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GT Solar Signs $173 Million Contract With DC Chemical

October 26th, 2008 by kalyan89 in Press Releases, Reports, PV Industry - Asia, SC Company Reports

U.S. Company To Increase Export Of Polysilicon Production Equipment To South Korea
Merrimack, N.H., September 2, 2008
Source. GT Solar, press release

GT Solar Incorporated, a global provider of specialized equipment and technology for the solar power industry, announced that on July 11, 2008, it signed a $173 million contract with DC Chemical Co., Ltd., a leading Korean chemical company. The signing of the contract has previously been disclosed.  Under the terms of the agreement, GT Solar will provide DC Chemical with state-of-the-art polysilicon CVD reactors, which are used to manufacture polysilicon, a key raw material utilized to produce solar cells. This latest agreement marks the third contract between the two companies since GT Solar began offering CVD reactors and related equipment in 2006.

“Higher global energy prices, increased environmental awareness and the desire for energy security are accelerating the adoption of solar power. In addition, governments around the world have implemented various tariffs, tax credits and other incentives designed to encourage the use of solar power,” said Tom Zarrella, president and chief executive officer for GT Solar International. “DC Chemical has constructed its first polysilicon plant, has begun manufacturing polysilicon, and recently announced a large-scale expansion. We are proud to be working with this forward-thinking company and pleased to support their expanding operations.”

“GT Solar has been a trusted provider of equipment and expertise to DC Chemical since we entered the high-value, high-growth polysilicon business more than two years ago,” said Mr. Shin, DC Chemical’s vice chairman. “We look forward to utilizing our new reactors to increase our polysilicon production capabilities at our existing facility in Gunsan, South Korea, and to strengthening our relationship with GT Solar.”

Polysilicon is a highly purified form of silicon that is used to make both semiconductor wafers for microelectronics applications and solar wafers. The chemical vapor deposition process involved in the production of polysilicon takes place in a specialized CVD reactor using a variety of complex chemical processes.

Details of this contract were publicly disclosed on July 11, 2008, in a filing with the U.S. Securities and Exchange Commission. The agreement contemplates that GT Solar would begin to deliver reactors to DC Chemical in April 2009.