Evergreen Solar, Renewable Energy Corporation (“REC”), and Q-Cells,
equal partners in EverQ, have said that a third integrated wafer, cell
and panel facility would be constructed in Thalheim, Germany at an
initial cost of €125 million net of government grants.
The production boost, which will come on stream in
early 2009, will mean EverQ’s production capacity will increase from
100MW to approximately 180MW. The partners also agreed to expand
EverQ’s production capacity to approximately 600MW by 2012.
To
aid the production expansion the partners also said that they would
pursue an IPO for EverQ, though no date was given. However, the
partners said that the management and organization of EverQ will be
significantly strengthened to build EverQ into an independent company.
The
sales and marketing organization at EverQ will be expanded as the
distribution of solar panels produced by EverQ will ultimately be
marketed under a yet-to-be-determined brand name.
A
key part of the expansion plans rely on use by EverQ of Evergreen
Solar’s Quad furnace technology with its automated ribbon cutting
technology. At the time of the IPO, Evergreen and EverQ will enter into
a five -year market-based royalty-bearing cross license to share all
new material technology development on Evergreen Solar’s String Ribbon
platform.
“The agreement to use Evergreen Solar’s
proprietary Quad furnace technology to expand EverQ’s production
capacity further validates the unique value proposition that our String
Ribbon technology offers to our customers and our joint venture
partners,” said Richard M. Feldt, Chairman, President and Chief
Executive Officer of Evergreen Solar. “Combined with our own aggressive
expansion plans to reach 500 MW of capacity by 2012, EverQ’s growth
plans will make String Ribbon one of the leading technologies in the
photovoltaic industry.”
