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$55 million investment by Evergreen Solar to create 596 Michigan jobs
Governor Jennifer M. Granholm today announced that Massachusetts-based Evergreen Solar Inc., a manufacturer of solar power panels, has chosen Midland over a competing site in another state to establish a new facility that will create string for the company’s proprietary, low-cost String Ribbon™ wafer technology. The project, pending final permit approval by the Michigan Department of Environmental Quality, is expected to generate approximately $55.2 million in new capital investment and up to 596 new Michigan jobs, including 101 directly by the company, over the next five years.
“Attracting and growing alternative energy companies is a key part of our comprehensive plan to createjobs and diversify Michigan’s economy,” Granholm said. “Evergreen Solar is a great example of how our focus on alternative energy is fueling new jobs and positioning Michigan to be the state that ends our nation’s dependence on foreign oil.”
Based on the MEDC’s recommendation, the Michigan Economic Growth Authority board today approveda state tax credit valued at $1.8 million over 10 years to win the company’s expansion.The city of Midland has approved a 12-year abatement worth $3.9 million to support the project.
“Our competitive business climate and highly-specialized workforce definitely give us an advantage when competing for new high-tech investment and jobs,” MEDC President and CEO James C. Epolito said. “I applaud the city of Midland and Midland Tomorrow for partnering with us to bring Evergreen Solar and this new facility to Michigan.”
An economic analysis conducted by the MEDC estimates that increased economic activitycreated by the new facility will create 495 indirect Michigan jobs, in addition to the 101 created directly by the company. The project is expected to generate more than $264 million in personal income for Michigan workers over the life of the tax credit.
“We are very pleased MEGA has approved the tax credit for Evergreen Solar,” company Vice President Carl Stegerwald said. “In addition to the incentive package approved by the city of Midland and the receipt of the necessary permits, we are excited about the prospects of locating our new facility in Midland. We have found a very positive environment within which to plan and execute our growth strategies.”
“Pending final approval of our permits and final internal approvals, we look forward to getting constructionunderway,” Stegerwald continued. “Special thanks to Scott Walker of Midland Tomorrow and the MEDC for their hard work and assistance to make this happen.”
The Evergreen Solar project is one of 18 economic development projects the governor announced today. In all, they are expected to create a total of 6,917 Michigan jobs.
Evergreen Solar Inc. (Nasdaq: ESLR)develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The company’s patented wafer technology, known as String Ribbon, uses significantly less polysilicon than conventional processes. Evergreen's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the company, please visit www.evergreensolar.com. Evergreen Solar® is a registered trademark and String Ribbon™ is a trademark of Evergreen Solar, Inc.
“We appreciate the state of Michigan’s support for this exciting solar industry project,” Scott Walker of Midland Tomorrow said. “This industry is being courted by regions all over the world, and Evergreen could have chosen to locate this facility anywhere. We havethe right combination of talent and expertise to land this plant in Midland and help grow Michigan’s alternative energy leadership.”
In her 2008 State of the State address, Granholm emphasized the importance of creatingopportunity in the changing world of the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 249,000 jobs as a result of targeted assistance provided by the MEDC.
Evergreen Solar Inc.
(All estimates in 2008 dollars)
TOTAL JOBS CREATED 596
NET POSITIVE STATE REVENUE IMPACT $18,496,000
Revenue Foregone $1,878,000
Revenue Gain $20,374,000
Average Weekly Wage $609
Personal Income Generated Over 10-Yr Tax Credit Agreement $264,613,000
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.