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Print Edition StoriesFriday, February 6, 2009
Evergreen Solar posts Q4 loss
By Mass High Tech staff
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Evergreen Solar Inc. posted a fourth quarter net loss of $52.1 million, with $23.1 million in charges incurred through its quiet end-of-year closing of its Marlborough pilot manufacturing facility.
The solar panel manufacturer still maintains its corporate headquarters in Marlborough and operates a manufacturing plant in Devens, which it opened in July. Most of the employees located at the Marlborough facility transferred to the Devens location, company officials said.
In addition to Evergreen Solar’s facility closure charges, the company’s net loss also stemmed from $8 million in research and development equipment charges and $9.7 million in costs associated with opening the Devens facility and a new facility located in Midland, Mich. At the time of its third quarter financial postings, Evergreen Solar officials predicted a fourth-quarter net loss between $13 million and $19 million, related to startup and rampdown costs.
In comparison, the company’s fourth quarter net income in 2007 was a gain of $788,000. Full-year net income for 2008 showed a loss of $85 million, versus a net loss of $16.6 million in 2007.
According to Evergreen officials, the Devens facility offers a better situation to provide R&D and manufacturing in one location with lower overhead costs. By the end of 2009, the plant should be operating at full capacity -- 40 megawatts per quarter, said Evergreen chairman, CEO and president Richard Feldt.
In July, Mass High Tech reported that Evergreen Solar expected to bring about 700 jobs to the Devens facility.
Evergreen Solar makes solar panels based on its proprietary String Ribbon technology, which executives say uses fewer materials and reduces the cost of production.
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