MERRIMACK, N.H. -- (BUSINESS WIRE) --
GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, and Jiangxi Sornid Hi-Tech Co., Ltd. today jointly announced that they signed a new contract totaling more than $20 million for GT Solar's market-leading GT-DSS450TM ingot growth furnaces and ancillary equipment and services. The order was booked in GT Solar's current fourth fiscal quarter and revenue is expected to be recognized in subsequent periods.
"We are committed to becoming a leading supplier of high quality multi-crystalline silicon wafers to the solar industry," said Mr. Lou Hong, chairman, Jiangxi Sornid Hi-Tech Co., Ltd. "GT Solar is a valued partner and their ingot growth furnaces produce high quality ingots that meet our customers' expectations."
"We are seeing an increase in bookings for our GT-DSS450 furnaces in China as customers begin to add new production capacity to position themselves for the next phase of growth in the worldwide solar industry," said Tom Gutierrez, GT Solar's president and chief executive officer. "Over the past year we have significantly expanded our service and support capabilities in China to better serve our growing base of customers in this key strategic market. We are pleased to have this repeat order from Sornid."
With over 1,300 systems in the field, GT Solar's DSS ingot growth furnaces are widely used in the solar industry and are known for their reliability and for consistently producing high quality crystal.
About Jiangxi Sornid Hi-Tech Co., Ltd
Jiangxi Sornid Hi-Tech Co., Ltd, located in Jiujiang Industrial Development Zone, is one of the largest PV manufacturers in China's Jiangxi province. Sornid provides multi-crystalline wafers to many of China's leading silicon cell and module manufacturers. For more information about Sornid, visit their web site at www.sornid.com.
About GT Solar International, Inc.
GT Solar International, Inc., based in Merrimack, NH, USA, is a leading global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership, accelerating the drive towards grid parity. For additional information about GT Solar, please visit www.gtsolar.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in nature, including statements regarding expected revenue from a customer contract and the addition of new capacity by customers. 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 Solar International, Inc.'s 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 the fiscal 2009 filed on June 9, 2009 and Form 10-Q for the third quarter of fiscal 2010 filed on February 5, 2010. Statements in this press release should be evaluated in light of these important factors. GT Solar International, 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.
CONTACT:
Media
GT Solar
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtsolar.com
or
Investors/Analysts
GT Solar
Bob Blair, 603-681-3869
bob.blair@gtsolar.com
or
Sornid
Lisa Hu, +86 13809865999
lisajun@163.com