GT Solar (SOLR) Surges On $219 Million Order For LED Production Equipment

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05:06:44 pm on April 27, 2011

GT Solar (SOLR) had a good day today, surging with heavy volume back above resistance of the 50 day moving average after the company announced that China based Guizhou Haotian Optoelectronics Technology purchased $219 million worth of its sapphire crystallization furnaces used for LED lighting production. 

GT Solar just recently entered the LED industry last year with the acquisition of Crystal Systems.  At the time I said it was a great move for SOLR and today’s announcement is more evidence of that.  Yesterday, the company announced a nearly $100 million order for its polysilicon production products, so it’s been a great week for the company.  The new orders represent well over a quarter’s worth of revenue.

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“We are pleased that HTOT has selected our advanced sapphire crystallization furnaces and look forward to a long and successful partnership over the coming years,” said Tom Gutierrez, GT Solar’s president and CEO. “We continue to see growing interest from companies looking to enter the fast-growing LED industry. Our sapphire crystal growth technology provides a proven path to producing high quality material, and our global installation and support resources enable our customers to quickly ramp to high volume, low-cost manufacturing.”

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