EVERGREEN SOLAR, INC., (NASDAQ - NM: ESLR)

Dear Reader,

In an era where alternative fuels and power sources have been brought to the forefront of the national conscience with an urgency unmatched since the 1970’s, StockUpTick’s feature today, Evergreen Solar, Inc. (NasdaqNM: ESLR), brings you a company whose day in the sun has come… literally and figuratively speaking.

Evergreen Solar is ramping up production at its Marlboro, MA facility and to date, has manufactured and shipped over 25,000 solar panels for residential, commercial and industrial applications. 

Distribution agreements are in place with several partners including Kawasaki Heavy Industries, Krannich Solartechnik and Hutton Communications, which provide reach into multiple geographical markets.
 

On October 7, ESLR announced the appointments of Peter Rusch as European Marketing and Sales Manager and Lance Barret as U.S. National Sales Manager.  These newly-created positions represent Evergreen Solar's latest steps in its commitment to superior customer service and increasing worldwide penetration of its solar electric products.

Prior to joining Evergreen Solar, Mr. Rusch served as the deputy managing director of a European solar panel manufacturing company and  Mr. Barret joins Evergreen Solar with 18 years of experience from General Electric where he focused on sales and market development for GE Lighting and GE Industrial Systems.

So in the words of the magnificent Beatles, Here Comes the Sun, and here comes our profile of this compelling NASDAQ company.

* * * ABOUT EVERGREEN SOLAR * * *

Evergreen Solar was started in 1994 in a 2,500 square foot laboratory by three founders from Mobil Solar. Mark Farber, President and CEO, has spent 26 years in the energy field and was director of marketing at Mobil Solar.  Richard Chleboski, Chief Financial Officer, was the head of strategic planning at Mobil Solar. Jack Hanoka, Chief Technology Officer, was one of their most prolific inventors at Mobil Solar and has been instrumental in Evergreen’s technology development efforts. Evergreen made key additions to its management by adding John McCaffrey, Jr., bringing 20 years of manufacturing experience at Polaroid, to become Evergreen's Vice President of Manufacturing and Engineering, and Rex D’Agostino, who has 25 years of international marketing and sales experience, to become its Vice President of Marketing and Sales.

The Company primarily sells photovoltaic (PV) modules - the engines of solar electric systems - used in remote power and emerging grid-connected markets. The PV modules produced by Evergreen Solar are distinctive in their appearance because they incorporate proprietary crystalline silicon technology known as String Ribbon. ESLR is also developing solar roofing tiles and other building-integrated solar power products that will accelerate the acceptance and penetration of  solar power products in the building industry. 

The Company's solar panels will be enhanced by its wrap-around solar cells, which are currently under development, to provide simplified interconnection procedures allowing greater range in solar panel design and a distinctive, attractive appearance for on-grid solar systems. The Company's current solar panels range from 47 to 110 watts. The Company's solar panels are certified to international standards for safety and quality.

The ESLR  manufacturing facilities contain state-of-the-art equipment for crystal growth, cell processing, and module lamination. The Company maintains strong ties to the Massachusetts Institute of Technology, including the active involvement of String Ribbon's inventor, Prof. Emanuel Sachs.

* * * APPLICATIONS & MARKETS * * *

Researchers call it the most elegant method of generating electricity. Some who have seen a photovoltaics panel bring the first light to a poor rural home call it, simply, magic. 

No longer just the darling of futurists and technologists, photovoltaics are cost-effective for a growing range of commercial, industrial, and consumer applications. Since the first commercial applications in satellites, now more than 30 years old, PV has become the best generator for many remote or dispersed off-grid applications including telecommunications, water pumping, navigation aids, transportation signals, remote lighting, and rural homes.

On the opposite end of the spectrum, small grid-connected markets are emerging from utility and government-sponsored demonstration projects and pioneering consumer markets. With the electric utility industry's pending restructuring, some customers are expected to exercise their newfound choice for premium power from environmentally benign sources.

For remote power markets, Evergreen Solar modules are engineered for optimal reliability, safety, and design flexibility. In addition, the Company is developing new module designs with advanced polymers to extend product life, lower manufacturing cost, and speed field installation.
 

* * * BIG JOBS AND SMALL JOBS * * *

 

Commercial Rooftop in Japan Kawasaki Heavy Industries, Ltd. has installed an 85kW solar powered pyramid on the World Trade Center Building in Tokyo as part of a larger advanced energy system incorporating cogeneration with KHI’s advanced gas turbine.

Backup Power in Arizona This one kilowatt system was installed at a day care center in Arizona as part of Direct Global Power's RESTART™ program which uses PV for back-up power in cases of outages. A passive tracking rack keeps the array aimed directly at the sun throughout the day to maximize the conversion of sunlight to electricity.

* * * TECHNOLOGY * * *

To understand the importance of String Ribbon technology is to grasp the elegant balance it strikes between conventional and emerging technologies.

String Ribbon combines the best attributes of conventional crystalline silicon and emerging thin films. It achieves the reliability, stability, high efficiency, and market acceptance of crystalline silicon - without the inherent cost and waste of sawing. And it embodies the efficient material utilization and potential for continuous processing of thin films, but with a more manufacturable process. 

Ongoing technology development shows great promise for even lower cost. Early experiments have produced 15% solar cells on thin 100 micron wafers. And downstream, in cells and modules, Evergreen Solar is developing processes that are simple, continuous, non-vacuum, high throughput, environmentally benign, and energy efficient. 
 

PRODUCTS

 

Evergreen Cedar Series Photovoltaic Modules Photovoltaics provide clean, quiet, reliable electricity from sunlight where traditional sources are too distant, expensive, or environmentally unacceptable. With no moving parts to wear out, no emissions of any kind, and a limitless, readily-available power source, PV meets the need for electricity in places and ways that other sources simply cannot.

Evergreen Solar’s modules are sold through a wholesale distribution network and are designed for the complete range of solar electric power applications, including:

•  Water pumping 
•  Communications 
•  Outdoor lighting 
•  Rural electrification 
•  Recreational vehicles 
•  Stand-alone or grid-connected AC applications 

* * * SELECTED FINANCIAL HIGHLIGHTS * * *

For the nine months ended 9/30/02, revenues rose 281% from $1.6 million to $4.5 million. Revenues benefited from the higher production capacity of the new manufacturing facility. Net loss rose 11% to $9.6 million. Net loss reflects increased depreciation and salary expenses, higher manufacturing overheads, and lower investment income.

FYE: 12/31

Recent Price $0.90 (11-19-02)
52-week High: $4.79 (01-09-02)
52-week Low: $0.44 (10-16-02)
Approximate Market Cap: $10.3 million

Shares Outstanding: 11.4 million
Float: 8.2 million
Insider and 5%+ Owners: 28%
Institutional: 18% (26% of float) (42 institutions)

Employees (last reported count): 145.

Independent Accountants 
Pricewaterhouse Coopers LLP 
One Post Office Square 
Boston, MA 02109 

To view the SEC filings for ESLR, Click Here

For a current quote and a list of recent press releases, Click Here
 

* * * CONTACT * * *

Corporate Headquarters:
Evergreen Solar, Inc.
259 Cedar Hill Street
Marlboro, MA  01752  USA
TEL: 508.357.2221 
FAX: 508.357.2279 

Sales Information:
Evergreen Solar, Inc.
Dr. Rex A. D'Agostino, +1 508-357-2221
sales@evergreensolar.com
In Europe: Mr. Peter Rusch, +49 (30) 8861 4520

Investor Relations: 
Stephanie Carrington 
The Ruth Group
Phone 646-536-7017
scarrington@theruthgroup.com

www.evergreensolar.com

Evergreen Solar(R) is a registered trademark of Evergreen Solar, Inc. 

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