Timminco Ltd., which has faced skepticism about the viability of its process to produce solar-grade silicon, hit back at critics yesterday, announcing a contract upgrade and a report it had commissioned suggesting its method has the potential to transform the solar industry.
The Toronto-based company's shares rose nearly 5 per cent yesterday and have jumped 21 per cent in the past week. The stock had previously been battered by mounting concerns it may not be able to deliver solar-grade silicon to customers at cost projections and also on reports of timely option grants and stock buying by company insiders.
Timminco yesterday said Pittsburgh's Solar Power Industries Inc. (SPI) has committed to purchase an additional 3,000 tonnes of solar grade silicon from Timminco a year from 2010 to 2015. The initial deal, announced March 15, 2007, to supply 4,000 tonnes of silicon over five years, was Timminco's first contract announcement. At the time, SPI was not identified as the buyer.