Evergreen Solars Good Performance Sits Well with Chinese Production

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Environment Articles | November 4, 2010

The last quarter of 2009 was a good quarter for solar cell manufacturerEvergreen Solar,leading them to some $74.5 million in revenue.� The positive results will bring the solarcompany closer to their goal of $1.50 per watt solar production, as well as to movingtheir production to China.

Despite the fact that the $74.5 million in revenue was a drop form thethird quarter�s $77.7 million, Evergreen Solar says gross margin has improvedas well as other factors during the last quarter.

Gross margins for Evergreen Solar was up to 11.9 percent in the lastquarter from third quarter�s 7.1 percent.

The fourth quarter also saw the solar company shipping some 31.9megawatts of solar products at $2.32 per watt through its facility in Devens,Massachussetts.

Evergreen Solar chief executive Richard Feldt says the performance oftheir Devens facility was significant, as it will help the company accomplish its$2 per watt cost goal.

Moving operations to China will also help in reducing the cost per wattof its solar products.� Feldt adds that theyplan to cut costs at Devens to $1.50 per watt in 2011.

The operating loss for the fourth quarter was also a high low: $21.1million compared to the third quarter�s $6 million. �The loss was due to noncash charges of around$14.6 million brought about by the depreciation, on top of the equipmentwrite-offs due to the intended move of the Devens facility to the Chinafacility.�

A Chinese management team had already been established and hiring isalready ongoing for engineers and support staff for the primary 100-megawattfacility.

Evergreen Solar is the manufacturer of its proprietary String Ribbonbrand of solar cells. �The company issaid to use less polysilicon in wafer manufacturing technology than in traditionalprocesses.� Evergreen Solar recently presented two investor conferences last February 23 and 24,with one at the Piper Jaffray Fifth Annual Clean Technology &Renewables Conference in New York; and the other at the KaufmanBros., L.P. Second Annual Green Technology Conference in Bostonrespectively.� The company�s businessstrategy and recent accomplishments were presented at the meeting.� Materials presented may be accesses at the�Investors� section of their website, www.evergreensolar.com.

Itwas also last February when Evergreen Solar helped Constellation Energy (NYSE:CEG) bag two of the best in New England energy projects in 2010, awarded by theAssociation of Energy Engineers New England Chapter (AEE-NE).� �ConstellationEnergy's solar installation at Patriot Place was named the best renewableenergy project in New England, while the energy conservation programimplemented by Constellation Energy for Bristol Community College topped thelist of energy projects at colleges in New England.� Evergreen Solar of Marlboro, Massachusettshad manufactured more than 2Computer Technology Articles,600 photovoltaic solar panels used to give thePatriot Place 30 percent of its power requirements.�






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