Evergreen Solar losses mount as German venture sours (Boston)
Evergreen Solar Inc. reported an 81 percent year-over-year increase in revenue for the fourth quarter, but charges from the company’s struggling European joint venture resulted in a wider net loss.
The Marlborough, Mass.-based solar cell and panel maker (Nasdaq: ESLR) generated revenue of $74.5 million in the fourth quarter, compared with $44.2 million in the same quarter a year ago. That growth came as revenue from royalties and fees dropped to $20,000 from $3.1 million a year ago.
Yet Evergreen solar booked $69.8 million in losses and impairment charges from Evergreen Solar’s stake in Sovello AG, a German maker of solar-power products that use Evergreen’s solar-cell manufacturing technology.
Read the full report in the Boston Business Journal.
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