Evergreen Solar shares got a boost Monday on news the company plans to increase capacity at its Devens, Massachusetts, facility.
Evergreen shares surged $0.40, or 3.74 percent, at $11.09 in midday trading.
"Phase 1 of our Devens site is on schedule to open by mid 2008 and begin its ramp up to 80 MW of production in 2009,” Evergreen CEO Richard Feldt said in a statement.
Evergreen expects the work to be completed in 2009, bumping up the location’s total capacity to about 160 megawatts.
The company claims its crystalline silicon technology, dubbed String Ribbon, gives it a silicon-saving advantage over others.
For the year ended December 31, 2007, the company reported a loss of $16.6 million on sales of $69.9 million. That compares with a loss of $26.7 million on sales of $102.3 million for the same period a year earlier.