Evergreen Solar Files Registration Statement for Proposed Offering of Common Stock
MARLBORO, Mass.--February 4, 2008 -Evergreen Solar, Inc. (Nasdaq: ESLR ), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, announced today that it has filed a registration statement on Form S-3 with the United States Securities and Exchange Commission and that it expects to conduct an underwritten public offering of 20 million primary shares of its common stock.
Evergreen Solar intends to grant the underwriters an option to purchase up to 3 million additional shares of common stock to cover over-allotments, if any. The net proceeds from the offering are expected to be approximately $231.9 million (or approximately $266.8 million if the underwriters’ over-allotment option is exercised in full), and Evergreen Solar expects to use the net proceeds from the offering (i) to complete phase I of its development of a new manufacturing facility in Devens, Massachusetts, (ii) to plan, construct and equip phase II of its development of the Devens manufacturing facility and (iii) for general corporate purposes, including purchases or prepayments for raw materials, including polysilicon, and working capital. Deutsche Bank Securities Inc. is acting as sole book-runner and Lazard Capital Markets LLC, Pacific Growth Equities, LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers.
The Form S-3 registration statement automatically became effective upon filing with the Securities and Exchange Commission on February 4, 2008. The offering may only be made by means of a prospectus, which may be obtained, when available, from Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, or by telephone toll free at 1-800-503-4611, or by email at prospectusrequest@list.db.com.
This press release shall not constitute an offer to sell nor a solicitation of an offer to buy shares of common stock, nor shall there by any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s expectations regarding the proposed public offering, the number of shares the Company expects to sell and the expected net proceeds. These statements are neither promises nor guarantees, and involve risks and uncertainties including those set forth in the referenced registration statement and other filings with the SEC – including the Company’s Annual Report on Form 10-K/A filed with the SEC on April 30, 2007 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2007 (copies of which may be obtained at the SEC's website at: http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:Evergreen Solar, Inc.Michael El-Hillow, 508-251-3311Chief Financial Officerinvestors@evergreensolar.com
Source: Evergreen Solar, Inc.
The Form S-3 registration statement automatically became effective upon filing with the Securities and Exchange Commission on February 4, 2008. The offering may only be made by means of a prospectus, which may be obtained, when available, from Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, or by telephone toll free at 1-800-503-4611, or by email at prospectusrequest@list.db.com.
This press release shall not constitute an offer to sell nor a solicitation of an offer to buy shares of common stock, nor shall there by any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s expectations regarding the proposed public offering, the number of shares the Company expects to sell and the expected net proceeds. These statements are neither promises nor guarantees, and involve risks and uncertainties including those set forth in the referenced registration statement and other filings with the SEC – including the Company’s Annual Report on Form 10-K/A filed with the SEC on April 30, 2007 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2007 (copies of which may be obtained at the SEC's website at: http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:Evergreen Solar, Inc.Michael El-Hillow, 508-251-3311Chief Financial Officerinvestors@evergreensolar.com
Source: Evergreen Solar, Inc.
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