FOR IMMEDIATE RELEASE April 12, 2005
Marianna Ohe (202-565-3206)
WASHINGTON, D.C -- GT Equipment Technologies of Merrimack, N.H., is to receive the 2005 Small Business Environmental Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at Ex-Im Bank's 2005 annual conference in Washington, D.C., on Thursday, April 14.
|A manufacturer of equipment to produce solar wafers, cells and panels, GT Equipment Technologies of Merrimack, N.H., received the 2005 Small Business Environmental Exporter of the Year award from the Ex-Im Bank. Keda Gupta, CEO, GT Equipment Technologies, pictured center, is congratulated by Ex-Im Bank Director Linda Conlin, right while Mr. Fred Kocher, Sr. Advisor at GT Equipment Technologies looks on.|
A manufacturer of equipment to produce solar wafers, cells and panels, GT Equipment Technologies credits its nearly 150% surge in revenues last year -- a record revenue in its 10-year history -- to the role played by Ex-Im Bank's working capital guarantees. The company has added 40 jobs to handle the new business.
We are excited by the growth of our company, and we are equally excited by the confidence shown in it by Wells Fargo and by the U.S. Export-Import Bank, which has for several years consistently partnered with us to assure the financing of our exports, said GT Equipment Technologies CEO Kedar Gupta. Wells Fargo Business Credit Inc. of Boston, Mass., provided the working capital financing guaranteed by Ex-Im Bank.
Without Ex-Im Bank's guarantee, we would have had a difficult time getting the financing needed to take on new business, said GT Equipment Technologies President and Chief Operating Officer Tom Zarrella. This has created a lot of jobs. We've hired over 40 people in the last six months as result of our growth. It's also stimulated the economy of New Hampshire.
Founded in 1994, GT Equipment Technologies won its largest contract ever in mid-2004 for a turnkey solar wafer production line from a manufacturer in Taiwan, which exceeded Ex-Im Bank's working capital guarantee facility limit. Ex-Im Bank stepped up and provided a $4.8 million project-specific guarantee, enabling GT Equipment to undertake the project.
Ex-Im Bank is delighted to support this type of small business, renewable energy export that supports high-quality U.S. jobs while contributing to environmentally beneficial development in emerging markets, said Ex-Im Bank Chairman Philip Merrill. GT Equipment Technologies well deserves our 2005 Small Business Environmental Exporter of the Year award.
Ex-Im Bank's 30th annual conference on April 14 and 15, will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 14 luncheon program which begins at 12:30 p.m.
Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping financethe sale of U.S. exports, primarily to emerging markets throughout the world, by providing loanguarantees, export credit insurance and direct loans. In fiscal year 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. For more information, visit www.exim.gov.