Evergreen posts loss after plant closure


NFPA 70b Training - Electrical Maintenance

Our customized live online or in‑person group training can be delivered to your staff at your location.

  • Live Online
  • 12 hours Instructor-led
  • Group Training Available
Regular Price:
$699
Coupon Price:
$599
Reserve Your Seat Today
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

Brand New Renewable Technology Harnesses Electricity From The Cold, Dark Night

Nighttime Thermoelectric Generator converts radiative cooling into renewable energy, leveraging outer space cold; a Stanford-UCLA…
View more

Canada in top 10 for hydropower jobs, but doesn't rank on other renewables

Canada Renewable Energy Jobs rank top 10 in hydropower, says IRENA, but trail in solar…
View more

Canada will need more electricity to hit net-zero: IEA report

Canada Clean Electricity Expansion is urged by the IEA to meet net-zero targets, scaling non-emitting…
View more

Maritime Link sends first electricity between Newfoundland, Nova Scotia

Maritime Link HVDC Transmission connects Newfoundland and Nova Scotia to the North American grid, enabling…
View more

TotalEnergies to Acquire German Renewables Developer VSB for US$1.65 Billion

TotalEnergies VSB Acquisition accelerates renewable energy growth, expanding wind and solar portfolios across Germany and…
View more

Can the Electricity Industry Seize Its Resilience Moment?

Hurricane Grid Resilience examines how utilities manage outages with renewables, microgrids, and robust transmission and…
View more

Sign Up for Electricity Forum’s Newsletter

Stay informed with our FREE Newsletter — get the latest news, breakthrough technologies, and expert insights, delivered straight to your inbox.

Electricity Today T&D Magazine Subscribe for FREE

Stay informed with the latest T&D policies and technologies.
  • Timely insights from industry experts
  • Practical solutions T&D engineers
  • Free access to every issue

Live Online & In-person Group Training

Advantages To Instructor-Led Training – Instructor-Led Course, Customized Training, Multiple Locations, Economical, CEU Credits, Course Discounts.

Request For Quotation

Whether you would prefer Live Online or In-Person instruction, our electrical training courses can be tailored to meet your company's specific requirements and delivered to your employees in one location or at various locations.