Evergreen Solar, Inc. (Nasdaq: ESLR), a solar PV manufacturer, announced its largest sales agreement to date – with PowerLight Corporation. The guaranteed contract calls for Evergreen Solar to ship a minimum of $70 million of photovoltaic (PV) modules to PowerLight over the next four years.
There are defined options which could increase the value of the shipments in the contract to approximately $170 million. Shipments to PowerLight are scheduled to commence during the first half of 2006. PowerLight Corporation is a market leader in developing innovative solar electric technologies and large-scale, grid-connected projects for customers worldwide. PowerLight plans to use Evergreen Solar’s products for projects around the globe.
“This new agreement with PowerLight is a significant milestone for Evergreen Solar. It reaffirms the value proposition of our String Ribbon wafer technology and our expansion strategy,” said Richard M. Feldt, Evergreen Solar’s President and Chief Executive Officer.
Evergreen Solar’s patented String Ribbon wafer technology enables the Company to manufacture solar wafers, cells and modules more efficiently than conventional methods. This proprietary technology generates nearly one-and-a-half times as much power per pound of refined silicon as conventional methods.
Daniel Shugar, PowerLight’s President, stated, “With its pioneering String Ribbon technology and rapidly expanding manufacturing capabilities, Evergreen Solar is setting a new industry standard and is emerging as a key player in the solar power market. We anticipate that Evergreen will play an important role in PowerLight’s continued growth and look forward to leveraging this relationship to meet the worldwide needs of our corporate, government and residential customers.”