12.10.2005: Meldung: Evergreen Solar Celebrates Latest EverQ Milestone in Germany
"Today"s roof closing ceremony - a milestone traditionally recognized in Germany - marks the next stage of development for the EverQ facility," said Richard M. Feldt, president and chief executive officer of Evergreen Solar. "We are pleased with the substantial progress made in Thalheim. We anticipate installing our first pieces of manufacturing equipment in the facility by year-end. Based on the current schedule, we remain confident that we will achieve our goal of full-scale production by the summer of 2006."
The German government is providing EverQ with grants totaling approximately $34 million at current exchange rates to offset the manufacturing facility construction costs. The cost of the 30-megawatt factory is expected to be $75 million.
At 30 megawatts, the plant is expected to create between 350 and 400 new jobs in Thalheim, which is located approximately 80 miles from Berlin. Based on the initial success of the facility, Evergreen Solar and Q-Cells will evaluate the possibility of expanding the facility from 30 megawatts up to 120 megawatts of capacity.
About Q-Cells AG
Established in 1999, Q-Cells is one of the world"s largest solar cell manufacturers in terms of production output and is the largest group-independent manufacturer of crystalline silicon cells in the world. Its core business is the development, production and marketing of high-quality mono- and polycrystalline photovoltaic cells.
Since commencing production in 2001, Q-Cells has grown rapidly and now employs more than 700 people at its site in Thalheim, Saxony-Anhalt. Q-Cells has constantly developed its product portfolio and the performance of its cells as well as its technological production processes. Furthermore, Q-Cells is developing additional important technologies through partnerships for the commercialization of these technologies.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (Nasdaq: ESLR) develops, manufactures and markets solar power products using the Company"s proprietary low-cost manufacturing technologies. The products provide reliable and environmentally clean electric power in global markets. Solar power applications include complete power systems for electric utility customers choosing to generate their own environmentally benign power, as well as wireless power for remote homes, water pumping, lighting and rural electrification. For more information, visit www.evergreensolar.com.
Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
A Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. The Company cautions you that any statements contained in this press release which are not strictly historical statements constitute forward-looking statements. Such statements include, but are not limited to the Company"s expectations regarding the receipt of German government grants, employment created in Germany, time to complete construction and the expansion of the facility. 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 include, among other things, the following factors: the market for solar power products is emerging and rapidly developing, and market demand for solar power products such as the Company"s products is uncertain; the market for products such as the Company"s solar power products is heavily influenced by federal, state, local and foreign government regulations and policies, as well as the availability and size of government subsidies and economic incentives, over which the Company has little control; and the success of its partnership with Q-Cells is subject to numerous risks associated with the development of manufacturing facilities in international markets and depends on many factors that are outside of the Company"s control, including the availability of government grants and contributions by Q-Cells. In addition to the foregoing factors, the risk factors identified in the Company"s filings with the Securities and Exchange Commission - including the Company"s Annual Report on Form 10-K filed with the SEC on March 10, 2005 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, filed on August 11, 2005 (copies of which may be obtained at the SEC"s website at: 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. The Company 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.
Richard G. Chleboski, 508-357-2221 x708
Chief Financial Officer
Sharon Merrill Associates, Inc.
Jim Buckley, 617-542-5300
Executive Vice President
SOURCE: Evergreen Solar, Inc.