Rapidly Growing Thin Film Solar Laminate Company an Example of What
Michigan's Economic Future May Hold
AUBURN HILLS, Mich., March 6 /PRNewswire-FirstCall/ -- Michigan
Governor Jennifer M. Granholm today visited United Solar Ovonic's
Greenville manufacturing facility as part of her Alternative Energy Tour
highlighting the state's growing emphasis on renewable energy initiatives.
United Solar Ovonic, a wholly owned subsidiary of Energy Conversion
Devices, Inc. (Nasdaq: ENER), is a leading producer of lightweight and
flexible solar panels, branded under the UNI-SOLAR(R) name.
The first phase of the United Solar Greenville site is a 203,000
square-foot facility that commenced operations in November 2007 and
currently employs 185 people. When fully ramped in 2009, the two facilities
will employ more than 400 people and have an annual production capacity of
120 megawatts of solar laminates, enough electricity to power 48,000 homes.
"United Solar Ovonic is a great example of the type of investment
needed to ensure Michigan's economic success in the 21st century," said
Governor Jennifer M. Granholm. "The company is a strong anchor for
Michigan's alternative energy industry -- and they are taking full
advantage of Michigan's exceptional workforce, first-tier engineering, R &
D talents and a business climate tuned to growing emerging businesses."
"We applaud Governor Granholm for her support in fostering
opportunities for Michigan to play a leadership role in the rapidly growing
global alternative energy industry," stated Mark Morelli, president and
chief executive officer of Energy Conversion Devices, Inc. (ECD). We have
been pleased with the partnership we have forged with Governor Granholm and
the Michigan Economic Development Corporation to make it possible for us to
build new facilities and create additional jobs right here in Michigan. We
look forward to continuing to strengthen this relationship."
In addition to its Greenville operations, United Solar has two
manufacturing facilities in Auburn Hills, Michigan with annual production
capacities of 28 and 30 megawatts, respectively. United Solar expects to
expand its annual manufacturing capacity to 300 megawatts by 2010. United
Solar Ovonic currently employs 883 people in Michigan and more than 1350
people worldwide.
As part of her Alternative Energy Development plan for Michigan,
Governor Granholm will soon present a proposal to the state Legislature to
establish a Renewable Portfolio Standards (RPS) for its statewide
electricity production. The proposal would require 10% of Michigan's
electricity generation to come from clean, renewable sources like wind,
solar and biofuels by 2015. Once that standard has been set, a second phase
would expand the RPS to a full 25% of the state's electrical energy by
2025.
About United Solar Ovonic
United Solar Ovonic, a subsidiary of 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. For more
information, please visit http://www.uni-solar.com and http://www.ovonic.com.
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 most recent Quarterly Report on Form 10-Q, could impact any
forward-looking statements contained in this release.
SOURCE United Solar Ovonic
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Related links:
http://www.uni-solar.com
http://www.ovonic.com
CONTACT:
Brad Wilks or Mac McNeer of Sard Verbinnen &
Co., +1-312-895-4700
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