Bloomberg News

GT Advanced Wins $101 Million Order for Polysilicon Reactors

January 09, 2012

(Updates with closing share price in fifth paragraph.)

Jan. 9 (Bloomberg) -- GT Advanced Technologies Inc., a U.S. supplier of solar manufacturing equipment, won an order for $101.3 million of reactors and related systems to produce polysilicon amid a worldwide glut of the main material in solar cells.

The sale is GT Advanced’s first “to one of the large incumbent polysilicon producers,” Chief Executive Officer Tom Gutierrez said today in a statement. The order will be included in the Merrimack, New Hampshire-based company’s backlog for the third quarter of fiscal 2012, which ended Dec. 31.

The customer, which wasn’t named, signed an engineering services contract with GT Advanced in its second fiscal quarter and this is the first system purchase from the equipment maker.

Prices for polysilicon fell 65 percent last year to $26.52 a kilogram at the end of December as production surged and demand growth slowed for solar panels.

GT Advanced rose 0.1 percent to $7.61 at the close in New York.

--Editors: Will Wade, Tina Davis

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.


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