energy, Manufacturing, photovoltaics

Even More Greenbacks for Evergreen Solar

Erik Mellgren 7/15/08

Evergreen Solar (NASDAQ: ESLR) of Marlborough, MA, seems to have struck the right tune with its customers. Today the company announced yet another long-term order for its photovoltaic solar panels, this time from German-based IBC Solar. The order, worth $1.2 billion, brings Evergreen’s total contractual backlog to nearly $3 billion.

“This contract represents the single largest contract in the history of our company and is one of the largest contracts ever between a panel manufacturer and a distributor,” Evergreen CEO Richard Feldt said in a statement.

The new order is the latest of several similar big multi-year contracts for the company. Evergreen manufactures its photovoltaic products with a proprietary technology that uses less silicon than conventional processing methods. The company opened a new factory in Devens, MA in June, and plans to open yet another in 2010.