LDK Solar Hi-Tech Co., Ltd. of Jiangxi, China has entered into a $33 million agreement with GT Equipment Technologies, Inc. whereby GT Equipment’s solar division, GT Solar Technologies, will provide a 75 megawatt wafer fabrication turnkey line for the production of solar wafers. The production facility from GT Equipment, will allow LDK solar to double its solar wafer capacity by October of 2005 and increase capacity to 200 megawatts by the end of 2006.

 

GT Equipment Technologies' CEO, Kedar Gupta, noted that the contract was the largest contract in the company’s history, "This is the largest contract in GT Equipment's 11-year history. It will provide LDK Solar with the ability to manufacture and sell solar wafers in the major market of China where the demand for energy resources is growing at a fast clip. We are honored the President of LDK Solar, Mr. Light DK Peng, traveled to Merrimack, NH for this announcement."

 

Light DK Peng, with the announcement, gave out numbers related to the company’s investment in LDK’s solar energy project to date, "We are enthusiastic about our relationship with GT Equipment Technologies, and about the opportunity we have to manufacture solar wafers for distribution in China and worldwide. Our total investment to date in this solar energy project is $72.5 million, including the amount announced today. GT Solar Technologies has an excellent reputation in the solar energy world for producing advanced and reliable equipment for the production of solar wafers."

 

LDK Solar Hi-Tech Co., Ltd. is part of Liouxin Group, a company with over 12,000 employees. The Liouxin Group is noted for the manufacture personal protective equipment (PPE), power tools and elevators. LDK Solar represents Liouxin’s diversification into the solar energy market.