Evergreen Solar Inc. (Marlboro, MA), a developer of photovoltaic (PV) products, announced that it has entered into a definitive agreement with PowerLight Corp. for a guaranteed contract that 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 that 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 plans to use Evergreen Solar's products within its proprietary applications for solar power projects around the globe. It is currently anticipated that the materials will be produced at Evergreen Solar's manufacturing plant in Massachusetts and EverQ's 30 MW facility, which is currently under construction in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar and Q-Cells AG, a manufacturer of crystalline silicon solar cells.
"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 Evergreen Solar President and Chief Executive Officer Richard Feldt.
PowerLight President Daniel Shugar 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."
