Evergreen Solar, Inc. Awarded $3 Million Contract by National Renewable Energy Laboratory.
MARLBORO, Mass.--(BUSINESS WIRE)--Oct. 1, 2002
-- Awarded three-year, $3.0 million cost-shared contract -- Aimed at reducing String Ribbon solar module manufacturing
costs while developing an innovative product platform
Evergreen Solar, Inc. (Nasdaq: ESLR), a developer, marketer, and manufacturer of photovoltaic (solar power) products for the worldwide market, announced today that it has been awarded a cost-shared letter subcontract by the National Renewable Energy Laboratory (NREL) to complete a research and development program under the Photovoltaic Manufacturing Technology (PVMaT) program.
The three-year cost shared agreement, which renews annually, will help continue the development of Evergreen's String Ribbon manufacturing technology into an advanced process that is virtually continuous, thereby reducing manufacturing costs. In addition, the program will further Evergreen's development of its innovative back contact solar cell and its polymer frameless module technology. Over the expected three years of the contract, NREL will fund $3.0 million of the $6.0 million project and Evergreen Solar will fund the remaining $3.0 million.
"This contract will support some of our core R&D and manufacturing initiatives over the next three years. We are particularly excited about the potential of these programs to significantly reduce our manufacturing costs while we develop an innovative product platform," commented Mark Farber, President and CEO of Evergreen Solar.
"This contract will support our advanced and proprietary cell and module fabrication technologies," continued Farber. "We believe the polymer frameless module technology that we will be developing in this contract will have particular advantages in the rapidly growing building integrated solar market."
About the Photovoltaic Manufacturing Technology (PVMaT) Program
The PVMaT program is designed to strengthen the role of the U.S. industry in the world PV market through partnerships that lead to manufacturing and product improvements. A research and development partnership between the U.S. Department of Energy and members of the U.S. PV industry, PVMaT aims to help U.S. industry improve PV manufacturing processes and equipment; accelerate manufacturing cost reductions for PV modules, balance-of-systems components, and integrated systems; increase commercial product performance and reliability; and enhance the investment opportunities for substantially scaling up U.S. manufacturing capacity and increasing U.S. market share. Industry participants are selected through competitive procurements.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (www.evergreensolar.com) develops, manufactures, and markets solar power products utilizing the Company's patented solar power technologies. The products provide reliable and environmentally clean electric power in global markets. Solar power applications include wireless power for remote homes, water pumping, lighting, and rural electrification, as well as complete power systems for electric utility customers choosing to generate their own environmentally benign power. Evergreen Solar's String Ribbon technology produces approximately twice as many solar cells per pound of silicon compared to traditional methods. This contributes to making Evergreen's overall manufacturing technology among the most environmentally friendly processes in the industry. Evergreen Solar is one of the only fully integrated, independent PV manufacturers in the U.S - producing solar wafers, cells and panels.
String Ribbon is a trademark and Evergreen Solar(R) is a registered 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 Company is at an early stage of development and has only a limited operating history; 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 expects to derive a substantial portion of its revenues in the future from sales of new solar power products and technologies that are currently under development and not yet commercially available, and the Company's business and results of operations will suffer materially if it fails to successfully develop these new solar power products and technologies; the Company relies in part on research revenues derived from contracts with various government agencies and the Company may not be able to secure or retain such contracts or the agencies may not fund such projects in the future; 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; the Company's management team has only limited experience managing a rapidly growing company; the Company faces intense competition from other companies producing solar power and other distributed energy generation products; the Company may not be able to secure financing in amounts, in time, or with attractive terms to execute its business plans; and the Company's patents may be challenged or expire, or otherwise not provide adequate intellectual property protection in the future. 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 for the fiscal year ended December 31, 2001, filed on March 28, 2002, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 9, 2002 (copies 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.