Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, announced it has entered into a four-year supply contract with Mainstream Energy, LLC, which has systems integration and distribution subsidaries involved in the sales, distribution and installation of residential and commercial solar electric systems nationwide.
Under the terms of the agreement, Evergreen Solar will ship approximately $100 million of photovoltaic modules to Mainstream Energy over the next four years.
“We continue to align ourselves with recognized leaders in the solar industry,” said Terry Bailey, Evergreen Solar’s Senior VP Marketing and Sales. “Mainstream Energy will play a significant role in our effort to further penetrate the U.S. marketplace. The size of the deal also reflects our confidence in achieving our current expansion plans and is further affirmation of the prospects for our String Ribbon technology.”
“Evergreen Solar represents an important strategic partner for us,” stated David Katz, President of AEE Solar, a Mainstream Energy subsidiary. “We value their commitment to innovation and long-term vision for the industry. We view them as a solar technology pioneer that is making considerable strides in improving cell efficiencies and more importantly, lowering the overall costs of solar power.”
The Mainstream sales agreement is Evergreen Solar’s sixth major contract in the past 12 months. The value of these six contracts totals more than $700 million over the next five years. The photovoltaic modules will be manufactured at Evergreen Solar’s plant in Massachusetts and at EverQ’s German factory, which is currently being expanded. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corporation ASA (REC) of Norway.
About Mainstream Energy, LLC
Mainstream Energy, LLC, invests in and actively supports the growth of downstream companies involved in the manufacture, sales and installation of solar equipment and services. Mainstream Energy strives to make solar a larger part of our national energy supply by investing in companies which are 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. Headquartered in Northern California with warehouses and sales offices in the Pacific Northwest, Northeast and Southern California, 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 solar power products using proprietary, low-cost manufacturing technologies. The Company’s patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen’s products provide reliable and environmentally clean electric power for residential and commercial applications globally.
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