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01/07/2009 09:36 AM
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Evergreen Solar Closes Pilot Facility
SustainableBusiness.com News
Massachusetts-based Evergreen Solar, Inc. (NasdaqGM: ESLR) closed it's Marlboro pilot facility on December 31 to cut costs while ramping up production at its new Devens facility.
The company said it will incur non-cash charges of approximately $25
million in 4Q08, associated
with the closing. Over the next 12
months, the Company may also incur location restoration, disposition
and moving costs of approximately $3 million to $5 million.
Evergreen Solar said it believes that closing the Marlboro pilot facility and
better utilizing existing equipment and facilities at its research and
development center and at its Devens manufacturing facility will result
in lower overhead costs and reduce overall cash requirements.
The Company expects to incur approximately $350,000 in severance costs
through March 31, 2009 for the individuals not transferred to Devens.
The company also announced that it received its certificate of
occupancy for the second phase of the Devens facility on December 19,
2008 and expects to reach full capacity of about 40 megawatts (MW) per quarter from
Devens in the second half of 2009 as planned.
The company shipped 8.5 megawatts (MW) of products from its Devens factory and an additional 3.7 MW from its Marlboro pilot manufacturing facility, during the fourth quarter of 2008.
It will report 4Q08 and annual results on February 5, 2009.
Website: http://www.evergreensolar.com
