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% 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.
