Evergreen Solar, Q-Cells and REC Become Equal Partners in EverQ
German Regulatory Authorities Approve EverQ Partnership Agreements
Source: Press release Evergreen Solar
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MARLBORO, Mass.; THALHEIM, SAXONY-ANHALT, Germany & HOVIK, Norway–(BUSINESS WIRE)–Dec. 21, 2006
Evergreen Solar, Inc. (Nasdaq: ESLR), Q-Cells AG (FSE: QCE) and Renewable Energy Corporation ASA (OSEAX: REC.OL) (REC) today announced that regulatory authorities in Germany have approved previously announced partnership agreements that make the companies equal partners in EverQ, which manufactures solar modules in Thalheim, Germany. Effective December 19, 2006, all three partners will share equally in the net income generated by EverQ.
The EverQ partnership and related polysilicon supply agreements are intended to facilitate the next phase of expansion of EverQ’s production facilities in Thalheim. The partnership intends to grow the EverQ business to approximately 10 times the size of its first facility, generating 300MW of solar production by 2010. In the third quarter of 2006, EverQ’s first factory ramped to full production capacity of 30MW. EverQ’s second factory – EverQ-2 – is on track to begin production in the second quarter of 2007, and is expected to reach its full capacity of 60MW by the end of 2007 bringing EverQ’s total capacity to approximately 90MW.
About EverQ
EverQ’s existing solar module manufacturing plant in Thalheim, Germany, manufactures Evergreen Solar’s high-output Spruce Line(TM) of photovoltaic panels. Products fabricated by EverQ use Evergreen Solar’s patented String Ribbon(TM) manufacturing process. String Ribbon is more efficient in the use of silicon than conventional sliced crystalline technologies.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. Evergreen Solar’s patented crystalline silicon technology, known as String Ribbon, 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 Evergreen Solar, please visit www.evergreensolar.com.
About Q-Cells AG
Established in 1999, Q-Cells is the second largest solar cell manufacturer in the world, and by far number one among the independent producers. Its core business is the development, production and marketing of high-quality mono- and multicrystalline photovoltaic cells.
Since commencing production in 2001, Q-Cells has grown rapidly and now employs more than 900 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 investing in additional technologies.
About REC
Renewable Energy Corporation ASA (REC) was established in 1996 and is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world’s largest producers of solar grade silicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC has customers all over the globe, seven production plants in three different countries, operates on three different continents and has approximately 1,300 employees. For further information on REC, please refer to www.recgroup.com.