Evergreen Solar's Good Performance Sits Well With Chinese Production
Despite the fact that the $74.5 million in revenue was a drop form the third quarter's $77.7 million, Evergreen Solar says gross margin has improved as well as other factors during the last quarter.
Gross margins for Evergreen Solar was up to 11.9 percent in the last quarter from third quarter's 7.1 percent.
The fourth quarter also saw the solar company shipping some 31.9 megawatts of solar products at $2.32 per watt through its facility in Devens, Massachussetts.
Evergreen Solar chief executive Richard Feldt says the performance of their Devens facility was significant, as it will help the company accomplish its $2 per watt cost goal. Moving operations to China will also help in reducing the cost per watt of its solar products. Feldt adds that they plan to cut costs at Devens to $1.50 per watt in 2011.
The operating loss for the fourth quarter was also a high low: $21.1 million compared to the third quarter's $6 million. The loss was due to noncash charges of around $14.6 million brought about by the depreciation, on top of the equipment write-offs due to the intended move of the Devens facility to the China facility. A Chinese management team had already been established and hiring is already ongoing for engineers and support staff for the primary 100-megawatt facility.
Evergreen Solar is the manufacturer of its proprietary String Ribbon brand of solar cells. The company is said to use less polysilicon in wafer manufacturing technology than in traditional processes. Evergreen Solar recently presented two investor conferences last February 23 and 24, with one at the Piper Jaffray Fifth Annual Clean Technology & Renewables Conference in New York; and the other at the Kaufman Bros., L.P. Second Annual Green Technology Conference in Boston respectively. The company's business strategy and recent accomplishments were presented at the meeting. Materials presented may be accesses at the "Investors" section of their website, www.evergreensolar.com.
It was also last February when Evergreen Solar helped Constellation Energy (NYSE: CEG) bag two of the best in New England energy projects in 2010, awarded by the Association of Energy Engineers New England Chapter (AEE-NE). Constellation Energy's solar installation at Patriot Place was named the best renewable energy project in New England, while the energy conservation program implemented by Constellation Energy for Bristol Community College topped the list of energy projects at colleges in New England. Evergreen Solar of Marlboro, Massachusetts had manufactured more than 2,600 photovoltaic solar panels used to give the Patriot Place 30 percent of its power requirements.
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