GT Announces Project Win for HiCz Technology
The project win with Qatar Solar Energy (QSE) is subject to QSE’s receipt of government approvals and financing before the project win becomes in an offical equipment order. As far as revenue recognition, HiCz will likely have a longer period of acceptance that could range from 6 to 12 months after the equipment is delivered before revenue can be recognized.
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.
Full Disclosure: I am long GTAT
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