Evergreen Sells German Solar Firm
Marlborough-based solar panel manufacturer Evergreen Solar Inc. has sold its stake in German panel manufacturer Sovello AG, the company said in a U.S. Securities and Exchange Commission filing.
Evergreen was one of three companies that owned the struggling Sovello. Evergreen's stake was bought by Ventizz Capital Fund IV LP, a German equity firm. Financial terms of the deal were not disclosed.
In connection with the closing of the sale, Evergreen's existing technology license agreements with Sovello were terminated in favor of a new agreement that allows Sovello to continue using Evergreen's "string ribbon" manufacturing technology to produce solar wafers, cells and panels.
Evergreen also said that Sovello had agreed to provide financial statements for 2009. In a separate SEC filing last week, Evergreen said it could face delisting or even bankruptcy if it could not provide the SEC with Sovello's statements.
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