Evergreen Offers Stock To Fund Expansion
Evergreen Solar Inc. is offering $60 million in common stock to the public to fund a planned manufacturing facility in China, to purchase equipment for its Michigan facility and for general corporate purposes.
The Marlborough-based company said it expects to give the offering's underwriter, Piper Jaffray & Co., a 30-day option to purchase up to an additional $9 million in common stock.
Evergreen's facility in Wuhan, China needs either government financing or government-facilitated financing for about two-thirds of its initial expansion costs and is expected to require between $15 million and $20 million.
The Midland, Mich., facility requires capital equipment for expansion.
The company operates a $200 million manufacturing plant that opened last summer in Devens. The company has never turned a profit. In its most recent quarter, Evergreen reported an operating loss of $59 million.
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