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Evergreen Solar Forecasts Higher Losses

Evergreen Solar Inc. (Nasdaq: ESLR) is forecasting a wider loss for the second quarter because of an expected sharp decline in sales. The company estimates the loss will range from $8-$8.3 million, or 10 cents per share. It includes about $1.3 million in startup costs for the German EverQ factory, which is slated to begin shipments in the second quarter. The company expects revenue between $12.5-$13.5 million for the quarter. ESLR says it will reach profitability in 2009 or 2010. A year ago, Evergreen reported a loss of $7.5 million, or 11 cents per share, on revenue of $22.4 million. On average, analysts expect Evergreen to post a loss of 8 cents per share on sales of $14.2 million in the second quarter. Despite Evergreen’s announcements yesterday, including a new silicon contract and plant expansion, several analysts are cautious on the company’s long-term outlook. Because silicon supplies are expected to loosen up over the next year or two, ESLR’s technology advantage could disappear. Its ability to use less silicon to make a solar cell would have much less value in that environment, say the analysts. Also to secure the 6-year silicon deal with DC Chemical, ESLR gave them $130M of […]

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Wal-Mart, Home Depot to Push Green Products

Wal-Mart and Home Depot are signalling a change for other Fortune 500 companies to notice: make your products “green”. Wal-Mart is tracking customer purchases of a basket of green products as a first step toward increasing awareness of those products. The world’s biggest retailer said its Live Better Index is a barometer of customer attitudes, based on sales of compact florescent light bulbs, organic milk and baby food, extended-life paper products and laundry detergents in concentrated form or with reduced packaging. New Hampshire is the “greenest” state when it comes to buying products on the Live Better index, Wal-Mart said, with Connecticut, Rhode Island, North Dakota and California also performing well. Wal-Mart plans to become much more “bold” in making green products available to customers. The Home Depot Inc. said Tuesday it will put labels on products in its U.S. stores classifying them as environmentally friendly. Home Depot, the world’s largest home improvement store chain, is rolling out a green product labeling program – “Eco Options” – throughout the U.S. It started the program in Canada in 2004. Labels will point to some 25000 green products including natural insect repellents and organic plant food, front-load washing machines, and light bulbs. […]

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Evergreen Solar Announces Results, New Plant, New Critical Partnerships

Evergreen Solar, Inc. (Nasdaq: ESLR) made four major announcements today: a major polysilicon supply agreement, the construction of a new facility, an alliance with a utility partner to expand its solar reach, and its financial results for the first quarter of 2007. ESLR has signed a polysilicon supply agreement with DC Chemical Co., Ltd. that guarantees Evergreen enough silicon for 1 GW of PV modules through 2014. Shipments will begin in late 2008 and continue through 2014. DC Chemical agreed to purchase 3 million shares of Evergreen Solar common stock for $12.07 per share. Evergreen agreed to issue 4.5 million shares of restricted common stock and 625 shares of restricted preferred stock to DC Chemical. The transaction is expected to close within a week. “The investment of both our polysilicon manufacturing capacity and our financial resources indicates that we believe in Evergreen Solar’s technology, industry vision and management team,” said Hyunwoo Shin, Executive Vice Chairman of DC Chemical. “We hope that with our ongoing support as both a key supplier and a major shareholder that Evergreen Solar will be able to realize the significant market penetration and financial potential of its wafer technology.” Evergreen also announced it will significantly expand […]

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