Evergreen Solar Closes $5 Million Credit Facility

August 30, 2004 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced that it has secured a $5 million credit facility from Silicon Valley Bank, the primary banking subsidiary of Silicon Valley Bancshares. The $5 million revolving credit line is available to the company for a period of 12 months. The funds will be used to further support the company's ongoing expansion plans and its strategy to be a leader in the global solar energy industry.

Evergreen Solar President and Chief Executive Officer Richard Feldt stated, "We are delighted to extend our 10-year-old relationship with Silicon Valley Bank as a trusted financial advisor to encompass this line of credit. Silicon Valley Bank is well known for partnering with innovative growth technology companies. The bank has over 20 years of experience in the sector, offering resources and customized financial solutions to companies as they move towards fulfilling their strategic goals. We expect that the available funds will leverage our String Ribbon™ technology to accelerate our growth in the booming solar market."