MERRIMACK, N.H., June 12, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc., (Nasdaq:GTAT), today announced that it has secured a project win for its proprietary, next-generation HiCz continuous feeding puller technology that is expected to help enable the solar industry's transition to higher efficiency, lower cost solar material. The company has entered into an agreement with Qatar Solar Energy (QSE) to supply its HiCz™200 furnaces for QSE's integrated PV manufacturing project in Doha, Qatar. As noted by QSE in a recent press release, QSE has opened a 300MW integrated facility and plans for the project to reach 2.5GW. The supply agreement is subject to QSE's receipt of government approvals and financing, at which time GT would expect to receive the equipment order.
"We are pleased that GT has been selected to supply its HiCz™200 monocrystalline furnace to QSE," said Dave Keck, executive vice president of GT's solar business. "This is an exciting opportunity for GT to have our leading edge HiCz technology selected to be a part of the first vertically integrated PV manufacturing facility in the MENA region. The GT HiCz 200 furnace is expected to produce high quality n-type wafers for solar cells with efficiencies that exceed 22 percent."
HiCz is GT's proprietary next-generation monocrystalline PV puller capable of growing both p-type and n-type monocrystalline ingots. The HiCz continuous feeding growth process offers significant advantages over traditional batch Cz furnaces making it particularly well suited for the production of n-type ingots. The HiCz growth process produces longer ingots with greater material uniformity and lower resistivity. This process lowers the cost of wafering through improvements in yield, enables higher quality material and is expected to provide a path to higher efficiency solar cells.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Forward-Looking Statements
Certain of the information in this press release relates to the Company's future expectations, plans, products and prospects for its business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: the Company will supply 200 HiCz™ monocrystalline furnaces to Qatar Solar Energy; the Company's next-generation HiCz continuous feeding puller technology is expected to help enable the solar industry's transition to higher efficiency, lower cost solar material; Qatar Solar Energy plans for its integrated PV manufacturing project in Doha, Qatar to reach 2.5GW; the supply agreement is subject to QSE's receipt of government approvals and financing, at which time GT would expect to receive the equipment order (and that QSE will receive the applicable government approval, requisite financing and will place the equipment order for the HiCz™ monocrystalline furnaces with the Company); the Company's HiCz™ monocrystalline furnace is expected to produce high quality n-type wafers for solar cells with efficiencies that exceed 22 percent; the HiCz growth process lowers the cost of wafering through improvements in yield, enables higher quality material and is expected to provide a path to higher efficiency solar cells; the ability of QSE to receive final project approval and financing; the Company's ability to successfully deliver the HiCz 200 furnace according to the terms of the contract; the ability of the HiCz furnace to meet expected production specifications for producing n-type monocrystalline ingots; and the ability of the HiCz furnace to deliver significant improvements in efficiency, cost, yield and quality over conventional batch Cz furnaces.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 Company not being able to commercialize its technology under development (including the HiCz furnace); customers and other parties not satisfying any conditions necessary to complete a contract; the Company's products not performing as expected; the Company's products not having the expected impact on its industry; and the Company's ability to complete development of and commercialize any new products. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include: the impact of continued decreased demand and/or excess capacity in the markets for the output of the Company's equipment; general economic conditions and the tightening credit markets having an adverse impact on demand for the Company's products; limited sales of PV and other equipment products; the possibility that changes in government incentives may reduce demand for polysilicon and solar products, which would, in turn, reduce demand for the Company's equipment; technological changes could render existing or proposed 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 Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's quarterly report on Form 10-Q for the quarter ended March 29, 2014. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies 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.