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Business Summary from Yahoo: >> Evergreen Solar, Inc. (ESLR) develops, manufactures, and markets solar power products that provide environmentally clean electric power throughout the world. The Company's solar power products are targeted at the estimated $1.5 billion global solar power market, which according to industry sources is projected to grow to approximately $27 billion by 2020. ESLR believes that its proprietary and patented solar power technologies, including its String Ribbon technology, will offer significant design, cost and manufacturing advantages over competing solar power technologies. The Company intends to become a leading producer of high-quality solar power products by expanding its manufacturing capacity, developing innovative solar power products and pursuing strategic relationships. << Evergreen Solar is the most recent solar cell, module, and panel producer to go public. Their first day of trading was on or about Nov. 14th, 2000, an IPO which raised $42M on 3 million shares. Total shares outstanding rests at 11.2 M. The share price has already seen the expected volatility, trading as high as 20 3/4 and as low as 6. The company is currently setting up a new manufacturing and headquarters facility in Marlborough, MA, where they aim to have 7 MW of annual production capacity operational by the end of 2001. Because they are only now moving into major manufacturing, their processes have yet to be demonstrated on the large production scale. However, with about $5 per share in cash (post-IPO), their financial strength looks good. ESLR's main competitor in the US is AstroPower (APWR), which will have approximately $45M in product sales this fiscal year (ended Dec. 31, 2000). APWR is profitable, and reported gross margins of 30% for the nine months ended September 30, 2000. Net margins for APWR were 7.5% for the same nine month period. ESLR hopes to demonstrated that their manufacturing technique costs less, resulting in higher gross and net margins. Text from their home page: Evergreen Solar is a developer and manufacturer of photovoltaic (PV) modules - the engines of solar electric systems - used in remote power and emerging grid-connected markets. The PV modules produced by Evergreen Solar are distinctive in their appearance because they incorporate proprietary crystalline silicon technology known as String Ribbon. This technology, explained further on, enables an innovative approach to manufacturing dependable and cost-effective PV modules. The Company, formed in 1994, is financed by institutional investors who specialize in growing successful energy and high-technology companies. Evergreen Solar's senior management team and staff are steeped in photovoltaics and related industry experience, with specific expertise in the scientific development, manufacturing, and marketing of PV products and processes. Evergreen Solar is located in Waltham, Massachusetts (USA), along the Route 128 High-Technology Highway, west of Boston. Its manufacturing facilities contain state of the art equipment for crystal growth, cell processing, and module lamination. The Company maintains strong ties to the Massachusetts Institute of Technology, including the active involvement of String Ribbon's inventor, Prof. Emanuel Sachs. Evergreen Solar home page: evergreensolar.com | ||||||||||||||
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