EMCORE Corporation, a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it entered into two new supply agreements for solar cells and receivers with a total value of over $40 million. The larger of the two purchase contracts is a multi-year supply agreement for solar cells, to be delivered over four years. The product to be delivered will be incorporated into concentrating photovoltaics (CPV) systems developed for commercial rooftop installations as well as utility-scale solar farms. The customers placing these orders are targeting CPV deployments in the United States with a particular focus on the California market. Production for these orders has commenced and approximately $1 million of product is expected to be shipped in the present quarter.
The award of these purchase agreements affirms EMCORE’s position as the leading supplier of the enabling CPV engine, and further diversifies our terrestrial CPV component backlog.
EMCORE has introduced a line of integrated CPV solar cell products optimized for operation from 500X to 1000X concentration with a minimum average efficiency of 37%, which provide terrestrial systems integrators with a complete photovoltaic solution for their CPV systems. EMCORE’s CPV receiver is easily integrated into existing CPV systems and has emerged as the most desirable form in the industry. EMCORE is the first company to provide its customers with a 20-year performance warranty. By choosing EMCORE’s complete and highly reliable receiver solution, CPV system developers are able to focus their efforts on advancing their optical design and optimizing the balance of their system, significantly reducing their time to market.
EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics unit offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power unit provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high-efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems.
Statements in this press release that are not historical facts, and the assumptions underlying such statements, constitute "forward- looking statements" and assumptions underlying "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties, including (a) the failure of the products mentioned (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, and (iii) to be successful under field conditions, and (b) the ability by the Company’s customers to achieve their own business goals and objectives, and to complete the purchases contemplated by the agreements. Readers should also review the risk factors set forth in EMCORE's Annual Report on Form 10-K for the fiscal year ended September 30, 2007. These forward-looking statements are made as of the date hereof, and EMCORE does not assume any obligation to update these statements.
TTC Group, Vic Allgeier
P: (646) 290-6400 - E: vic[.]ttcominc.com.