- Finalizing Site Selection for Next 120 MW Expansion
- Accelerates Expansion to 420MW by end of FY 2010, 720MW by end of FY 2011
- Signs Joint-Venture with CertainTeed to Develop Residential Solar Roofing
Product
GREENVILLE, Mich., Oct. 2 /PRNewswire-FirstCall/ -- Energy Conversion
Devices, Inc. (ECD) (Nasdaq: ENER), the leading global manufacturer of
thin-film flexible solar laminate products for the building integrated and
commercial rooftop markets, today discussed several new strategic
initiatives with analysts at its first company-sponsored Investor Day.
Mark Morelli, president and CEO noted, "We are in the final stages of
site selection for a new 120 MW solar-cell manufacturing facility. We are
also pleased to announce that we are accelerating the growth of our
nameplate capacity to 420 MWs in fiscal year 2010 and to 720 MWs in fiscal
2011. The accelerated expansion in capacity will help us meet the growing
global demand for our thin-film, flexible solar laminates earlier than we
had previously forecast."
The company had previously planned to be at 300MW and 600MW of
nameplate capacity in fiscal year 2010 and 2011, respectively. The
acceleration of production capacity is being made possible by systems
engineering and commitments to operational excellence including better
supply chain management and improved efficiencies, throughput and yields.
These expansions are expected to be funded by cash on hand and future
operating cash flow. The company reiterated its commitment to have 1 GW of
nameplate capability in place by fiscal 2012.
ECD also discussed a joint development agreement with CertainTeed that
was announced earlier in the day. The company said that it will focus on
the creation of next-generation solar residential roofing material
incorporating UNI-SOLAR photovoltaic cells with CertainTeed roofing
materials. The products are expected to be commercially available beginning
in 2010.
Mr. Morelli, added, "We are pleased to announce this major initiative
with a leader in the building industry in North America. By working with
CertainTeed, we are expanding our presence into a distinct new market for
ECD: the building-integrated residential market in the U.S."
Senior management outlined global sales initiatives that focused on
customer-centric programs in support, application, and training. The
company also shared third-party research conducted over several years
verifying that UNI-SOLAR(R) laminates generate more electricity per rated
watt in real-world locations from California to Italy. Higher electricity
output combined with the lower installed costs have been confirmed to
result in UNI-SOLAR laminate customers receiving a higher return on their
investment than conventional PV panels.
Mr. Morelli concluded the meeting by noting, "We are well-positioned to
expand the global BIPV rooftop market with our innovative, thin-film,
light- weight, flexible laminate. We have assembled a world class team
excited about the opportunities to improve our production efficiencies and
meet the needs of our global customers."
About Energy Conversion Devices
Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) is the leader in
building integrated and commercial rooftop photovoltaics, one of the
fastest growing segments of the solar power industry. The company
manufactures and sells thin-film solar laminates that convert sunlight to
energy using proprietary technology. ECD's UNI-SOLAR(R) brand products are
unique because of their flexibility, light weight, ease of installation,
durability, and real-world efficiency. ECD also pioneers other alternative
technologies, including a new type of nonvolatile digital memory technology
that is significantly faster, less expensive, and ideal for use in a
variety of applications including cell phones, digital cameras and personal
computers. For more information, please visit http://www.ovonic.com
This release contains forward-looking statements within the meaning of
the Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements concerning our
plans, objectives, goals, strategies, future events, future net sales or
performance, capital expenditures, financing needs, plans or intentions
relating to expansions, business trends and other information that is not
historical information. All forward-looking statements are based upon
information available to us on the date of this release and are subject to
risks, uncertainties and other factors, many of which are outside of our
control, that could cause actual results to differ materially from the
results discussed in the forward-looking statements. Risks that could cause
such results to differ include: our ability to achieve sustainable
profitability; our ability to maintain our customer relationships; our
ability to expand our manufacturing capacity in a timely and cost-effective
manner; the worldwide demand for electricity and the market for solar
energy; the supply and price of components and raw materials for our
products; and the resolution of pending legal disputes. 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 Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Mark Trinske of Energy Conversion Devices,
Inc., Vice President, Investor Relations & Communications,
+1-248-299-6063
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