Order is part of United Solar's continued penetration of the fast-growing
South Korean solar market
ROCHESTER HILLS, Mich., Jan. 23 /PRNewswire-FirstCall/ -- United Solar
Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc.
(Nasdaq: ENER) (ECD), announced today that it has entered into an agreement
with South Korea's AirTec System Co., Ltd. (AirTec) for 25MW of
UNI-SOLAR(R) brand thin-film laminates for integration into large-scale
power projects. Under the terms of the agreement, AirTec will take delivery
of the UNI-SOLAR laminates during calendar years 2008 and 2009 primarily
for medium- to large- scale ground-mounted solar power plants and
large-scale rooftop and building- integrated applications in a number of
recently awarded projects in South Korea. The agreement with AirTec is
structured on a "take-or-pay" basis.
"We continue to increase our presence in the South Korean solar market,
one of the fastest growing photovoltaic markets in the world," commented
Mark Morelli, ECD's president and CEO. "The Korean market clearly endorses
the unique value proposition offered by our UNI-SOLAR products for rooftop
systems where our product features a cost-effective solution."
UNI-SOLAR laminates offer superior cost-effective solutions for roofing
applications because they are lightweight, durable, flexible, can be
integrated directly with building materials, and generate more energy in
real- world conditions. They are, for example, three to five times lighter
than conventional solar modules (which use glass), offering an ideal
solution for low-load bearing roof applications. UNI-SOLAR laminates can be
installed without any structural changes or penetrations to the roof, and
provide superior wind and seismic load performance compared with
conventional solar modules. UNI-SOLAR laminates do not require polysilicon,
a key raw material for conventional PV products.
About Energy Conversion Devices
Energy Conversion Devices, Inc. (Nasdaq: ENER) manufactures and sells
thin-film solar laminates that convert sunlight to energy using proprietary
technology. Distributed globally under the UNI-SOLAR(R) brand, the
company's products are ideally suited for cost-effective solar roofing
solutions because they are lightweight, durable, flexible, can be
integrated directly with building materials, and generate more energy in
real-world conditions. ECD also pioneers other alternative technologies,
including a new type of non- volatile digital memory that is significantly
faster and less expensive, and is ideal for a variety of applications
including cell phones, digital cameras and personal computers. For more
information, please visit http://www.ovonic.com.
About AirTec System Co., Ltd.
AirTec is a leader in the wireless telecommunications systems market in
Korea and ships its efficient, economical and easy-to-use wireless products
to well-known customers such as LG Telecom, LG Nortel and Hitachi. In 2007,
AirTec made a strategic decision to enter the solar power systems business
by establishing the Green Energy Business Division. Since then, AirTec has
pioneered the use of thin-film photovoltaic products on solar power plant
and building-integrated applications in the growing Korean solar power
industry and has quickly become a major project developer for this market.
This release may contain forward-looking statements within the meaning
of the Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are based on assumptions which
ECD, as of the date of this release, believes to be reasonable and
appropriate. ECD cautions, however, that the actual facts and conditions
that may exist in the future could vary materially from the assumed facts
and conditions upon which such forward-looking statements are based. The
risk factors identified in the ECD filings with the Securities and Exchange
Commission, including the company's most recent Annual Report on Form 10-K
and Form 10-Q, could impact any forward-looking statements contained in
this release.
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Media Relations, Mac McNeer of Sard Verbinnen
& Co., +1-312-895-4700; Investor Relations, David Pasquale,
+1-646-536-7006, or Gerrard Lobo, +1-646-536-7023, both of The
Ruth Group, all for Energy Conversion Devices, Inc.
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