MERRIMACK, N.H., Oct 28, 2011 (BUSINESS WIRE) -- GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that it has received a $47.7 million order for polysilicon production equipment and technology from Polysilicon Technology Company (PTC), a company based in the Kingdom of Saudi Arabia. The order includes SDRTM 400 reactors and increases GT's polysilicon bookings to over $500 million since the beginning of the current fiscal year, and will be included in GT's backlog for its Q3 FY12, which ends on December 31, 2011.
"We have a strong record of helping new entrants to develop highly productive and low-cost polysilicon production plants around the world and we are excited to be working with Polysilicon Technology Company on this important project," said Dave Keck, vice president and general manager of GT's polysilicon business. "This project is an important step in establishing the renewable energy industry in Saudi Arabia and the region as a whole. We are proud to be associated with the highly qualified team at PTC."
The order is GT's first from a company based in Saudi Arabia and is the only active polysilicon production project in the Middle East at this time. The new contract continues a technology agreement with PTC that was first signed in 2009. The plant will be located in Jubail Industrial City, Kingdom of Saudi Arabia. Delivery of equipment is expected to begin in the latter half of 2012 with completion scheduled for the end of the year.
"Making such an order reflects our clear vision, belief and commitment to this industry," said Ibrahim Al-Humaidan, executive director of PTC. "PTC has wider plans and this major milestone embarks its onsite activities in Jubail, GT is a leader in this field with a proven track record and we are happy to be working with them and to be the first company to transfer such an advanced technology to our region."
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit http://www.gtat.com.
About Polysilicon Technology Company
Polysilicon Technology Company is an equal joint venture between Mutajadedah Energy Company (MEC) of Saudi Arabia and KCC Corporation of Korea (KCC). KCC is a leading fine chemicals and construction materials company and a global producer of Polysilicon. MEC is a local Saudi Company owned by Swicorp Joussour Company and Chemical Development Company incorporated to invest across the solar energy value chain in Saudi Arabia.
Some of the statements in this press release are forward-looking in nature, including statements regarding expected revenue from customer contracts. 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 the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements.Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the possibility that the Company is unable to recognize revenue on customer contracts, that technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc's (formerly Solar International, Inc.) filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's annual report on Form 10-K for fiscal 2011filed on May 26, 2011 and quarterly report on Form 10-Q for the first quarter of fiscal 2012 filed on August 5, 2011. GT Advanced Technologies, 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.
SOURCE: GT Advanced Technologies Inc.
GT Advanced Technologies
Jeff Nestel-Patt, 603-204-2883
Ryan Blair, 603-681-3869