MERRIMACK, N.H. -- (BUSINESS WIRE) --
GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced it has signed new contracts totaling more than $200 million for its market-leading DSS450TM ingot growth furnaces and ancillary equipment and services. This includes a $137 million follow-on order from a large Chinese customer, as well as orders from Tianwei New Energy Holdings Co Ltd., Phoenix Photovoltaic Technology Co, Ltd., Yingli Green Energy Holding Company Ltd., JA Solar Holding Co, Ltd., Taiwan-based Sino-American Silicon Products (SAS) and one other customer. The orders were booked in GT Solar's current fourth fiscal quarter and revenue for these orders is expected to be recognized in periods subsequent to the current fiscal year.
"We are pleased that leading PV manufacturers continue to express confidence in our ingot growth technology, as evidenced by these orders from our valued Asian customers," said Tom Gutierrez, president and chief executive officer of GT Solar. "GT Solar is well positioned in Asia to meet the needs of our growing base of customers with the investment we have made for additional service and support capability in our Shanghai facility. The performance and reliability of our DSS450 ingot growth furnace continues to deliver proven value to our customers by providing a lower cost of ownership and reducing their cost of manufacturing."
About GT Solar International, Inc.
GT Solar International, Inc., based in Merrimack, NH, USA, is a leading global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership, accelerating the drive towards grid parity. For additional information about GT Solar, please visit www.gtsolar.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in nature, including statements regarding expected revenue from customer contracts. 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 Solar International, Inc.'s 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 the fiscal 2009 filed on June 9, 2009 and Form 10-Q for the third quarter of fiscal 2010 filed on February 5, 2010. Statements in this press release should be evaluated in light of these important factors. GT Solar International, 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.
CONTACT:
Media
GT Solar
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtsolar.com
or
Investors/Analysts
GT Solar
Bob Blair, 603-681-3869
bob.blair@gtsolar.com