North Coast Solar Stocks

August 3, 2009

MEMC to appeal jury decision in BP Solar lawsuit

Filed under: WFR — Tags: , , , , — Jason @ 11:06 am

MEMC Electronics to appeal jury decision that awards BP Solar $8.8M in supply agreement suit

Monday August 3, 2009, 11:06 am EDT

NEW YORK (AP) — MEMC Electronic Materials Inc. (WFR), a maker of silicon wafers, on Monday said it intends to appeal the jury’s decision that returned a verdict in favor of BP Solar International, in a lawsuit over a supply agreement between the two companies.

The verdict awards damages of $8.8 million to BP Solar, the company said.

In April BP Solar sued MEMC, alleging non-delivery of polysilicon powder under three-year supply agreement that MEMC said has never existed. BP claimed damages of up to $140 million.

Polysilicon is a key raw material used in the production of solar cells.

Shares of MEMC rose 50 cents, or 2.8 percent, to $18.12.

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