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GT Solar Incorporated, a global provider of specialized equipment and technology for the solar power industry, announced that on July 11, 2008, it signed a $173 million contract with DC Chemical Co., Ltd., a leading Korean chemical company. The signing of the contract has previously been disclosed.
Under the terms of the agreement, GT Solar will provide DC Chemical with state-of-the-art polysilicon CVD reactors, which are used to manufacture polysilicon, a key raw material utilized to produce solar cells. This latest agreement marks the third contract between the two companies since GT Solar began offering CVD reactors and related equipment in 2006.
"Higher global energy prices, increased environmental awareness and the desire for energy security are accelerating the adoption of solar power. In addition, governments around the world have implemented various tariffs, tax credits and other incentives designed to encourage the use of solar power," said Tom Zarrella, president and chief executive officer for GT Solar International. "DC Chemical has constructed its first polysilicon plant, has begun manufacturing polysilicon, and recently announced a large-scale expansion. We are proud to be working with this forward-thinking company and pleased to support their expanding operations."
"GT Solar has been a trusted provider of equipment and expertise to DC Chemical since we entered the high-value, high-growth polysilicon business more than two years ago," said Mr. Shin, DC Chemical's vice chairman. "We look forward to utilizing our new reactors to increase our polysilicon production capabilities at our existing facility in Gunsan, South Korea, and to strengthening our relationship with GT Solar."
Polysilicon is a highly purified form of silicon that is used to make both semiconductor wafers for microelectronics applications and solar wafers. The chemical vapor deposition process involved in the production of polysilicon takes place in a specialized CVD reactor using a variety of complex chemical processes.
Details of this contract were publicly disclosed on July 11, 2008, in a filing with the U.S. Securities and Exchange Commission. The agreement contemplates that GT Solar would begin to deliver reactors to DC Chemical in April 2009.
About GT Solar Incorporated
GT Solar Incorporated, based in Merrimack, NH (USA), is a wholly owned subsidiary of GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. GT Solar’s principal products are directional solidification systems and chemical vapor deposition reactors and related equipment.
Some of the statements that we make in this press release are forward looking in nature. 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 our control, which could cause actual events to differ materially from those expressed or implied by the statements. These factors may include our inability to manage our expansion effectively, our dependence on a small number of customers and suppliers, our limited number of products, the possibility of product liability claims, our inability to protect our intellectual property rights, increased competition from other manufacturers of equipment for PV products, risks associated with doing business in foreign countries and various other risks as outlined in GT Solar International, Inc.'s filings with the Securities and Exchange Commission. 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.
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GT Solar Incorporated
Hill & Knowlton
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