Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power panels, announced it has signed two new long-term sales contracts valued at approximately $600 million with United States-based groSolar and German-based Wagner & Co Solartechnik GmbH. These contracts extend through 2012 and bring the company’s total contractual backlog to approximately $1.7 billion.
The solar panels for these two contracts and the two contracts previously announced in May will be manufactured at the company’s Devens, Massachusetts facility, which will begin panel production in July. These four contracts represent approximately 65% of the expected 160 megawatt (MW) of annual production capacity at Devens through 2013.
Evergreen Solar also has six other customer contracts with a current total backlog of approximately $850 million, which will primarily be supplied by EverQ, its German-based joint venture.
"The four multi-year contracts that we have signed in the last 30 days continue to validate that our String Ribbon technology combined with the features and functionality of our solar panel design, provides a compelling value proposition for our customers," said Richard M. Feldt, Evergreen Solar’s chairman, president and CEO. "We continue in discussions with other potential customers as we look to commit up to 75% of Devens capacity to long term contracts."
About groSolar
groSolar is a solar power company focused on designing, distributing and installing high quality solar electric and solar hot water systems. groSolar provides residential installation in the northeast and mid-Atlantic states, and commercial installation in California as well as the eastern US, serving other areas through an extensive dealer network. groSolar was recently recognized as the second fastest growing company in Vermont and one of the best places to work in Vermont. For information, visit www.groSolar.com.
About Wagner & Co Solartechnik GmbH
As a leading PV system integrator in Germany, Wagner serves all the major markets in Europe through their extensive installer-network. Wagner also develops, manufactures and markets solar-hot water-systems for use throughout Europe. The Wagner-Academy helps to create high installation standards and profound knowledge for all market players they work with. For more information visit www.wagner-solar.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The company’s patented wafer technology, known as String Ribbon, uses significantly less polysilicon than conventional processes. Evergreen’s products provide clean electric power for residential and commercial applications globally.
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