GT Advanced Technologies Inc., (NASDAQ: GTAT), announced that it has received a $47.7 million order for polysilicon production equipment and technology from Polysilicon Technology Company (PTC), a company based in the Kingdom of Saudi Arabia. The order includes SDRTM 400 reactors and increases GT’s polysilicon bookings to over $500 million since the beginning of the current fiscal year, and will be included in GT’s backlog for its Q3 FY12, which ends on December 31, 2011.
“We have a strong record of helping new entrants to develop highly productive and low-cost polysilicon production plants around the world and we are excited to be working with Polysilicon Technology Company on this important project,” said Dave Keck, vice president and general manager of GT’s polysilicon business. “This project is an important step in establishing the renewable energy industry in Saudi Arabia and the region as a whole. We are proud to be associated with the highly qualified team at PTC.”
The order is GT’s first from a company based in Saudi Arabia and is the only active polysilicon production project in the Middle East at this time. The new contract continues a technology agreement with PTC that was first signed in 2009. The plant will be located in Jubail Industrial City, Kingdom of Saudi Arabia. Delivery of equipment is expected to begin in the latter half of 2012 with completion scheduled for the end of the year.
“Making such an order reflects our clear vision, belief and commitment to this industry,” said Ibrahim Al-Humaidan, executive director of PTC. “PTC has wider plans and this major milestone embarks its onsite activities in Jubail, GT is a leader in this field with a proven track record and we are happy to be working with them and to be the first company to transfer such an advanced technology to our region.”