GT Solar Company History
When founders, Kedar Gupta and Jonathan Talbott, left their jobs at Ferrofluidics Corporation in Nashua, New Hampshire to start a company called GT Equipment Technologies, Inc. in 1994, they invested $1,000 between them in the new business. They established the company in the basements of their homes, with Talbott doing equipment design and R&D while Gupta grappled with administration and marketing. Their marketplace was one that Ferrofluidics chose not to pursue – solar energy. Within a few weeks, they had their first customer – a Japanese company that provided them with a $220,000 advance deposit, which gave them the early funding they needed. The big surprise was the level of commitment from their new customers and key suppliers, who helped them get established by accepting 60 to 90 day payment terms – virtually unheard of for a start-up company.
By 2002, the company had grown to 85 employees and was doing $22 million in sales, thus, outgrowing its initial facilities in Nashua, NH. The company moved a few miles north to Merrimack, NH and built a state-of-the-art, 56,000 square foot (5,200 m2) manufacturing plant located on almost 14 acres (5.7 ha) – enough room for expansion.
Today, GT Equipment Technologies, Inc. is named GT Solar Incorporated - a name change made in 2006 to better reflect the actual business of the company, namely, providing technologically advanced turnkey lines, equipment and processes to the photovoltaic (PV) industry. GT Solar has become a globally recognized company in the photovoltaic industry. The company’s revenues have risen from that first order of $220,000 in 1994 to more than $58 million in fiscal 2006. Over 85% of the company’s shipments are exported to countries around the world such as Germany, Spain, China, Taiwan, and Korea. And, the company is expanding its facility on some of the 14 acres.
In 2006, two investor groups – GFI Energy Ventures, LLC and the Angeleno Group – acquired a majority interest in the company. Both groups specialize in energy sector investments. GT Solar’s management team was left in place, and the company’s base remained in Merrimack, NH. With the new capital, GT was now positioned to grow to a new level of performance.
GT Solar (under its former name) has received state and national awards for its performance. By 1997, the company was on Entrepreneur Magazine’s list of the 100 fastest growing new small businesses in America. In 1998, Dr. Kedar Gupta received the Entrepreneur-of-the-Year Award from the New Hampshire High Technology Council, and the company was listed by Business NH Magazine as the fastest growing privately-held company in New Hampshire. In 2000, GT was recognized by Deloitte & Touche as one of the “Technology Fast 500,” a ranking of the fastest growing technology companies in the U.S. The U.S. Small Business Administration recognized GT with the prestigious “Tibbetts Award” in 2001 for its technological innovation and economic impact. In 2005, the U.S. Export-Import Bank chose GT as the Small Business Environmental Exporter of the Year in the U.S.
Today, GT Solar is listed as one of the fastest growing manufacturers in New Hampshire by articles in state and national news media, including Business NH Magazine and the WashingtonPost.com.
