North Coast Solar Stocks

May 20, 2009

Evergreen Solar Prices Public Offering of Common Stock

Filed under: ESLR — Tags: , , , , — Jason @ 7:55 pm

Wednesday May 20, 2009, 7:55 pm EDT

MARLBORO, Mass.–(BUSINESS WIRE)–Evergreen Solar, Inc. (“Evergreen Solar”) (ESLR) announced today that it priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering.

The offering will result in gross proceeds of $66.6 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $63.0 million to Evergreen Solar. Evergreen Solar also granted the underwriter a 30-day option to purchase up to an additional 5,550,000 shares of its common stock. The offering is expected to close on or about May 26, 2009.

Evergreen Solar expects to use the net proceeds from the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello’s lenders) that may be required under certain circumstances.

Piper Jaffray & Co. is acting as sole underwriter for the offering.

The offering is being made under Evergreen Solar’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). Evergreen Solar intends to file with the SEC a final prospectus supplement for the offering to which this communication relates. Copies of the final prospectus supplement and the accompanying prospectus, when available, may be obtained by visiting EDGAR on the SEC’s Web site at http://www.sec.gov and from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: prospectus@pjc.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock. Furthermore, Evergreen Solar will not sell any of the common stock and has been advised by Piper Jaffray & Co. that it and its affiliates will not sell any of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.

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