GT Solar (SOLR) Lands Big $200 Million Deal For Solar Ingot Furnaces In China

GT Solar International (SOLR) announced a $20 million order for its DSS450 solar ingot furnace about a week ago and the CEO commented then that the company was seeing a pickup in demand as China solar manufacturers look to increase capacity.. he wasn’t kidding!  This morning the company has announced $200 million in new orders for its industry leading furnace, ancillary equipment and services.  The new orders include a $137 million follow on order (which may be from Jiangxi Sornid (the $20 million order from last week) and orders from Tianwei, Phoenix Photovoltaic, Yingli Green Energy (YGE), JA Solar (JASO) and Sino-American (Taiwan).  The orders were booked in the current quarter and revenues won’t be recognized until the next fiscal year.

CEO Tom Gutierrez commented: “We are pleased that leading PV manufacturers continue to express confidence in our ingot growth technology, as evidenced by these orders from our valued Asian customers.  GT Solar is well positioned in Asia to meet the needs of our growing base of customers with the investment we have made for additional service and support capability in our Shanghai facility. The reliability of our DSS450 ingot growth furnace continues to deliver proven value to our customers by providing a lower cost of ownership and reducing their cost of manufacturing.”

Shares of SOLR are up nearly 7% today and pushing back above resistance of the both the 50 and 200 day moving averages.

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