Evergreen Solar and Q-Cells Form Joint Venture

January 13, 2005 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, and Q-Cells AG, a large manufacturer of crystalline silicon solar cells, announced the formation of a joint venture to undertake the development of a 30 MW solar wafer, cell and module manufacturing plant in Thalheim, Germany, which is approximately 100 miles from Berlin.

Construction of the facility is currently expected to begin in early 2005 and take approximately 12 months to complete. The total capital cost for all property, plant and equipment for the 30 MW factory is expected to be approximately $75 million. Evergreen Solar will own 75.1% of the joint venture; Q-Cells will own 24.9%.

The facility is expected to add 350 to 400 new jobs, and the joint venture intends to seek support from the German government in funding the project. Evergreen Solar and Q-Cells will share the remaining construction costs on a pro-rata basis. The proposed facility is expected to be constructed on property near Q-Cells' existing solar cell factories. The joint venture will be governed by a three-member advisory board consisting of two Evergreen Solar representatives and one Q-Cells representative.