GT Solar (SOLR) Announces $41 Million LED Furnace Order

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11:04:28 am on February 28, 2011

On July 30th of last year, GT Solar (SOLR) made an important purchase of Crystal Systems which added LED manufacturing to its solar ingot manufacturing product line.  Not only did that diversify its operations, but added another driver of growth and in my mind a much larger driver of growth than its solar operations in a few years.  The stock has nearly doubled since that news hit.

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In December, they announced the first big order from two Chinese companies for its sapphire furnace product used in LED manufacturing and last night they announced another big order totaling $41 million.  This marks the 4th order in just the past few months, so clearly its becoming an important part of their growth strategy.

“We continue to see interest in our advanced sapphire furnace from new market entrants who are interested in producing sapphire material for high brightness (HB) LED applications,” said Tom Gutierrez, GT Solar’s president and CEO. “Our sapphire crystallization furnace provides a scalable and reliable architecture allowing companies to quickly ramp to volume production to produce low-cost, large area sapphire substrates.”

Shares of SOLR were up at the open, but have given back most of the gains in early trading.  On the daily chart, shares remains quite bullish, holding above the 50 dma and working on another orderly base.  Perhaps this news is the catalyst for another breakout move.

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