QUOTE AND NEWS
Wall Street Journal  Mar 12  Comment 
Evergreen Solar said it has failed to find a buyer for its Devens, Mass., plant and plans to walk away from the facility, which was launched with some $50 million in state aid.
The Hindu Business Line  Feb 24  Comment 
Just as Evergreen Solar completed its Rs 30-crore investment programme to create a 40-MW polycrystalline module plant in Coimbatore, all hell broke loose. On the one hand, cheap imports from China...
Reuters  Jan 9  Comment 
South Korea's OCI Co Ltd said on Monday that polysilicon supply orders worth a combined $343 million from Evergreen Solar Inc have been cancelled following the U.S. solar company's bankruptcy filing.
New York Times  Sep 6  Comment 
The filing by the solar panel maker Solyndra follows similar actions by Evergreen Solar and SpectraWatt.
Penny Stock DD  Aug 31  Comment 
The solar-equipment industry has begun its biggest consolidation in at least two years as photovoltaic systems plunge in price, forcing weaker companies to team with competitors or close shop. Mergers and acquisitions announced so far total...
StreetInsider.com  Aug 23  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Evergreen+Solar+%28ESLR%29+to+Delist+from+Nasdaq/6738272.html for the full story.
Forbes  Aug 17  Comment 
Evergreen Solar filed for bankruptcy earlier this week. The sad story of Evergreen?s demise illustrates the risks debt-laden solar companies face in an environment of falling solar prices due to tepid demand and industry overcapacity.




 
     Table of Contents      
Intro and Overview
     Introduction
     Business Overview
Trends and Forces
      Key Trends and Forces
Competition
     Competition and Market Share

Evergreen Solar is a vertically integrated solar panel manufacturer that uses String Ribbon technology to produce solar cells with 50% less silicon[1] than is needed by its competition. Growth in solar panel efficiency from less than 10% before 1980 to more than 40% in 2009.[2]

Within the solar industry, Evergreen Solar competes on the basis of cost-minimizing the cost of buying a solar system by lowering manufacturing costs, and minimizing the cost of running a system by increasing the conversion efficiency of its cells. During the end of 2009 the cost per wafer was $0.69 and the price for a panel had fallen to $2.05 in the fourth quarter from $3.19 in the first quarter of 2009. Looking forward to 2011 with the opening of its facility in Jiawei, China which is expected to be able to produce 25-30 MW, with prices at $0.40 as the cost for a wafer for a watt, and $1.25 for a panel, due to China's lower labor costs[3]. However, with the lower costs comes a solar market that has been depressed due to the recession with prices having fallen precipitously. The solar sector is becoming more and more competitive; among ESLR's competition are such powerhouses as SunPower, SunTech, BP Solar, Sharp, Kyocera, and Q-Cells.

Government incentives and grants are extremely important to promoting solar panels. In February 2010, Senator Bernie Sanders submitted a bill to congress titled "10 Million Solar Roofs and 10 Million Gallons of Solar Hot Water Act." The bill would cover half the cost of new systems. The purpose of the bill is to spur alternative energy growth and create green jobs. The generous rebates would further cut the price of solar panels for consumers, and most likely increase sales.[4]

Business Overview

Evergreen Solar is a vertically integrated company that operates through four stages of the solar power industry. The company produces multicrystalline ribbon silicon wafers from refined silicon. Evergreen's string ribbon PV technology lets the company form photovoltaic wafers with less silicon than the mono- and multicrystalline wafers made by other solar manufacturers - almost making them silicon versions of thin film. These wafers are then made into photovoltaic (PV) cells, that turn light energy (usually from the sun) into electricity. Evergreen's PV cells are put together into modules, which generate up to 190 watts of power.[5] Finally, Evergreen takes these modules and wires them together into solar power systems, which can generate thousands of watts of electricity. The company sells to installers in Europe, North America and Korea.

Fiscal Year 2010 Summary

In 2010, Evergreen Solar earned product revenues of $334.4 million, up 25% from the previous year, primarily due to increases in sales volume despite lower selling prices arising from pricing pressures in the marketplace. In total, 164.5 MW was shipped during the year, a 58% increase from the previous year. However, with the close of Evergreen's Devens manufacturing facility, revenue for 2011 is expected to decrease, as revenues will only be generated from production from their 75 MW Wuhan, China facility.[6]

Sovello

Sovello is a German solar company that produces 30 megawatts of power per year and has a stated goal of increasing production to 300 megawatts by 2010.[7] In 2007 Evergreen reduced its ownership from two thirds to one third. Per accounting rules it is no longer consolidated on Evergreen's financial statements. In October 2007 Evergreen announced a plan for Sovello's IPO. In December of 2008 Evergreen re-affirmed it's intention for Sovello to have an IPO, at which point the company would generate much needed capital but lose primary access to the fast-growing German solar market.[7](Read More about Evergreen Solar's Key Trends and Forces...)


Introduction and Overview | Key Trends and Forces | Competition and Market Share



References

  1. ESLR 2007 Earnings Call Transcript, Page 1
  2. Solar Dave - How has Solar Efficiency Changed Over the Years?
  3. [1] Form 10K 2009 Annual Report March 28, 2010
  4. [2] EVSO: Congressional Act Calls for 10 Million New Solar Roofs February 19, 2010
  5. Evergreen Solar Inc. Company Profile, Reuters.com
  6. [ESLR 2010 10-K Pg. 42]
  7. 7.0 7.1 PV-Tech - Hello Sovello, goodbye EverQ: Solar company changes name, goes indie, delays IPO
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