Evergreen Solar Announces $100 Million Sales Agreement With Mainstream Energy, LLCOctober 17, 2006 by Jeff Shepard
Evergreen Solar, Inc. announced that it has entered into a four-year supply contract with Mainstream Energy, LLC, which has systems integration and distribution subsidaries involved in the sales, distribution and installation of residential and commercial solar electric systems nationwide. Under the terms of the agreement, Evergreen Solar will ship approximately $100 million of photovoltaic modules to Mainstream Energy over the next four years.
"We continue to align ourselves with recognized leaders in the solar industry," said Terry Bailey, Evergreen Solar's Senior VP of Marketing and Sales. "Mainstream Energy will play a significant role in our effort to further penetrate the U.S. marketplace. The size of the deal also reflects our confidence in achieving our current expansion plans and is further affirmation of the prospects for our String Ribbon technology."
"Evergreen Solar represents an important strategic partner for us," stated David Katz, President of AEE Solar Inc., a Mainstream Energy subsidiary. "We value their commitment to innovation and long-term vision for the industry. We view them as a solar technology pioneer that is making considerable strides in improving cell efficiencies and more importantly, lowering the overall costs of solar power."
The Mainstream sales agreement is Evergreen Solar's sixth major contract in the past 12 months. The value of these six contracts totals more than $700 million over the next five years. The photovoltaic modules will be manufactured at Evergreen Solar's plant in Massachusetts and at EverQ's German factory, which is currently being expanded. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corporation ASA (REC) of Norway.