Tuesday, February 12, 2008

Evergreen Solar scales back stock sale plans

Just over a week after it was announced, Evergreen Solar Inc. has scaled back its a public offering of common stock from 20 million shares to 16 million, due to market conditions, according to the clean energy company.

The Marlborough-based solar products company said the $9.50-per-share offering would result in net proceeds of $144.6 million to Evergreen Solar (Nasdaq:ESLR). The money from the offering is expected to support construction of a new manufacturing facility in Devens, and for materials and capital, officials said. The company initially announced the offering on Feb. 4, when it was seeking to raise $266 million.

Evergreen Solar also said it granted the underwriters a 30-day option to purchase up to an additional 2.4 million shares of its common stock. The offering is expected to close Friday, Feb. 15, 2008.

The initial announcement of the offering closely followed the sudden resignation of Evergreen director Gerald Wilson, who quit the company's board after expressing frustration with the company's chairman and CEO, Richard Feldt.

Evergreen Solar makes products for the solar energy industry, including products based on its proprietary string ribbon wafer technology. The company reported a 2007 net loss of $16.6 million on revenue of $69.9 million.