German Chancellor Meets With Evergreen Solar and Q-Cells; Visit is Further Validation for Solar Power's Growing Economic Importance
Jun 08 - Business Wire
German Chancellor Gerhardt Schroeder met yesterday with Evergreen Solar (Nasdaq: ESLR) and Q-Cells AG in Thalheim, Germany, the city where a new $75 million solar panel manufacturing plant will be constructed by EverQ, a recently announced strategic partnership formed by the two firms. The Chancellor also met with CSG Solar AG, a Thalheim-based developer of solar panels.
"This is a great example of how environmental sensitivity and economic
efficiency go together," Schroeder said. "Solar power has the
potential to secure the future energy supply in Germany and worldwide."
The German government plans to provide the new EverQ manufacturing facility
with grants totaling approximately $34 million at current exchange rates.
Construction is set to begin in August and the plant is expected to create
between 350 and 400 new jobs in the area. In total, the solar industry employs
approximately 30,000 in Germany and created 5,000 new jobs for the country in
2004 alone. "Public funding of solar energy makes sense not only
economically but also in terms of energy policy," Schroeder stated.
The solar power, or photovoltaic, market was over $7 billion in 2004 and is
growing at more than 40 percent per year. Germany is the world's largest solar
power market today, accounting for 40 percent of worldwide spending in 2004.
Markets in Japan and the United States rank second and third, respectively.
"Evergreen Solar is establishing itself as a technology leader,"
stated Evergreen Solar President and Chief Executive Officer Richard M. Feldt.
"Our ability to innovate and significantly reduce solar power manufacturing
costs is the foundation upon which this strategic partnership was established.
We believe the combination of our String Ribbon(TM) technology with Q-Cells'
high efficiency cell processing and proven ability to scale manufacturing plants
will enable us to become a world leader in the solar power industry."
"Germany has created a model for economic development by supporting the
solar power industry that is now being emulated by nations throughout Europe and
the world," Feldt concluded. "The continued strength of the German
market and the increase in solar power adoption globally is helping to fuel
Evergreen's continued expansion. We are eager to commence construction with
Q-Cells on the EverQ plant, which we anticipate will be fully operational in the
summer of 2006."
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (Nasdaq: ESLR) develops, manufactures and markets solar
power products using the Company's proprietary low-cost manufacturing
technologies. The products provide reliable and environmentally clean electric
power in global markets. Solar power applications include complete power systems
for electric utility customers choosing to generate their own environmentally
benign power, as well as wireless power for remote homes, water pumping,
lighting and rural electrification. For more information, visit
www.evergreensolar.com.
Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a
trademark of Evergreen Solar, Inc.
A Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. 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, the following: the Company's expectations regarding the
receipt of German government grants; and the expected growth of the photovoltaic
market. 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 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 market for products such as the Company's
solar power products is heavily influenced by federal, state, local and foreign
government regulations and policies, as well as the availability and size of
government subsidies and economic incentives, over which the Company has little
control; and the success of its partnership with Q-Cells is subject to numerous
risks associated with the development of manufacturing facilities in
international markets and depends on many factors that are outside of the
Company's control, including the availability of government grants and
contributions by Q-Cells. In addition to the foregoing factors, the risk factors
identified in the Company's filings with the Securities and Exchange Commission
- including the Company's Annual Report on Form 10-K filed with the SEC on March
10, 2005 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2005,
filed on May 2, 2005 (copies of which may be obtained at the SEC's website at:
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.