GT Solar Signs $46.8 Million Contract with Top Green Energy Technologies
Merrimack, N.H., October 16, 2008
Source: GT Solar International Inc, press release
http://www.gtsolar.com/news/shownews.php?id=219
GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized equipment and technology for the solar power industry, today announced that its subsidiary, GT Solar Incorporated, has signed its first contract with Top Green Energy Technologies, Inc., a Taiwan-based producer of high-quality solar cells. The agreement, valued at $46.8 million, is GT Solar’s most comprehensive polysilicon production equipment and services agreement to-date, and the company’s first sale of its products to a customer based in Taiwan.
The solutions being provided to Top Green Energy Technologies include CVD reactors, STC converters, and an integrated support module, which is a new product offering for GT Solar. This integrated support module includes instrumentation, piping and controls for all gases and water entering and exiting the reactors.
“We are pleased to announce this contract and new relationship with Top Green Energy Technologies for a number of important reasons,” said Dave Keck, GT Solar’s vice president of polysilicon. “Top Green Energy Technologies is an exciting new customer that is helping us enter a new geographic market with our reactors and converters. They are also the first company to purchase our newly available Integrated Gas Feed System and Off Gas Heat Exchanger Module, which we believe is the only offering of its kind in the marketplace today.
“By expanding our products and services offerings to include this essential support module, we are now able to deliver a comprehensive, fully-integrated suite of solutions that provides nearly everything our customers need to quickly and cost-effectively set up their facilities and begin manufacturing high-quality silicon.”
Custom-designed by GT Solar, the Integrated Gas Feed System and Off Gas Heat Exchanger Module marries GT Solar’s in-depth process design expertise with essential reactor and converter support equipment.
“We chose GT Solar for this important project because of their in-depth process design expertise, high-quality equipment, and ability to provide ongoing, on-site support. GT Solar was also the only provider that demonstrated success with a large-scale polysilicon producer,” said Simon Chang, president and chief executive officer for Top Green Energy Technologies. “We look forward to partnering with GT Solar, and to becoming the first solar manufacturer in Taiwan that is entirely vertically integrated from polysilicon to solar module.”
Founded in 2006, Top Green Energy Technologies is a solar system integrator and the solar cell subsidiary of Powercom Co., Ltd. Powercom is Taiwan’s leading manufacturer of solar module and inverter solutions, and the country’s largest provider of power protection products including uninterruptible power supplies (UPS).
GT Solar is expected to begin delivering equipment to Top Green Energy Technologies in the second half of the 2009 calendar year.