Applied Materials says that a client downgraded a $1.9 billion order for solar panels to $250 million because of “deterioration in global economic and financial market conditions.”
The $1.9 billion deal was announced on March 4, 2008, but since then the economy has fallen apart, and the private company that entered the agreement changed its mind. Oppenheimer analyst Gary Hsueh says (via Reuters) that the private customer was China based, Best Solar.
According to a filing with the SEC, “Applied has not recognised any orders in connection with the original agreements or the amended agreement”
This obviously represents a blow to Applied Materials’ ambitious solar plans.
Business Insider Emails & Alerts
Site highlights each day to your inbox.