Evergreen Solar Completes Private Equity Financing

June 21, 2004 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced the completion of its previously announced private placement financing of $20 million of common stock and warrants to purchase common stock. In connection with the closing of the private placement, all outstanding shares of Series A convertible preferred stock have converted into shares of common stock.

A total of 7,662,835 shares of common stock were issued at a price of $2.61 per share to a syndicate of investors. Investors also received warrants exercisable for a period of five years to purchase 2,298,851 additional shares of common stock at an exercise price of $3.335 per share.