GT Advanced Technologies Signs Agreement to Supply $336 Million of Equipment and Technology for a 25,000 MTA Polysilicon Production Facility in Sarawak, Malaysia

MERRIMACK, N.H., March 11, 2014 (GLOBE NEWSWIRE) — GT Advanced Technologies Inc., (Nasdaq:GTAT), today announced the signing of a $336 million supply agreement with Cosmos Chemicals Berhad to provide equipment and technology for a 25,0000 metric ton annual (MTA) polysilicon facility, a project sponsored by Saudi Arabia based Project Management & Development Company (PMD), that will be located in Sarawak, Malaysia. Under the terms of the agreement, which is subject to financing, GT will supply its complete suite of polysilicon production equipment and technology including engineering services, hydrochlorination, SDR™ CVD reactors, filament production, and polysilicon processing. Cosmos Chemicals Berhad is currently securing final financing for the project. Contingent upon completion of this step, GT expects the project to commence in phases beginning with the commissioning of engineering work followed by an equipment order.

“GT is excited to offer our latest full suite of polysilicon equipment and technology to the Cosmos Chemicals Berhad polysilicon project,” said Dave Keck, executive vice president of GT’s solar business. “The polysilicon market is improving with spot prices on the rise and supply and demand coming into balance. This is a good time to begin construction of a new plant so that it comes online timed to rising prices. GT has a successful track record of helping new market entrants establish world-class polysilicon production operations. Our proven polysilicon technology gives customers the ability to quickly achieve nameplate production capacity for high quality, low-cost polysilicon.”

The new polysilicon facility, once operational, will incorporate GT’s high volume hydrochlorination solution which can produce enough TCS to support over 10,000 MTA of polysilicon production from a single hydrochlorination fluid bed reactor in conjunction with GT’s latest TCS Siemens CVD reactors. This combination minimizes the capital equipment expenditure of the facility and lowers operating costs by reducing energy consumption of the polysilicon facility.