Evergreen Solar Prices Public Offering of Common Stock

Evergreen Solar, Inc. announced that it priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering.

The offering will result in gross proceeds of $66.6 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $63 million to Evergreen Solar. Evergreen Solar also granted the underwriter a 30-day option to purchase up to an additional 5,550,000 shares of its common stock. The offering was expected to close on or about May 26, 2009.

Evergreen Solar expects to use the net proceeds from the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, MI string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello’s lenders) that may be required under certain circumstances.

Piper Jaffray & Co. is acting as sole underwriter for the offering.