Construction of 100MW Factories Underway and Set to be Complete by Spring of 2010
MARLBORO, Mass. and WUHAN, China--(BUSINESS WIRE)--In a ceremony today in Wuhan, China, Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of String Ribbon™ solar power products with its proprietary, low-cost silicon wafer technology, and its contract manufacturing partner, Jiawei Solarchina Co., celebrated the groundbreaking for their new 100 megawatt manufacturing plants.
Evergreen Solar Chairman, President and CEO Richard M. Feldt was joined by Mr. Qing-Quan Lo, Hubei Province party leader; Mr. Hong-Zhong Li, Governor of Hubei Province; Mr. Song Yang, Wuhan City party leader; Mr. Chen-Fa Ruan, Wuhan City Mayor and other high ranking government officials as well as Professor Ding Kongxian, chairman of Jiawei Solarchina Co., Ltd., and senior management from Jiawei and the Hubei Science & Technology Investment Co for the ceremony celebrating the start of the plant’s construction, which actually began in July of 2009. Construction is on schedule to be completed by spring 2010.
These manufacturing plants are part of an agreement between Evergreen Solar and Jiawei through which Evergreen Solar will manufacture String Ribbon wafers using its state-of-the-art Quad furnaces at this leased facility being built on Jiawei’s campus. Jiawei will convert the String Ribbon wafers into Evergreen Solar-branded panels on a contract manufacturing basis.
“Today represents an important step in the growth of Evergreen Solar,” said Feldt. “When you combine Evergreen Solar’s unique wafer technology and Jiawei’s high quality, cost efficient cell and panel conversion processes, we believe we have a winning formula that will produce the best performing and lowest cost multi-crystalline solar panels in the world. We’re extremely pleased that construction proceeds according to schedule and look forward to beginning production of our String Ribbon solar panels in the spring of 2010.”
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String Ribbon™ solar power products using its proprietary, low-cost silicon wafer technology. The Company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen Solar® and String Ribbon™ are trademarks of Evergreen Solar, Inc.
About Jiawei Solarchina Co., Ltd. Inc.
Jiawei Solarchina Co., Ltd. Inc., through its subsidiary Jiawei Solar (Wuhan) Co. Ltd., is a fully integrated manufacturer of solar products serving OEM and ODM customers around the world, including SunPower Corporation. Jiawei offers its global customers high-performance solar products for a broad range of applications including residential and commercial end-users for off-grid and on- grid applications. The Company is dedicated to providing its world- class customer base with innovation, manufacturing excellence and superior product quality. For more information about Jiawei Solar, please visit www.solarchina.com.hk.
About Hubei Science & Technology Investment Co., Ltd.
Hubei Science & Technology Investment Co., Ltd. (“HSTIC”) is a state owned investment company focusing on science and technology development with registered capital of approximately 2.8 billion of RMB ($410M USD). HSTIC is composed of the Administrative Committee of Wuhan East Lake High-Tech Development Zone and its holding company, Optics Valley Investment Company, Hi-Tech Productivity Enhancement Center and Overseas Scholar Incubation Company. The Hubei state government and Wuhan city government have announced HSTIC will manage 10 billion RMB funded by the National Development Bank to develop central China. According to Hubei state government’s planning, 6 billion of RMB will be dedicated to Wuhan East Lake High-Tech Development Zone.
Safe Harbor Statement
This press release contains forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. These statements are based on management’s current expectations or beliefs. Such forward-looking statements include, but are not limited to, those related to the establishment of an Evergreen Solar wafer manufacturing facility in China, the future manufacturing capacity from the Evergreen Solar and Jiawei operations and manufacturing costs of Evergreen Solar’s products. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, including risks associated with: the company’s ability to manufacture its wafers in China; Jiawei’s ability to convert those wafers into cells and panels; the company’s ability to sell all of the solar panels it is required to purchase from Jiawei; various economic factors such as credit market conditions that may impact future expansion of operations or the market for solar power products; and other risks and uncertainties identified in the company’s filings with the Securities and Exchange Commission. Evergreen Solar disclaims any obligation to update or revise such statements for any reason.
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