26.4.2004: Meldung: Evergreen Solar Doubles Manufacturing Capacity
Sales Growth and Lower Costs to Lead to Improved Financial Performance
MARLBORO, -- Evergreen Solar, Inc. (Nasdaq: ESLR - News), a developer, marketer, and manufacturer of photovoltaic (solar electricity) products for the worldwide market, today announced that it has doubled its manufacturing capacity over 2003. The factory now has an installed capacity of 6 MW (megawatts, or million watts) per year, up from the 3 MW capacity of Line 1.
Richard M. Feldt, President and Chief Executive Officer of Evergreen Solar, said, "I"m pleased with the progress we"ve made on our Line 2 expansion, and the new double String Ribbon(TM) furnaces are a key component of that effort. With the expanded wafer production and the equipment installed throughout Line 2, we have made substantial strides in increasing the capacity of our first factory."
Evergreen further reported that the factory has achieved a 4.5 MW run rate. The Company has sold the full output of its factory to date and continues to see greater demand for its products. Dr. Rex D"Agostino, Vice President of Sales, stated, "Our customers continue to indicate a strong interest in our products and look forward to increased product availability in the future."
With strong demand, the capacity expansion is considered central to further strengthening the financial position of the Company. Mr. Feldt added, "As Line 2 ramps up in the coming quarters and product volume rises, we are on track to substantially increase sales revenues, lower manufacturing costs, and improve financial performance."
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (www.evergreensolar.com) develops, manufactures, and markets solar power products that provide reliable and environmentally clean electric power throughout the world. Solar power systems are used for residential, commercial, and industrial applications, including remote homes, water pumping, telecommunications, lighting, and rural electrification, as well as for electric utility customers choosing to generate their own environmentally clean "green" power. Evergreen"s proprietary and patented manufacturing processes aim to reduce raw material usage and simplify process steps, to lower costs and improve products.
Evergreen Solar® is a registered trademark and String Ribbon is a trademark of Evergreen Solar, Inc.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. 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, statements reflecting management"s expectations regarding the timing, cost, and success of the Company"s current and future manufacturing scale-up and production; future financial performance; the Company"s technology and product development, cost, and performance; the Company"s current and future strategic relationships and future market opportunities; and the Company"s other business and technology strategies and objectives. These statements may be identified with such words as "we expect," "we believe," "we anticipate," or similar indications of future expectations. 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 Company"s business and results of operations could be materially impaired as a result of poor manufacturing or product performance or higher costs attributable to the expansion or operation of manufacturing facilities; 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 Company has limited experience manufacturing large volumes of solar power products on a commercial basis at acceptable costs, which it will need to do in order to be successful; the Company faces intense competition from other companies producing solar power and other distributed energy generation products; the Company sells via a small number of reseller partners, and the Company"s relationships with current or prospective marketing or strategic partners may be affected by adverse developments in the Company"s business, the partner"s business, competitive factors, solar power market conditions, or financial market conditions; and 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. In addition to the foregoing factors, the other economic, competitive, governmental, technological, and other risk factors identified in the Company"s filings with the Securities and Exchange Commission - including the Company"s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2003, filed on March 23, 2004 (a copy of which may be obtained at the SEC"s web site 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. 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.
Richard G. Chleboski Stephanie Carrington/Denise Roche
Chief Financial Officer The Ruth Group
Evergreen Solar, Inc. 646-536-7017/7008
508-357-2221 x708 firstname.lastname@example.org
------------------------------------------------------------Source: Evergreen Solar, Inc.