GT Announces Project Win for HiCz Technology

Posted: June 12, 2014 by mattmargolis24 in Uncategorized
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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

I will be breaking down the financial impact of this deal for my PTT Forensics Research Subscribers in the near future. Join now and be the first to find out!

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Comments
  1. Simon says:

    Is there any information on the cost of each of these machines? It seems like this would be new revenue that wasn’t included in the FY2014 guidance. Is that accurate?

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    • I’m looking into the financial impact

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      • Moneytreezzz says:

        Definitely sounds like a new win which wasn’t in 2014/2015 guidance. I wonder how many furnaces are needed for every 300MW installed and revs of each. This isn’t silent code like Apple deal so IR might be a little bit more open about details. Definitely good news…

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  2. Simon says:

    Any ETA on an update on the financial implications of this?

    Also wondering about the June 4th company overview, specifically the following information:
    “Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the Company’s ability to transition its business to being a sapphire material and equipment provider; Apple purchasing sufficient quantities under its arrangements with the Company; the Company complying with the provisions of its arrangements with Apple”

    I can understand the part about Apple needing to purchase sufficient quantities for GTAT to gain significant revenue from it but the last part about complying with provisions of the arrangement with Apple – do you have any insight into what that means?

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