MEMC Electronic Materials Inc. (WFR) announced that it has signed a non-binding Letter of Intent ("LOI") with Motech Industries, one of the top producers of solar cells in the world today, for the supply of solar wafers to Motech.

Under the terms outlined in the LOI, MEMC will supply solar wafers to Motech over an 8-year period, with pre-determined pricing, on a take or pay basis. Sales of the wafers over the 8-year period would generate at least $1.6 billion in revenue to MEMC. [ more ]

Shares of WFR are trading up over 4% in pre-market activity. I have been looking to add this stock to my portfolio and have been waiting for a pullback to enter the stock. It looks like that pullback is not going to materialize anytime soon.