German’s EverQ partners are preparing to launch an IPO of the joint venture between Renewable Energy Corporation (REC.OL), Evergreen Solar (Nasdaq: ESLR) and Q-Cells (QCEG.DE). The EverQ IPO will likely occur toward the end of 2008 or in 2009.
The partners also annnounced they would invest EUR 150 million ($205.9 million) in a third solar wafer, cell and module plant which will increase EverQ’s production capacity 80%.
It is expected to start production in the first quarter of 2009, and will use Evergreen Solar’s Quad furnace technology.
REC has offered an additional silicon supply agreement to help EverQ increase production capacity to 600 MWp by the year 2012.
As part of the preparations for the IPO, the partners are strengthening the management and organization of EverQ, enabling it to operate as an independent company. The sales and marketing organization will be expanded as modules will be distributed under the new brand in the future.
EverQ has proprietary rights to Evergreen’s technology and will have the right to license all new material technology development by Evergreen on the String Ribbon” platform over the 5 years following the IPO. EverQ will also build a strong R&D team to complement this access to new technology with own improvements.
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