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EVERGREEN SOLAR INC Message Board

  • discover55555 discover55555 Feb 11, 2011 7:15 AM Flag

    ESLR 6 Key Points (rev: 2/10/11)

    1) ESLR becomes best of breed when manufacturing in China (From the 2010 3Q report (page 26):

    "When our Wuhan facility reaches full operating metrics by mid-2011, our non-silicon processing costs are expected to be $0.23 per watt. This compares to an estimated $0.25 per watt for our still larger Chinese competitors, and then only the best of breed companies. Assuming silicon costs of $50 per kilogram, we expect to reduce our fully loaded wafer costs to $0.40 per watt, which compares to $0.55 per watt for our much larger competitors consisting of $0.30 per watt for silicon and $0.25 per watt for processing.
    Our target is to reduce non-silicon process cost further to $0.13 per watt by late 2012, which is substantially less than projected best of breed Chinese manufacturers. With silicon consumption projected at 2.8 grams per watt as we further improve our process and reduce consumable materials costs, our fully loaded wafer costs are expected to be $0.25 per watt by the end of 2012. Our non-silicon process cost will ultimately be better than the best wafer manufacturers in the world because the "non-silicon" costs used in String Ribbon are lower than those used in ingot growing and wire slicing..."

    2) Production cost will will drop from $1.88 w to $1.25 in 2011 and $.90 in 2012
    "Total cost estimated for the initial 100 MW wafer manufacturing facility is expected to be approximately $60 million, the majority of which is for Quad wafer furnaces. When this facility reaches approximately 20 MW of capacity per quarter as expected in mid-2011, we expect to initially produce a wafer for approximately $0.40 per watt and have a total panel cost of approximately $1.25 per watt. As our performance at Devens has demonstrated, yields through the cell and panel fabs using String Ribbon wafers are similar to yields in factories that utilize cast and sawn wafers.


    3) ESLR to expand production from 100MW to 500 MW by 2012
    "we and Jiawei intend to expand production capacity of our respective manufacturing operations to approximately 500 MW by 2012"

    4) Estimates savings by shifting production to China
    Number of jobs eliminated in the US and transferred to China: 800
    Estimated avg annual salary per Headcount(incl benefits): $55K(US), $4K (China)
    Annual salary paid for 800 workers: $44M(US); $3.2M (China)
    Savings: $40.8M per annum
    Quarterly savings: $10.2 per Quarter

    5) "Patrick administration officials said they will try to recoup money from Evergreen, but it's unlikely to be much. Why? Because Evergreen met most of its targeted hiring goals. That's the irony of this situation. Evergreen was growing..."

    Read more: http://www.sentinelandenterprise.com/edi...

    6) Correction: $4.345 Million in savings from restructuring 10-Feb-11 12:52 pm
    "Evergreen said it has received exchange commitments for just 26 percent of the $200 million in 4 percent senior convertible notes that the company is seeking to exchange, and for 48 percent of the $165 million in 13 percent convertible senior secured notes the company is seeking to exchange."

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