[November 22, 2004] GT Equipment Technologies Selects Wells Fargo; Wells Fargo Business Credit, Inc. Commits $9.5 Million To Fund Company's High Growth MERRIMACK, N.H. --(Business Wire)-- Nov. 22, 2004 -- GT Equipment Technologies, Inc. of Merrimack, NH, the only worldwide organization that installs turn-key fabrication lines for all three stages of the photovoltaic manufacturing chain, announced today a financing package of $9.5 million from Wells Fargo to fund an unprecedented growth in its solar energy business. The growth has occurred in the solar energy division of the company, GT Solar Technologies, which has posted record bookings of business in 2004 in excess of $32 million, substantially all of it secured in the second half of 2004. The Wells Fargo financing package of $9.5 million includes $6.3 million for the financing of exports through the Export-Import Bank of the United States as well as a $3.2 million refinancing of the state-of-the-art manufacturing facility in Merrimack, NH. GT Equipment Technologies and its division, GT Solar Technologies, exports over 80% of its manufactured and installed products. "We are excited by the growth of our company, and we are equally excited by the confidence shown in GT Equipment Technologies by Wells Fargo and by the U.S. Export-Import Bank, which has for several years consistently partnered with the company to assure the financing of our exports. The Export-Import Bank support has been critical to the growth of the company," said GT Equipment Technologies CEO, Kedar Gupta. "With the current turmoil in the energy sector, especially oil, some forms of renewable energy, specifically photovoltaics, are experiencing phenomenal growth in certain regions of the world, and we expect to see this growth continue. Wells Fargo recognizes this trend and has stepped up to the plate with an appropriate financing package," said GT Equipment Technologies President and COO, Tom Zarrella. GT Equipment Technologies is a privately held company and an industry leader in the design and manufacture of semi-custom and specialty equipment for the solar and materials-processing industries, serving niche markets for photovoltaic and semi-conductor applications. For more information on the solar division of the company, visit our website at www.gtsolar.com. [ Back To TMCnet.com's Homepage ]