Evergreen Solar Signs New Sales Contracts of Approximately $1 Billion
 
Solar Panels Will Be Supplied from its Devens Facility

  
ESLR $9.10 to $11 range
Shares Outstanding 121.5 M
Float: 102.9 M
5/22/2008
 

 Evergreen Solar, Inc. develops, manufactures, and markets solar power products primarily in Europe and the United States. It utilizes its proprietary String Ribbon' technology process in manufacturing ribbons of crystalline silicon, which are then cut into wafers. These wafers are the primary components of photovoltaic cells that are used to produce solar panels. The company principally offers solar wafer, a flat piece of crystalline silicon that can be processed and assembled into a solar cell; solar cell, a device made from a silicon wafer that converts sunlight into electricity; and solar panel, an assembly of solar cells that are electrically interconnected and laminated for electric power generation, such as on-grid and off-grid generation. Evergreen sells its products through distributors, systems integrators, and value-added resellers. It has a strategic partnership with Q-Cells AG. The company was founded in 1994 and is headquartered in Marlboro, Massachusetts.

 
 Evergreen Solar, Inc., a manufacturer of solar power panels with its proprietary, low-cost String Ribbon wafer technology, announced it has signed two new long-term sales contracts. Yesterday, Evergreen Solar and German-based Ralos Vertriebs GmbH signed an agreement valued at approximately $750 million for panel deliveries beginning in 2008 and extending through 2013. Combined with another agreement signed last week with a United States-based installer, Evergreen has new contractual backlog of approximately $1 billion.
 
The solar panels for these two contracts will be manufactured at the company’s Devens, Massachusetts facility, which will begin panel production in July, and represent approximately 35 percent of the expected 160MW of annual production capacity at Devens through 2013. In addition to these two new contracts, Evergreen Solar 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.
 

Spruce Line™ Photovoltaic Solar Panels
 
Our Spruce Line™ features high power, state-of-the-art solar panels up to 195W designed specifically for residential or commercial applications. These solar panels offer the end-user superior performance and complete peace of mind while providing the utmost in installation flexibility. Key benefits of our Spruce Line solar panels include:
 
 * Best-in-class performance ratings proven by field installations
 
 * 98% of rated power guaranteed for 180, 190W product; 100% guaranteed for     195W product

 * 5 year workmanship and 25 year power warranty

 * Smallest carbon foot-print leading the fight against global warming
 
 * Quickest energy payback time for maximum energy conservation

A Better Way to Make Solar Power
 
With innovations like String Ribbon manufacturing, it’s no wonder Evergreen Solar is recognized as the brightest star in the solar industry. But String Ribbon is just the beginning. We have more innovations in the works, including a revolutionary method of producing thinner wafers, and unique ways to boost our manufacturing and product efficiencies even further. Add the fact that we manufacture everything — wafers, cells and panels — all under one roof for ultimate quality control, and it’s clear that Evergreen Solar is committed to being the best in the industry.
 

Contact

 
Evergreen Solar Inc.
138 Bartlett Street
Marlboro, MA 01752
Phone: 508-357-2221
Fax: 508-357-2279
Web Site: http://www.evergreensolar.com