Press Release Source: Evergreen Solar, Inc.
German Regulatory Authorities Approve EverQ Partnership Agreements
Thursday December 21, 5:04 pm ET
Evergreen Solar, Q-Cells and REC Become Equal Partners in EverQ
MARLBORO, Mass.; THALHEIM, SAXONY-ANHALT, Germany & HOVIK, Norway--(BUSINESS WIRE)--Evergreen Solar, Inc. (Nasdaq: ESLR - News), Q-Cells AG (FSE: QCE) and Renewable Energy Corporation ASA (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.
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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.
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