Tuesday, October 28, 2008

Spire wins Korean deal for solar cell-making equipment

By Mass High Tech Staff

Solar manufacturing equipment maker Spire Corp. has landed a new contract with Korean solar company Hanwha Chemical Corp. for the sale of a 30 megawatt per year manufacturing line.

The purchase is Hanwha Chemical’s first solar cell production line and represents the company’s entry into the market. Financial terms of the deal were not disclosed.

The Spire production line, called the Spi-Line 30C, is capable of producing high-efficiency cells using either mono- or multi-crystalline wafers. In addition, Spire (Nasdaq: SPIR) provides in-depth training, factory layout, facilities and on-site support. As part of the deal, Spire will provide training and assistance for Hanwha Chemical’s ramp-up to full production.

The deal continues Spire’s growth in the international market. In August, Spire landed two deals with Chinese photovoltaic manufacturers, while last month the company sold an assembly line to Virginia-based GreenBrilliance, to be installed in that company’s plant in India. In July the company announced a contract to provide test equipment for product safety certifier Underwriters Laboratories Inc., which included an installation in China, as well as the United States.

In the second quarter of 2008, Spire reported $16.9 million in revenue, an increase of $2 million over the previous quarter, while reducing its net loss from $508,000 to $270,000. For the full year of 2007, the company took a loss of $1.7 million on revenue of $38.4 million.