When Complete, Battle Creek Will Increase ECD's Total Nameplate Capacity to
420MW
ROCHESTER HILLS, Mich., Oct. 14 /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 announced Battle Creek,
Mich., as the location for its new 120MW solar cell manufacturing facility.
The company expects to begin construction on the 265,000 square-foot
facility this fall and to be in production by the end of 2009. Energy
Conversion Devices also has the option to build a second 120MW facility at
the Battle Creek site with the same specifications.
Mark Morelli, ECD's president and chief executive officer, said, "We
continue to profitably grow our business, and there is a strong demand
worldwide for our solar products. To meet this demand, we are expanding our
capacity to 1GW by the end of fiscal year 2012. After careful analysis of a
number of potential sites we have chosen Battle Creek for this new 120MW
plant as we continue to select sites that offer access to qualified
workforces and the ability to quickly begin construction and ramp
production. We plan to produce solar cells in Battle Creek, which will then
be finished into solar laminates or integrated into BIPV products at other
locations around the world."
"We look forward to becoming a part of the Battle Creek community, and
we expect to create 350 local jobs within the next three years. I'd like to
thank Calhoun County, the City of Battle Creek and the Michigan Economic
Development Corporation for their help during the selection process and
their ongoing support. The economic incentives offered by State, County and
Battle Creek governments, and the support and assistance of the Michigan
Economic Development Corporation (MEDC) were key elements in our decision
to choose Battle Creek, without which we would not have been able to expand
in this community," added Morelli.
The MEDC has offered Michigan Business Tax credits valued at $41.4
million over 20 years to win the company's business. A $12.6 million
federal Community Development Block Grant approved by the MEDC and awarded
to Calhoun County will fund infrastructure improvements needed to support
the new plant. The MEDC and city have supported a 15-year, tax-free
Renaissance Zone and property tax abatements for the site, worth an
additional $67 million to the company. With additional funding for training
assistance, the state and local incentive package totals approximately $120
million for the Battle Creek expansion.
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, Vice President, Investor
Relations & Communications of Energy Conversion Devices, Inc.,
+1-248-299-6063
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