ESLR huge news MARLBORO, Mass.--(BUSINESS WIRE)-- Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, today announced a major extension of its sales agreement with SunEdison. The extension increases the total value of the contract to over $510 million, boosting the total value of Evergreen sales agreements announced in the past 16 months to more than $1 billion. The initial $200 million agreement was announced in July 2006. Under the terms of the contract extension, Evergreen Solar will ship an additional $316 million of photovoltaic (PV) modules to SunEdison through 2011. "This contract extension with SunEdison is another significant milestone," said Richard M. Feldt, Evergreen Solar's president and chief executive officer. "Evergreen's cutting-edge technology coupled with SunEdison's unique finance and service model for solar development projects make our partnership a perfect match of global innovation leaders. The ongoing expansion of EverQ - our partnership with Q-Cells and Renewable Energy Corporation - and a secure, long-term supply of refined silicon enable us to forge long-term customer agreements with solar industry leaders." "We are pleased to expand our relationship with Evergreen Solar. As a leader in innovative solar panel manufacturing, Evergreen Solar has served as a key technology partner for SunEdison and understands the solar services model. Their technology and expertise has allowed us to simplify solar for retailers, utilities, and municipal entities," noted Jigar Shah, CEO of SunEdison, North America's leading solar services provider. The SunEdison agreement is one of six major sales contracts secured by Evergreen Solar since November 2005. The majority of the PV modules will be supplied by its rapidly-expanding EverQ joint venture operation in Thalheim, Germany with the remainder supplied by Evergreen's plant in Massachusetts. A second EverQ manufacturing plant is scheduled to open and reach full capacity in 2007, increasing the total annual output of Evergreen Solar-branded panels to more than 100 megawatts. About Evergreen Solar, Inc. Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon technology, known as String Ribbon(TM), uses significantly less silicon than conventional approaches. Evergreen'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. About SunEdison, LLC SunEdison, LLC, is North America's leading solar energy service provider. SunEdison provides solar-generated energy at or below current retail utility rates to a broad and diverse client base of commercial, municipal and utility customers. For more information about SunEdison, please visit www.sunedison.com. The company headquarters is located in Beltsville, Md., a centrally located suburb between Baltimore, MD and Washington, DC. About EverQ EverQ's existing solar module manufacturing plant in Thalheim, Germany produces Evergreen Solar's high-output Spruce Line(TM) photovoltaic panels. Products fabricated by EverQ use Evergreen Solar's patented String Ribbon(TM) manufacturing process. String Ribbon is substantially more efficient in the use of silicon than conventional sliced crystalline technologies. EverQ is a strategic partnership of Evergreen Solar, Inc. of the United States, Q-Cells AG of Germany, and Renewable Energy Corporation ASA of Norway. Evergreen Solar develops, manufactures and markets solar power products using its String Ribbon technology. Q-Cells is the world's largest independent manufacturer of crystalline silicon solar cells. Renewable Energy Corporation is one of the world's largest manufacturers of solar-grade silicon and multicrystalline wafers. Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc. 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 Company's expectations regarding the anticipated benefits of the SunEdison relationship; the anticipated size and value of shipments to SunEdison; EverQ's capacity expansion plans. 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 February 27, 2007 (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. 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. Source: Evergreen Solar, Inc. News Provided by Acquire Media Corporation
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