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Sunlight to Electricity Today
The PV modules produced by Evergreen Solar are distinctive in their appearance because they incorporate proprietary crystalline silicon technology known as String Ribbon. This technology, explained further on, enables an innovative approach to manufacturing dependable and cost-effective PV modules.
The Company, formed in 1994, is financed by institutional investors who specialize in growing successful energy and high-technology companies.
Evergreen Solar's senior management team and staff are steeped in photovoltaics and related industry experience, with specific expertise in the scientific development, manufacturing, and marketing of PV products and processes.
Evergreen Solar is located in Marlboro, Massachusetts (USA), along the Route 495 High-Technology Highway, west of Boston. Its manufacturing facilities contain state of the art equipment for crystal growth, cell processing, and module lamination.
The Company maintains strong ties to the Massachusetts Institute of Technology, including the active involvement of String Ribbon's inventor, Prof. Emanuel Sachs.
Evergreen Solar, founded in 1994, develops, manufactures and sells solar power products, primarily solar panels, that provide reliable and environmentally clean electric power throughout the world. The three markets the Company serves are: wireless power, rural electrification and grid-connected applications. The Company expects to exploit its proprietary and patented technology to produce distinctive products, to reduce manufacturing costs through lower materials use and streamlined processes, and to manufacture internationally for global market penetration.
The solar panels produced by Evergreen Solar incorporate proprietary crystalline silicon technology known as String Ribbon wafer production, which uses approximately half the silicon and avoids the sawing of conventional approaches.
In May 2003, Evergreen Solar completed a $29.5 million financing to a series a convertible preferred stock offering and the sale of a warrant to purchase common stock. The net proceeds of approximately $28.3 million will be used to fund the capacity expansion that will roughly quadruple manufacturing capacity to between 10 and 14 megawatts when both lines 1 and 2 are fully operations. The proceeds will also be deployed to strengthen sales initiatives and to support research and development activities.
To date, the Company has manufactured and shipped over 50,000 solar panels to five continents for residential, commercial and industrial applications.
Distribution agreements are in place with several partners including Kawasaki Heavy Industries, Krannich Solartechnik and Hutton Communications, which provide reach into multiple geographical markets.