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 signed new contracts for its DSS™ multicrystalline growth furnaces from both new and existing customers totaling $84.3 million. The new customers include Nantong Zongyi New Material Co., Ltd. and Inner Mongolia Zhong Huan Solar Material Co., Ltd. The orders will be included in GT’s backlog for the quarter ending July 2, 2011.
“We continue to add new customers who have selected our industry-leading family of DSS multicrystalline ingot growth systems for their wafer production,” said Tom Gutierrez, president and CEO of GT Solar. “Our DSS systems offer customers an upgrade path to higher levels of productivity as we increase the performance of our systems through upgrades and system improvements. This philosophy to our architectural design delivers a high return on their capital investment and lowers their cost of ownership.”
GT continues to develop advanced crystallization growth technology that improves ingot quality and delivers value to its customers. In addition to advances in DSS system architecture, GT recently announced that researchers at Georgia Institute of Technology were able to demonstrate breakthrough cell efficiencies on monocast silicon material grown in GT’s advanced ingot casting furnace. Customers will benefit when this technology becomes fully commercialized, by lowering their cost per watt of material produced.
About GT Solar International, Inc.
GT Solar International, 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 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 its contracts, 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 fiscal 2010 filed on June 4, 2010, and the quarterly report on Form 10-Q for the third quarter of fiscal 2011 filed on February 10, 2011. 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.
Contacts
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GT Solar
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtsolar.com
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Investors/Analysts
GT Solar
Ryan Blair, 603-681-3869
ryan.blair@gtsolar.com