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| German Regulatory Authorities Approve EverQ Partnership Agreements |
Evergreen Solar, Q-Cells and REC Become Equal Partners in EverQ MARLBORO, Mass.; THALHEIM, SAXONY-ANHALT, Germany & HOVIK, Norway--(BUSINESS WIRE)--Dec. 21, 2006--Evergreen Solar, Inc. (Nasdaq: ESLR), Q-Cells AG (FSE: QCE) and Renewable Energy Corporation ASA (OSEAX: REC.OL) (REC) today announced that regulatory authorities in Germany have approved previously announced partnership agreements that make the companies equal partners in EverQ, which manufactures solar modules in Thalheim, Germany. Effective December 19, 2006, all three partners will share equally in the net income generated by EverQ. The EverQ partnership and related polysilicon supply agreements are intended to facilitate the next phase of expansion of EverQ's production facilities in Thalheim. The partnership intends to grow the EverQ business to approximately 10 times the size of its first facility, generating 300MW of solar production by 2010. In the third quarter of 2006, EverQ's first factory ramped to full production capacity of 30MW. EverQ's second factory - EverQ-2 - is on track to begin production in the second quarter of 2007, and is expected to reach its full capacity of 60MW by the end of 2007 bringing EverQ's total capacity to approximately 90MW. About EverQ EverQ's existing solar module manufacturing plant in Thalheim, Germany, manufactures Evergreen Solar's high-output Spruce Line(TM) of photovoltaic panels. Products fabricated by EverQ use Evergreen Solar's patented String Ribbon(TM) manufacturing process. String Ribbon is more efficient in the use of silicon than conventional sliced crystalline technologies. About Evergreen Solar, Inc. Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. Evergreen Solar's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about Evergreen Solar, please visit www.evergreensolar.com. About Q-Cells AG Established in 1999, Q-Cells is the second largest solar cell manufacturer in the world, and by far number one among the independent producers. Its core business is the development, production and marketing of high-quality mono- and multicrystalline photovoltaic cells. Since commencing production in 2001, Q-Cells has grown rapidly and now employs more than 900 people at its site in Thalheim, Saxony-Anhalt. Q-Cells has constantly developed its product portfolio and the performance of its cells as well as its technological production processes. Furthermore, Q-Cells is investing in additional technologies. About REC Renewable Energy Corporation ASA (REC) was established in 1996 and is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world's largest producers of solar grade silicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC has customers all over the globe, seven production plants in three different countries, operates on three different continents and has approximately 1,300 employees. For further information on REC, please refer to www.recgroup.com.
Evergreen Solar, Inc. 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, those related to Evergreen Solar's expectations regarding the growth of the EverQ business to 300MW of solar production by 2010, the expansion of EverQ's Thalheim operations, and EverQ's future production capacity and production schedule. These statements are neither promises nor guarantees, and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Such risks and uncertainties include, among other things, the following factors: the conditions to which any German government grant is subject, which includes, but is not limited to, receipt of European Union approval; the risk that any German government grant that has or may be approved is subject to forfeiture or repayment in whole or in part if EverQ fails to continue to meet the conditions for such grants or if such grants for any reason become unavailable from German or European Union sources; and the success of EverQ is subject to numerous risks associated with the development of manufacturing facilities in international markets and depends on many factors that are outside of Evergreen Solar's control, including the availability of government grants and contributions by Q-Cells and REC. In addition to the foregoing factors, the risk factors identified in Evergreen Solar's filings with the Securities and Exchange Commission - including Evergreen Solar's Annual Report on Form 10-K filed with the SEC on March 16, 2006 and Quarterly Report on Form 10-Q filed with the SEC on November 7, 2006 (copies of which may be obtained at the SEC's website at: http://www.sec.gov) - could impact the forward-looking statements contained in this press release. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in Evergreen Solar's 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.
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