ROCHESTER HILLS, Mich., Feb. 19 /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 a
multi-year agreement to supply its UNI-SOLAR(R) brand solar laminates to
ITOCHU Corporation for use on large-scale rooftop installations on
industrial and commercial buildings worldwide.
"The agreement with ITOCHU underscores our significant and growing
presence in the global solar market," said Mark Morelli, president and CEO
of ECD. "We applaud ITOCHU for recognizing both the economic and
environmental benefits of UNI-SOLAR's lightweight, durable, and flexible
thin-film PV laminates for rooftop installations."
"Since 2005, ITOCHU has been committed to growing our solar business as
part of a broader commitment to environmental conservation and the
development of alternative energy sources. Our agreement with UNI-SOLAR
will help us further develop our solar energy business following our
acquisition of California-based systems integrator and distributor Solar
Depot in 2006. UNI-SOLAR laminates are a natural fit for us, because they
can be integrated directly into roofing materials and provide a faster
return on investment than competitive solar products," said Yutaka Kato,
Chief Operating Officer of Industrial Machinery and Solution Division of
ITOCHU Corporation.
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 generally 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.
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 ITOCHU
ITOCHU Corporation engages in domestic trading, import/export, and
overseas trading of various products such as textiles, machinery,
information and communications-related products, metals, products related
to oil and other energy sources, general merchandise, chemicals, and
provisions and food. Revenues for fiscal year 2007 were $22.4 billion and
total trading transactions were $98.1 billion. Operations of ITOCHU's
Machinery Company extend from large-scale plants for the chemical and power
generation industries, bridges, highways, railways and other public
infrastructure, to automobiles, ships, industrial machinery and other
individual items. It is actively engaged in diverse businesses in Japan and
overseas. These include gas and power projects, other resource development,
environmental projects, and new businesses in the fields of solar energy,
innovative technologies and operation & maintenance services, contributing
to the growth of economies around the world. For more information about
ITOCHU, please visit http://www.itochu.co.jp. The company headquarters is located
in Tokyo, Japan.
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 United Solar Ovonic LLC
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Related links:
http://www.ovonic.com
http://www.itochu.co.jp
CONTACT:
Media, Mac McNeer of Sard Verbinnen & Co.,
+1-312-895-4700; or Investor Relations, Gerrard Lobo of The Ruth
Group, +1-646-536-7023, both for United Solar Ovonic LLC
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