Evergreen Solar, Inc. (ESLR.OB), a developer, manufacturer and marketer of solar power products that utilize proprietary, low-cost manufacturing technologies, recently announced two new long-term sales contracts. Evergreen Solar and Ralos Vertriebs GmbH, a German-based company, signed a five-year agreement valued at nearly $750 million for panel deliveries, and committed to another deal with a U.S.-based installer. Evergreen Solar currently has a contractual backlog of approximately $1 billion.
The solar panels for these two contracts will begin production in July 2008 at the company’s Massachusetts facility, representing nearly 35 percent of the company’s expected 160MW annual production capacity for the next five years. In addition to these two new contracts, Evergreen Solar has six other significant contracts with a current total backlog of approximately $850 million.
Evergreen Solar’s shares spiked on the release of news of these two contracts, exceeding $12.00 per share and up by more than 20 percent for the day. Evergreen’s products provide reliable and environmentally clean electric power for residential and commercial applications globally. The company’s patented wafer technology, known as String Ribbon, uses significantly less polysilicon than conventional processes.
Let us hear your thoughts below: