Company also supplying DSS450HP crystallization systems to India's first integrated PV wafer-cell facility
MERRIMACK, N.H.--(BUSINESS WIRE)--GT Solar International, Inc. (NASDAQ: SOLR), a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets, today announced that it has received an order for its polysilicon production technology and related engineering services to be used in India's first large-scale commercial polysilicon production facility. GT Solar will be providing all aspects of polysilicon production including CVD reactors, chlorosilane recovery and trichlorosilane production and purification technology for the new production facility, which will be located in the central-India state of Chhattisgarh.
This is the second order for GT Solar in recent months from an India-based solar manufacturer. In August, the company announced that it had been selected by Birla Surya to provide its DSS450HP crystallization furnaces for the India's first integrated PV wafer-cell manufacturing facility located in Pune.
"India is committed to expanding its use of solar power to meet its future energy needs and we are pleased to have both our polysilicon production technology and our DSS crystallization systems selected for these two important projects," said Tom Gutierrez, GT Solar's president and CEO. "Our technology provides a low-cost, low-risk solution to companies who are new to PV manufacturing. We have a proven track record in helping our customers realize a high return on their investment because of the reliability and superior performance of our systems."
"Our new PV wafer and cell manufacturing plant represents a significant step in India's entrance into the global PV industry," said Mr. Mohan Datari, CEO of Birla Surya, Ltd. "We selected GT Solar's DSS crystallization furnaces because of their proven performance and reliability in producing high-quality multicrystalline ingots, and because of the exceptional level of service they have demonstrated in helping PV manufacturers quickly ramp their production environments."
India currently produces less than 5MW of solar power annually, but the Indian government has set a target of generating 20,000MW of solar electricity by 2022. Achieving this goal will require significant improvements to the country's electrical infrastructure and increasing its PV manufacturing capacity over the coming years. GT Solar is well positioned to meet the needs of India's PV manufacturers because of its proven polysilicon production technology, crystallization growth systems and its unmatched Asia-based support and service capabilities.
About GT Solar International, Inc.
GT Solar International, Inc. (NASDAQ: SOLR), 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 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 2010 filed on June 4, 2010 and quarterly report on Form 10-Q for the first fiscal quarter filed on August 6, 2010. 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6499107&lang=en
Contacts
Media
GT Solar
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtsolar.com
or
Investors/Analysts
GT Solar
Ryan Blair, 603-681-3869
ryan.blair@gtsolar.com
GT Solar SDR(tm)400 CVD reactor can produce greater than 400 MTA of high purity polysilicon (Photo: Business Wire)
GT Solar's DSS450 crystallization ingot growth furnace is widely used throughout the PV industry. (Photo: Business Wire)