Evergreen Solar Looking to Generate $65M

Evergreen Solar, a company in the solar panel industry that makes and markets silicon wafers, has announced that they are selling more than $65 million worth of common stock. In total, Evergreen Solar will make 37 million shares available at a price tag of $1.80 per share.

The company said that part of the money will be used for many purpose. First, part of the money will be used to purchase equipment in their Midland, Michigan factory. Second, the money could go toward paying money to a joint venture. Next, the money is intended to be used to build a wafer factory in Wuhan, China (the total cost of this aspect could be as much as $20 million). Finally, money will be used for general purposes within the company.

Evergreen Solar, which is known for its String Ribbon product, was founded in 1994. It’s currently traded on NASDAQ using the “ESLR” stock symbol. On Wednesday, the stock’s price went down one penny to $2.23.

Solar Panels (Image: Flickr)