GT Advanced Technologies raises US$100 million in financing

Reports from local New Hampshire business press have revealed that GT Advanced Technologies looks likely to have raised $100 million as it attempts to emerge from bankruptcy.

The North Hampshire Business Review has reported, however, that the financing does not come without costs, with the company seeking permission to pay the lenders a $2 million fee, plus up to $600,000 in expenses. The company has not published a press release about the financing deal.

The cash injection appears vital for GT Advanced Technologies, which was set on the path to bankruptcy protection through a deal to supply Apple with sapphire for its mobile devices. A large number of sapphire furnaces currently are not in operation and GT hopes to sell them directly to Apple to recoup some of the costs of their construction.

GT Advanced Technologies’ filings show that the company is projecting losses for 2015 of $52.2 million, if its restructuring efforts come off.

One highlight of the company’s future business lies in the solar sector, with GT hoping to sell Merlin equipment in the future. The Merlin process is a metallization and cell interconnect concept that involves the application of a coated-copper grid to replace busbars more commonly used in solar cell manufacturing. This, GT claims, will result in big reductions in silver consumption and 3% to 5% power increase through a reduction in resistive loses.

GT believes up to a third of its future revenue will come from Merlin sales.

Last month GT announced an order for equipment for fluidized bed reactor (FBR) polysilicon production.