Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, announced the pricing of its public offering of 15,000,000 shares of its common stock.
The public offering price of $8.25 per share will result in gross proceeds of $123.75 million and net proceeds, after underwriting commissions and other offering expenses, of approximately $117.37 million to Evergreen Solar. The offering is expected to close on or about May 30, 2007.
Evergreen Solar expects to use the net proceeds of the offering primarily for manufacturing expansions, to secure the supply of key raw materials, including silicon, as well as for general corporate purposes, including working capital.
Lehman Brothers Inc. is the sole book-running manager of the offering and Piper Jaffray, Cowen and Company and Pacific Growth Equities, LLC are co-managers.
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 Solar’s products provide reliable and environmentally clean electric power for residential and commercial applications globally.
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