (REC) of Norway.
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