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NASHUA, N.H., May 9, 2002 -- GT Equipment Technologies Inc., corporate parent of GT Solar, has secured investment capital from the Energy Fund of RBC Capital Partners, the private equity group of Royal Bank of Canada.
In connection with the $5 million private placement, Paul McDermott and Bruce Rothstein, Energy Fund managing partners have been elected to GTi's board of directors.
"This latest investment is essentially a show of confidence that GT is on the right business course, with the right products and the right people," said Kedar Gupta, CEO and President of GT Equipment Technologies. "It confirms we are on the path to success for our customers, investors and employees."
The $100 million RBC Capital Partners Energy Fund seeks capital investment in growth companies in the hydrocarbon and power sectors with investment targets including companies with new technologies directed toward alternative fuels, power conversion, power quality and power control systems.
"This funding will help us realize our goal of becoming the World's number 1 supplier of solar photovoltaic manufacturing systems for wafers, cells and modules," said Gupta. GT Solar will receive the 2002 Small Business Administration's New Hampshire Exporter of the Year Award this month.
About GT Equipment Technologies
GT Equipment Technologies, a specialist in automated manufacturing and process control, is a manufacturer of automated crystal growth and specialty materials processing equipment. Through its division GT Solar Technologies, GT became a participant in the field of integrated turnkey photovoltaic (PV) fabrication lines and PV manufacturing equipment for solar electricity-producing wafers, cells and modules. The company is based in Nashua, New Hampshire (USA) and employs around 80 people. For more information: http://www.gtsolar.com/ and http://www.gtequipment.com.
About RBC
Royal Bank of Canada uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest financial institution as measured by market capitalization and assets and is one of North America's diversified financial services companies. For more information, please visit http://www.rbc.com.
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