Evergreen Solar Celebrates Opening of New 160MW facility in Devens
July 15, 2008
Facility represents the Company’s first large-scale independent expansion
Marlboro, Mass. (July 15, 2008) – Evergreen Solar, Inc. (Nasdaq GM: ESLR) a manufacturer of String Ribbon ™ solar power panels with its proprietary wafer technology, today officially opened its new, 160-megawatt production facility in Devens, Mass.
Evergreen Solar chairman, president and CEO Richard M. Feldt was joined by Massachusetts governor Deval Patrick and other dignitaries at a ribbon cutting ceremony at the Devens facility that signified the conclusion of the first of two phases of construction on the Devens site. The second phase is anticipated to be complete by the first quarter 2009.
“Today represents a significant day in the history of Evergreen Solar,” said Feldt. “This is our first large-scale independent expansion, which represents a significant step in our company’s aggressive capacity expansion plan. This factory is the catalyst for a new beginning for Evergreen Solar, sustainable profitability beginning in the first quarter of 2009.”
Evergreen Solar will employ 700 new employees at the Devens facility and provide salaries and benefits in excess of $44 million. By the completion of Phase Two, the company will have more than 1,000 employees here in Massachusetts.
“Building a thriving industry of alternative energy companies and growing our pool of ‘green jobs’ is a key priority for this Administration,” Governor Patrick said. “The opening of Evergreen Solar’s Devens facility – just 15 months after the company chose Massachusetts for its first large-scale US manufacturing plant - is a great step forward in reaching our clean energy goals. We congratulate Evergreen on its thriving business here.”
The new production facility will use Evergreen Solar’s Quad String Ribbon manufacturing technology. At full capacity, the factory will produce more than 780,000 solar panels per year, or the bulk of the energy needed to power more than 23,000 homes. As compared to energy created by coal, the solar panel energy will reduce carbon emissions by 1,200,000 metric tons annually. That is the CO² equivalent created by approximately 230,000 cars per year.
The facility is 450,000 square feet in size, the equivalent of 10 full acres of factory. Its length is longer than three American football fields.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String Ribbon™ solar power products using its proprietary, low-cost 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.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to: the start-up and future production capacity of the company’s Devens manufacturing facility; the number of employees and related costs; and the energy and environmental impact of the company’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. Such risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission - including the company's Annual and Quarterly Reports on Forms 10-K and 10-Q filed with the SEC (copies of which may be obtained at the SEC's website at: http://www.sec.gov) - could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
CONTACT: Evergreen Solar, Inc.
Evergreen Solar, Inc.
Michael El-Hillow
508-357-2221 x 7244
Chief Financial Officer
investors@evergreensolar.com
SOURCE: Evergreen Solar, Inc.
