Friday, November 06, 2009 at 11:05:23 AM
On July 16, 2008, Evergreen Solar opened its Fort Devens, Massachusetts 450,000-square-foot manufacturing facility. It was the first phase in a plan to ramp up toward greater
solar panel production, with a second phase scheduled for completion in March of 2009.
The company won $44 million in state incentives (and another reported $32 million in grants, land, loans, tax incentives, and other aid) to build its manufacturing plant. In February of 2008, before the plant was announced, it had scaled back its IPO from 20 million shares to 16. A little more than a year later, on the announcement of more than $1 billion in new contracts with Germany's IBC Solar AG, those shares shot up 33 percent...