Solar Stocks ; Underwriters Exercise Overallotment Option for 650,000 GT Solar (NASDAQ: SOLR) Shares in Secondary Offering
MERRIMACK, N.H.--(http://www.investorideas.com/ clean energy stocks blog )--On September 23, 2010, GT Solar International, Inc. (NASDAQ: SOLR), announced that the underwriters for the recently announced secondary offering of GT Solar common stock have exercised in part their over-allotment option to purchase an additional 650,000 shares of GT Solar's common stock. The 11,650,000 shares of GT Solar common stock in the secondary offering, including the 650,000 shares subject to the over-allotment option, were sold at a price to the public of $7.39 per share. The sale of the 11,000,000 shares closed on September 15, 2010 and the sale of the 650,000 shares purchased pursuant to the over-allotment option closed on September 21, 2010.
All of the shares in the offering, including the shares subject to the over-allotment option, were sold by GT Solar Holdings, LLC. The Company did not receive any proceeds from the sale of the shares in connection with this secondary offering. Concurrently with the secondary offering, GT Solar Holdings, LLC also sold 14,000,000 shares of GT Solar’s common stock to UBS Securities LLC in connection with its underwriting of UBS AG’s Mandatorily Exchangeable Notes due 2013, which are exchangeable for shares of GT Solar’s common stock. Neither the Company nor GT Solar Holdings, LLC has any obligation to deliver any additional shares or other consideration in connection with the Mandatorily Exchangeable Notes.
The sale of the 650,000 shares in connection with the exercise of the over-allotment option was reported with the U.S. Securities and Exchange Commission on September 21, 2010 on separate Form 4s filed by Mr. J. Bradford Forth, Mr. R. Chad Van Sweden and Oaktree Capital Management, L.P., who may be deemed to have indirect beneficial ownership of the shares held by GT Solar Holdings, LLC.
Contacts
GT Solar International, Inc.
Media:
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtsolar.com
or
Investors/Analysts:
Bob Blair, 603-681-3869
bob.blair@gtsolar.com
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Showing posts with label GT Solar (NASDAQ: SOLR). Show all posts
Showing posts with label GT Solar (NASDAQ: SOLR). Show all posts
Thursday, September 23, 2010
Tuesday, January 19, 2010
Solar Stocks News - GT Solar (NASDAQ: SOLR) Signs More than $40 Million in New Contracts with GCL-Poly
Solar Stocks News - GT Solar (NASDAQ: SOLR) Signs More than $40 Million in New Contracts with GCL-Poly
Leading Chinese Solar Company Purchases Equipment, Technology and Know-How from GT Solar
MERRIMACK, N.H.----GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced that it has signed contracts in excess of $40 million with two wholly owned subsidiaries of China-based GCL-Poly Energy Holdings Limited (“GCL-Poly”). The first agreement, with Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., is for GT Solar’s best-in-class Trichlorosilane (TCS) Production Technology Solution. The second, with Jiangsu GCL Silicon Material Technology Development Co. Ltd., is for GT Solar’s market-leading Directional Solidification System (DSS) furnaces and ancillary equipment. These contracts represent the first purchases of GT Solar equipment and services by GCL-Poly and its subsidiaries.
“We are pleased to welcome GCL-Poly as a new GT Solar customer for both our polysilicon and photovoltaic equipment businesses”.GT Solar’s TCS Production Solution includes all of the technology and basic engineering services required to produce TCS, one of the primary raw materials used to manufacture polysilicon. GT Solar’s DSS furnaces are used to melt polysilicon and grow multi-crystalline ingots, which are utilized to produce solar wafers and, ultimately, solar cells.
“GCL-Poly is committed to providing high-quality and cost-competitive solar raw materials by adopting the best-in-class technologies and equipment,” said Mr. Zhu Gong Shan, executive director, chairman and chief executive officer of GCL-Poly. “We chose to purchase the TCS Production Solution and DSS units from GT Solar because of their proven expertise in both polysilicon production and ingot crystallization. GT Solar’s TCS production solution should help to improve the quality and lower the cost of our polysilicon operations. Their expected timely delivery of the DSS furnaces should help to ensure that our new ingot and wafer production facility can be up-and-running in 2010.”
“We are pleased to welcome GCL-Poly as a new GT Solar customer for both our polysilicon and photovoltaic equipment businesses,” said Tom Gutierrez, GT Solar’s president and chief executive officer. “Our relationship with GCL-Poly further strengthens our market position in China and reinforces our role as a technology leader. We believe GT Solar’s DSS furnaces are the system of choice for leading PV manufacturers around the world. And, our TCS Production Technology Solution represents another win for this leading technology that should help to significantly lower the production cost of polysilicon.”
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.
About GCL-Poly Energy Holdings Limited*
GCL-Poly Energy Holdings Limited is China’s largest and one of the world's leading polysilicon suppliers and also a top green energy enterprise in China with extensive operation and management experience. Annual polysilicon production capacity of GCL Solar, a subsidiary of the Group, reached 18,000 MT at the end of 2009 and is expected to reach 21,000 MT by the end of 2010. GCL Solar has also started constructing wafer production facilities and targets to achieve 1GW of capacity by mid-2010. In addition, the Group controls and invests in a total of 18 cogeneration power plants, one incineration power plant and one wind power plant. Most of these plants are located in Jiangsu and Zhejiang provinces in China with strong economic growth and robust demand for electricity and steam. All these plants are advocated and encouraged by the Chinese government. For more information about GCL-Poly, please visit the company’s website at www.gcl-poly.com.hk.
*Source: GCL-Poly Energy Holdings Limited. GT Solar takes no responsibility for the accuracy of this description.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in nature, including statements regarding the $40 million combined total value of GT Solar’s new contracts with GCL-Poly. 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 GT Solar’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 GCL-Poly may not perform its obligations under its contracts with GT Solar, 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 GT Solar’s annual report on Form 10-K for the fiscal 2009 filed on June 9, 2009 and Form 10-Q for the second quarter of fiscal 2010 filed on November 10, 2009. 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.
__________________________________
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Leading Chinese Solar Company Purchases Equipment, Technology and Know-How from GT Solar
MERRIMACK, N.H.----GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced that it has signed contracts in excess of $40 million with two wholly owned subsidiaries of China-based GCL-Poly Energy Holdings Limited (“GCL-Poly”). The first agreement, with Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., is for GT Solar’s best-in-class Trichlorosilane (TCS) Production Technology Solution. The second, with Jiangsu GCL Silicon Material Technology Development Co. Ltd., is for GT Solar’s market-leading Directional Solidification System (DSS) furnaces and ancillary equipment. These contracts represent the first purchases of GT Solar equipment and services by GCL-Poly and its subsidiaries.
“We are pleased to welcome GCL-Poly as a new GT Solar customer for both our polysilicon and photovoltaic equipment businesses”.GT Solar’s TCS Production Solution includes all of the technology and basic engineering services required to produce TCS, one of the primary raw materials used to manufacture polysilicon. GT Solar’s DSS furnaces are used to melt polysilicon and grow multi-crystalline ingots, which are utilized to produce solar wafers and, ultimately, solar cells.
“GCL-Poly is committed to providing high-quality and cost-competitive solar raw materials by adopting the best-in-class technologies and equipment,” said Mr. Zhu Gong Shan, executive director, chairman and chief executive officer of GCL-Poly. “We chose to purchase the TCS Production Solution and DSS units from GT Solar because of their proven expertise in both polysilicon production and ingot crystallization. GT Solar’s TCS production solution should help to improve the quality and lower the cost of our polysilicon operations. Their expected timely delivery of the DSS furnaces should help to ensure that our new ingot and wafer production facility can be up-and-running in 2010.”
“We are pleased to welcome GCL-Poly as a new GT Solar customer for both our polysilicon and photovoltaic equipment businesses,” said Tom Gutierrez, GT Solar’s president and chief executive officer. “Our relationship with GCL-Poly further strengthens our market position in China and reinforces our role as a technology leader. We believe GT Solar’s DSS furnaces are the system of choice for leading PV manufacturers around the world. And, our TCS Production Technology Solution represents another win for this leading technology that should help to significantly lower the production cost of polysilicon.”
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.
About GCL-Poly Energy Holdings Limited*
GCL-Poly Energy Holdings Limited is China’s largest and one of the world's leading polysilicon suppliers and also a top green energy enterprise in China with extensive operation and management experience. Annual polysilicon production capacity of GCL Solar, a subsidiary of the Group, reached 18,000 MT at the end of 2009 and is expected to reach 21,000 MT by the end of 2010. GCL Solar has also started constructing wafer production facilities and targets to achieve 1GW of capacity by mid-2010. In addition, the Group controls and invests in a total of 18 cogeneration power plants, one incineration power plant and one wind power plant. Most of these plants are located in Jiangsu and Zhejiang provinces in China with strong economic growth and robust demand for electricity and steam. All these plants are advocated and encouraged by the Chinese government. For more information about GCL-Poly, please visit the company’s website at www.gcl-poly.com.hk.
*Source: GCL-Poly Energy Holdings Limited. GT Solar takes no responsibility for the accuracy of this description.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in nature, including statements regarding the $40 million combined total value of GT Solar’s new contracts with GCL-Poly. 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 GT Solar’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 GCL-Poly may not perform its obligations under its contracts with GT Solar, 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 GT Solar’s annual report on Form 10-K for the fiscal 2009 filed on June 9, 2009 and Form 10-Q for the second quarter of fiscal 2010 filed on November 10, 2009. 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.
__________________________________
News & Stories Published at Clean Energy Stocks Blog.
Green Investors:
Research Renewable Energy and water stocks as an Investor Ideas member and gain access to global green stock directories.
The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Smart Grid Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Visit the Renewable energy stocks directory - the largest online green stock directory for investors.
http://www.investorideas.com/Companies/RenewableEnergy/Stock_List.asp
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