Largest Sale to Date for GT Solar
Merrimack, N.H. (BUSINESS WIRE) - GT Solar Incorporated, a key global provider of a comprehensive range of equipment and turnkey manufacturing solutions to the solar power industry, announced today it has signed a follow-on contract valued at approximately $200 million to supply DC Chemical Co., Ltd. (DCC) of South Korea with polysilicon reactors. The equipment will be used by DCC to expand their facility in Gunsan, South Korea. This represents the largest single order received by GT Solar to date.
The contract is for GT's chemical vapor deposition polysilicon reactor. GT's latest technology reactor incorporates design improvements that increase reliability and boost polysilicon production by more than 30% over the previous design.
GT Solar CEO, Thomas Zarrella, noted, "This contract is a major validation of our innovation and insight into the evolving needs of the solar power industry. By helping to alleviate what has been a global shortage of polysilicon over the past several years, GT Solar has helped foster greater industry growth while diversifying its own product mix."
GT's VP for Polysilicon, David Keck, said: "DCC is one of the largest new entrants into the polysilicon market and is an important client to our team here at GT Solar. We are delighted to be able to continue to meet the demands of an important repeat customer like DCC. We look forward to continuing this collaboration in the future."
DCC Vice Chairman, Mr Shin, noted,?"As a customer of GT Solar, we have come to value GT and look forward to continuing our relationship as we work to meet the ever growing needs of the solar power industry."
About GT Solar Incorporated
GT Solar Incorporated is a wholly owned subsidiary of GT Solar International, and is a key global provider of manufacturing equipment, technology and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, New Hampshire, (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to www.gtsolar.com.
About DC Chemical
DC Chemical Co., Ltd (KRX:10060) is a leading Korean chemicals producer with annual consolidated revenues of approximately $3.0 billion and engages in a wide range of disciplines, such as inorganic chemicals, petro and coal chemicals and fine chemicals. DC Chemical's major products include carbon black, soda ash, hydrogen peroxide, sodium carbonate peroxyhydrate and pitch. As a global enterprise, DC Chemical has nurtured a strong competitive edge in various industrial fields. DC Chemical completed its 5000 mt polysilicon Phase 1 plant in December 2007 and plans to enter into commercial production in March 2008.
Forward-Looking Statement
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements are indicated by words such as "expect,""estimate," or similar expressions. In particular, this press release contains forward-looking statements about the expected future sales from the contract executed with DC Chemical for approximately $200 million. These statements are based upon information available to GT Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including, but not limited to, the failure by either party to fulfill its obligations under such contract. GT Solar undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
GT Solar Incorporated
Fred Kocher, 603-883-5200, Ext. 3812 kocher@gtsolar.com
or For GT Solar Incorporated
Hill & Knowlton
Jessica Anderson, 212-885-0492 jessica.anderson@hillandknowlton.com
Merrimack, N.H. (BUSINESS WIRE) - GT Solar Incorporated, a key global provider of a comprehensive range of equipment and turnkey manufacturing solutions to the solar power industry, announced today it has signed a follow-on contract valued at approximately $200 million to supply DC Chemical Co., Ltd. (DCC) of South Korea with polysilicon reactors. The equipment will be used by DCC to expand their facility in Gunsan, South Korea. This represents the largest single order received by GT Solar to date.
The contract is for GT's chemical vapor deposition polysilicon reactor. GT's latest technology reactor incorporates design improvements that increase reliability and boost polysilicon production by more than 30% over the previous design.
GT Solar CEO, Thomas Zarrella, noted, "This contract is a major validation of our innovation and insight into the evolving needs of the solar power industry. By helping to alleviate what has been a global shortage of polysilicon over the past several years, GT Solar has helped foster greater industry growth while diversifying its own product mix."
GT's VP for Polysilicon, David Keck, said: "DCC is one of the largest new entrants into the polysilicon market and is an important client to our team here at GT Solar. We are delighted to be able to continue to meet the demands of an important repeat customer like DCC. We look forward to continuing this collaboration in the future."
DCC Vice Chairman, Mr Shin, noted,?"As a customer of GT Solar, we have come to value GT and look forward to continuing our relationship as we work to meet the ever growing needs of the solar power industry."
About GT Solar Incorporated
GT Solar Incorporated is a wholly owned subsidiary of GT Solar International, and is a key global provider of manufacturing equipment, technology and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, New Hampshire, (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to www.gtsolar.com.
About DC Chemical
DC Chemical Co., Ltd (KRX:10060) is a leading Korean chemicals producer with annual consolidated revenues of approximately $3.0 billion and engages in a wide range of disciplines, such as inorganic chemicals, petro and coal chemicals and fine chemicals. DC Chemical's major products include carbon black, soda ash, hydrogen peroxide, sodium carbonate peroxyhydrate and pitch. As a global enterprise, DC Chemical has nurtured a strong competitive edge in various industrial fields. DC Chemical completed its 5000 mt polysilicon Phase 1 plant in December 2007 and plans to enter into commercial production in March 2008.
Forward-Looking Statement
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements are indicated by words such as "expect,""estimate," or similar expressions. In particular, this press release contains forward-looking statements about the expected future sales from the contract executed with DC Chemical for approximately $200 million. These statements are based upon information available to GT Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including, but not limited to, the failure by either party to fulfill its obligations under such contract. GT Solar undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
GT Solar Incorporated
Fred Kocher, 603-883-5200, Ext. 3812 kocher@gtsolar.com
or For GT Solar Incorporated
Hill & Knowlton
Jessica Anderson, 212-885-0492 jessica.anderson@hillandknowlton.com
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