Merrimack, New Hampshire - (BUSINESS WIRE) - GT Solar Incorporated, a key global provider of a comprehensive range of equipment, services and technology solutions to the solar power industry, announced today that it has entered into a contract to supply Nexolon Co., Ltd. of South Korea with DSS450 furnaces and accessories worth approximately $8.8 million (US). Deliveries are expected to be made over the next 5 months.
The DSS450 (Directional Solidification System) model furnace is GT Solar's newest and most technically advanced furnace. The furnace enables solar panel producers to "grow" multi-crystalline silicon ingots, which are processed into wafers and converted into solar cells which produce electricity when exposed to sunlight.
Multi-crystalline wafers are a core component used in the production of solar panels worldwide. GT Solar's latest technology DSS450 furnace allows producers to increase their silicon ingot output by approximately 30 per cent over previous furnace designs.
Ingots produced annually from a DSS450 furnace are capable of providing enough electricity to power up to 1,000 average U.S. homes for one year.
GT Solar began shipments of its DSS line of furnaces in 2003.
"This represents GT Solar's first DSS contract in South Korea, and we look forward to helping our new customer, Nexolon, develop its business and become a key player in the production of multi-crystalline ingots," said GT Solar CEO and President, Tom Zarrella. "This contract is yet another example of GT Solar's key role in providing technology worldwide to meet the demand for solar energy."
Nexolon CEO Woo-Jeong Lee, noted: "We are delighted to have the opportunity to work with GT Solar as we start to build our business to meet solar energy demands in South Korea. We believe GT Solar has the resources and know-how to assist us as we move forward."
About Nexolon Co., Ltd.
Founded in 2007, Nexolon is based in Seoul, Korea and has announced its plans to become a major supplier of monocrystalline and multicrystalline silicon wafers to the solar industry. These silicon wafers are thin sheets of crystalline silicon material principally used to produce solar cells. Nexolon intends to form strategic partnerships with reputable suppliers such as GT Solar and its customers.
Nexolon's headquarter facility is located in Seoul, Korea, and its manufacturing plant is currently being constructed in the Iksan Industrial Complex in Iksan City of JeonBuk Province, Korea. For more information, visit www.nexolon.com.
About GT Solar Incorporated
GT Solar Incorporated, based in Merrimack, NH (USA), is a wholly owned subsidiary of GT Solar International, Inc., and is a key global provider of ingot casting furnaces, polysilicon reactors and turnkey manufacturing solutions across the photovoltaic supply chain. For more information, go to www.gtsolar.com.
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 of $8.8 million from the contract executed with Nexolon Co., Ltd. and the expected timing of those deliveries over the next five months.
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 Fred Kocher, 603-498-5221
or Hill & Knowlton Jessica Anderson, 212-885-0492
The DSS450 (Directional Solidification System) model furnace is GT Solar's newest and most technically advanced furnace. The furnace enables solar panel producers to "grow" multi-crystalline silicon ingots, which are processed into wafers and converted into solar cells which produce electricity when exposed to sunlight.
Multi-crystalline wafers are a core component used in the production of solar panels worldwide. GT Solar's latest technology DSS450 furnace allows producers to increase their silicon ingot output by approximately 30 per cent over previous furnace designs.
Ingots produced annually from a DSS450 furnace are capable of providing enough electricity to power up to 1,000 average U.S. homes for one year.
GT Solar began shipments of its DSS line of furnaces in 2003.
"This represents GT Solar's first DSS contract in South Korea, and we look forward to helping our new customer, Nexolon, develop its business and become a key player in the production of multi-crystalline ingots," said GT Solar CEO and President, Tom Zarrella. "This contract is yet another example of GT Solar's key role in providing technology worldwide to meet the demand for solar energy."
Nexolon CEO Woo-Jeong Lee, noted: "We are delighted to have the opportunity to work with GT Solar as we start to build our business to meet solar energy demands in South Korea. We believe GT Solar has the resources and know-how to assist us as we move forward."
About Nexolon Co., Ltd.
Founded in 2007, Nexolon is based in Seoul, Korea and has announced its plans to become a major supplier of monocrystalline and multicrystalline silicon wafers to the solar industry. These silicon wafers are thin sheets of crystalline silicon material principally used to produce solar cells. Nexolon intends to form strategic partnerships with reputable suppliers such as GT Solar and its customers.
Nexolon's headquarter facility is located in Seoul, Korea, and its manufacturing plant is currently being constructed in the Iksan Industrial Complex in Iksan City of JeonBuk Province, Korea. For more information, visit www.nexolon.com.
About GT Solar Incorporated
GT Solar Incorporated, based in Merrimack, NH (USA), is a wholly owned subsidiary of GT Solar International, Inc., and is a key global provider of ingot casting furnaces, polysilicon reactors and turnkey manufacturing solutions across the photovoltaic supply chain. For more information, go to www.gtsolar.com.
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 of $8.8 million from the contract executed with Nexolon Co., Ltd. and the expected timing of those deliveries over the next five months.
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 Fred Kocher, 603-498-5221
or Hill & Knowlton Jessica Anderson, 212-885-0492
