German Regulatory Authorities Approve EverQ Partnership Agreements.Evergreen Solar Evergreen Solar, Inc., founded in 1994,[1] develops, manufactures and markets solar power products enabled by its String Ribbon technology that provide environmentally clean electric power throughout the world. , Q-Cells and REC Become Equal Partners in EverQ MARLBORO Marlboro or Marlborough (märl`bərō), city (1990 pop. 31,813), Middlesex co., E Mass.; settled on the site of a Native American village 1657, inc. as a city 1890. , Mass.; THALHEIM, SAXONY-ANHALT, Germany & HOVIK, Norway -- Evergreen Solar, Inc. (Nasdaq: ESLR ESLR Expected Schoolwide Learning Results ESLR Equivalent Slr ), Q-Cells AG (FSE FSE 1. feline spongiform encephalopathy. 2. focal symmetrical encephalomalacia. : QCE QCE Queensland Certificate of Education (school-based qualification; Australia) QCE Quantum Computer Emulator QCE Quality Control Engineer QCE Query by Command Entry ) and Renewable Energy Corporation Renewable Energy Corporation or REC (OSE: REC) is a Norwegian solar energy company established in 1996. It is the world's largest producer of solar grade polysilicon, the world's largest producer of wafers for solar applications and a major producer of solar cells and ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (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 The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. panels. Products fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: 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 solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. 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 solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. 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. Evergreen Solar, Inc. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 Evergreen Solar's expectations regarding the growth of the EverQ business to 300MW of solar production by 2010, the expansion of EverQ's Thalheim operations, and EverQ's future production capacity and production schedule. 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 conditions to which any German government grant is subject, which includes, but is not limited to, receipt of European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community approval; the risk that any German government grant that has or may be approved is subject to forfeiture or repayment in whole or in part if EverQ fails to continue to meet the conditions for such grants or if such grants for any reason become unavailable from German or European Union sources; and the success of EverQ is subject to numerous risks associated with the development of manufacturing facilities in international markets and depends on many factors that are outside of Evergreen Solar's control, including the availability of government grants and contributions by Q-Cells and REC. In addition to the foregoing factors, the risk factors identified in Evergreen Solar's filings with the Securities and Exchange Commission - including Evergreen Solar's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 16, 2006 and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on November 7, 2006 (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. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in Evergreen Solar's 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. |
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