Commercial MonoCast Product to be Available for Orders in October 2011
MERRIMACK, N.H.--(BUSINESS WIRE)--GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that it has begun final production testing for its new DSS MonoCastTM ingot growth technology with Korea-based PV manufacturer Nexolon. The program will allow GT to validate and optimize MonoCast product performance in an actual PV wafer production environment and to finalize product specifications prior to the commencement of volume shipments. GT expects to begin taking orders for its new MonoCast systems in October. Initial lead time for commercial deliveries is expected to be three months.
"GT has already installed a Beta version of its DSS MonoCast upgrade at Nexolon's Iksan, Korea, manufacturing facility. Final production testing of the technology is expected to demonstrate the stability and performance of the MonoCast system and validate its readiness for volume production," said Tom Gutierrez, GT Advanced Technologies' president and CEO. "The breakthrough MonoCast material yield and higher cell efficiency results we have reported with our technology development partners, and our reputation for delivering production-ready products that perform as promised has created significant customer interest."
In April, GT announced that the Georgia Institute of Technology's Center of Excellence for Photovoltaic Research and Education had achieved cell efficiencies of greater than 19 percent with cells processed on GT's MonoCast wafers using the Center's advanced cell architecture.
"We continue to focus our product development on innovative technologies that improve material quality for greater cell efficiency and lower overall manufacturing costs," said Vikram Singh, GT Advanced Technologies' vice president and general manager of its photovoltaic business unit. "MonoCast will also be offered as an upgrade to the more than 3,100 DSS units in the field today. In addition to delivering cost efficient MonoCast materials that produce solar cells with higher efficiency than cells made from traditional multicrystalline wafers, the upgrade automates more of the crystal growth process through advanced thermal process control features resulting in more repeatable run-to-run control."
About GT Advanced Technologies Inc.
GT Advanced Technologies, Inc. is a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in nature, including statements regarding expected results from new technology offerings. These statements are based on management's current expectations or beliefs. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the possibility that the Company is unable to recognize revenue on customer contracts, that technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc's (formerly Solar International, Inc.) filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's annual report on Form 10-K for fiscal 2011 filed on May 26, 2011 and quarterly report on Form 10-Q for the first quarter of fiscal 2012 filed on August 5, 2011. GT Advanced Technologies, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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GT Advanced Technologies
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Ryan Blair, 603-681-3869
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