MERRIMACK, N.H. - (Business Wire) GT Solar Incorporated, a key global provider of a comprehensive range of equipment, services and technology solutions to the solar power industry, announced today that it has entered into a contract to supply The Silicon Mine B.V. (TSM), of the Netherlands, with polysilicon reactors and converters worth approximately $91M. The equipment will be used by TSM in conjunction with its announced plans to launch the first solar grade silicon plant in the Netherlands, expected to open in late 2009.
The contract is for GT Solar’s advanced technology, 48 rod, chemical vapor deposition (CVD) reactors and silicon tetrachloride (STC) hydrogenation conversion units used to manufacture polysilicon. Polysilicon is the primary raw material used in the production of solar panels worldwide.
GT Solar CEO, Thomas Zarrella, said, “We are pleased to announce this latest contract with TSM. This contract represents the first installation of GT Solar’s polysilicon reactors in Europe. This is further confirmation of GT Solar’s key role in providing technology to meet the global demand for solar energy.”
TSM President Gosse Boxhoorn noted, “We are delighted to have the opportunity to work with GT Solar as we start to build our business as a key provider in the photovoltaic supply chain. GT Solar has the proven resources and know-how we need to achieve our goals.”
About TSM
TSM plans to open the first solar grade silicon plant in the Netherlands in late 2009. Silicon will be produced in two adjacent factories at TSM’s Chemelot site in Sittard/Geleen and will be suitable for the production of wafers, the base material for the manufacture of solar cells. For more information, go to www.thesiliconmine.com.
About GT Solar Incorporated
GT Solar Incorporated, based in Merrimack, NH (USA), is a wholly owned subsidiary of GT Solar International, Inc., and is a key global provider of ingot casting furnaces, polysilicon reactors and turnkey manufacturing solutions across the photovoltaic supply chain. For more information, go to www.gtsolar.com.
Forward-Looking Statement
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements are indicated by words such as “expect,” “estimate,” or similar expressions. In particular, this press release contains forward-looking statements about the expected future sales of $91 million from the contract executed with TSM. GT Solar might not realize the expected $91 million of revenue under the contract as the contract might be terminated within 30 days of the commencement date in accordance with its terms. These statements are based upon information available to GT Solar’s management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including, but not limited to, the failure by either party to fulfill its obligations under such contract. GT Solar undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
GT Solar
Fred Kocher, 603-498-5221
or
Hill & Knowlton
Jessica Anderson, 212-885-0492
