Evergreen posts loss after plant closure
DEVENS, MASSACHUSETTS - U.S. solar panel maker Evergreen Solar Inc recorded a $411 million net loss for the fourth quarter after taking charges and write-downs for closing its Devens, Massachusetts manufacturing plant.
Net loss for the quarter was $411 million, or $11.99 per share, compared with a net loss of $98.4 million, or $2.88 per share, in the same period a year ago.
Revenue rose 20 percent to $89.3 million from $74.5 million last year.
The company's average selling prices fell 6 percent to $1.90 per watt from $2.02 per watt in the third quarter.
With the closure of its Devens facility, Evergreen is better positioned to become a supplier of low-cost silicon wafers, Chief Executive Michael El-Hillow said in a statement.
Evergreen, which is based in Marlboro, Massachusetts, last month said it would close its Devens factory and cut 800 jobs to preserve cash. Its products have faced stiff competition from cheaper Chinese rivals, and Evergreen has pursued a strategy to outsource manufacturing to China.
Evergreen's string ribbon silicon wafers use half the polysilicon of traditional products, but are still sold at a premium to peers.
Related News
New president at Manitoba Hydro to navigate turmoil at Crown corporation
WINNIPEG - The Manitoba government has appointed a new president and chief executive officer at its Crown-owned energy utility.
Jay Grewal becomes the first woman to head Manitoba Hydro, and takes over the top spot as the utility faces mounting financial challenges and turmoil.
Grewal has previously held senior roles at Capstone Mining Corp and B.C. Hydro, and is currently president of the Northwest Territories Power Corporation.
She will replace outgoing president Kelvin Shepherd, who recently announced he is retiring, on Feb. 4.
The utility was hit by the sudden resignations of nine of its 10 board members in March, who said they had…
