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25.11.2005 00:00

REC joins EverQ as strategic partner

Participation of REC secures long-term supply of silicon and provides the basis for a strong and sustainable growth of EverQ


 

Thalheim, 25 November 2005. At the beginning of 2005, Q-Cells AG and Evergreen Solar, Inc. from Marlboro, Ma. (USA) established EverQ GmbH, a joint venture based in Thalheim for the production of solar modules using the String Ribbon process. Today, the Norwegian Renewable Energy Corporation ASA (REC) based in Høvik, the world's largest independent manufacturer of solar silicon and multicrystalline silicon wafers, will become the third partner in this joint venture. In this context, a supply agreement with a term of seven years was agreed, which commits REC to initially deliver 250 tonnes of solar silicon per year to EverQ. These initial deliveries will meet the feedstock needs of the first production plant of EverQ. In addition, REC is bound to offer significant additional feedstock volumes for the period from 2007 – 2014 to EverQ as soon as REC’s own capacity expansion allows this. By this the parties have laid the cornerstone for a strong and sustainable growth of EverQ. 

REC has taken a 15 per cent share in the company. Q-Cells will then hold 21 per cent of EverQ (previously 24.9 per cent), while Evergreen Solar's share will fall from 75.1 to 64 per cent. The agreement also gives both Q-Cells and REC the opportunity to increase their share in EverQ to a maximum of 33.3 per cent. In the long term, the addition of REC as a partner in EverQ GmbH will bolster supplies of the raw material silicon in a special granular form. The joint venture company will also benefit from REC's extensive experience and know-how in silicon wafer production.