Evergreen Solar (ESLR) jumped 12% to over $9 in early morning trading on a new $1.2B contract with IBC Solar. ESLR will provide solar panels through 2013 to IBC and now brings its total contract backlog to nearly $3 billion with 5 customers.
The stock, however, is still a long way away from its 52-week high of $18.85.
“We are very pleased to begin this significant long term relationship with IBC SOLAR, the largest PV distributor in the world”, said Richard M. Feldt, Evergreen Solar’s chairman, president and chief executive officer. “This contract represents the single largest contract in the history of our company and is one of the largest contracts ever between a panel manufacturer and a distributor.”
The solar panels for these take-or-pay contracts will be manufactured at the Company’s new 160 MW facility in Devens, Massachusetts, which opened in June, and at the Company’s next factory, which is expected to open in 2010. To date, the Company has contracted approximately 70 per cent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013.
“Quality comes first at IBC SOLAR”, said Udo Möhrstedt, President and CEO of IBC SOLAR. “Our aim is to make the use of solar energy easy and competitive for our customers. Evergreen’s solar panels are one of the highest quality products in the industry. By adding Evergreen to our product portfolio, we can meet the growing demand of our customers.”
Evergreen Solar (ESLR) Going Higher, 20% Upside to Estimates (ESLR)
Piper Sees More Upside For Evergreen Solar (ESLR) Too (ESLR)
Evergreen Solar (ESLR): That 20% Pop Was Just The Beginning (ESLR)
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.