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What: Shares of GT Advanced Technologies (NASDAQ: GTAT) have jumped by as much as 12% today after the company announced a promising contract.
So what: GT has inked a memorandum of understanding with Powertec Energy, where Powertec will purchase polysilicon technology and equipment from GT for expansion projects. Powertec has already begun design work on the projects and GT expects orders to start during the second half of 2014.
Now what: The company expects the rebound in the solar industry to boost sales. Powertech Chairman YiYi Tai said it is planning on increasing capacity next year, which will be made possible by GT's technology. Once all projects are completed, total capacity at the solar site in question is expected to nearly quadruple by the time everything is said and done.
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