March 11 (Bloomberg) -- GT Advanced Technologies Inc., a New Hampshire-based supplier of manufacturing gear, signed a $336 million agreement to supply a unit of Cosmos Petroleum & Mining Sdn. with equipment for a photovoltaic production plant in Malaysia.
GT Advanced also is providing technology and engineering services for the Sarawak facility, the company said today in a statement. The plant, sponsored by Saudi Arabia-based Project Management & Development Co., is expected to produce about 25,000 metric tons of polysilicon annually.
“This is a good time to begin construction of a new plant so that it comes online timed to rising prices,” Dave Keck, executive vice president of solar for GT Advanced, said in the statement. “The polysilicon market is improving with spot prices on the rise and supply and demand coming into balance.”
The price of polysilicon, used in solar wafers, has increased 10 percent this year through Feb. 24, reaching the highest since July 30, 2012, according to data compiled by Bloomberg. The supply agreement is subject to final project financing, which Cosmos Chemicals Berhad “is currently securing,” according to the statement.
GT Advanced, which has climbed more than sixfold in the past year, gained 1 percent to $17.19 at the close in New York.
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