ROCHESTER HILLS, Mich., and WAREGEM, Belgium, May 11, 2009 /PRNewswire -FirstCall/ – Energy Conversion Devices, Inc. (ECD) (NASDAQ:ENER) and Enfinity, NV today announced plans to co-develop a portfolio of rooftop solar installations throughout the U.S., as well as in numerous European countries, including Belgium, Germany, France, Italy, Spain and the Czech Republic.
ECD and Enfinity have identified approximately 10 MW of projects that they will collaborate on in the short term. ECD, through its wholly-owned subsidiary, United Solar Ovonic, will contribute UNI-SOLAR(R) brand photovoltaic laminates in exchange for equity in the projects. Enfinity will serve as project manager and lead the financing efforts for the projects. ECD and Enfinity expect to sell completed projects to third-party investors within 12 months of the start of commercial operation.
Mark Morelli, ECD’s president and CEO, said, “This Framework Agreement is an example of how we are implementing our demand-creation strategy. Enfinity is an excellent partner, with significant experience in developing and installing rooftop and BIPV applications in our focused geographic markets. We are enthusiastic about the opportunities that this agreement affords us, and will be working aggressively with Enfinity to finalize the projects and begin construction.”
Gino Van Neer, CEO of Enfinity stated, “We are pleased to partner with ECD and United Solar in our development efforts. Their unique photovoltaic laminates not only produce more energy per rated watt in real-world conditions, they also are the perfect solution for building-integrated systems where the integrity of the rooftop is preserved, and in many markets where the incentives are greater.”
About Energy Conversion Devices
Energy Conversion Devices, Inc. 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 brand products are unique because of their flexibility, lightweight, ease of installation, durability, and real-world efficiency. ECD also pioneers other alternative technologies, including a new type of non-volatile 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 www.ovonic.com.
About Enfinity
Enfinity is a rapidly developing, ambitious and internationally operating company in the field of solar and wind energy. As a project specialist, Enfinity develops PV solar plants for electricity generation and is already active in 12 countries being Belgium, Italy, Spain, France, Greece, the USA, Canada, Germany, Bulgaria, UAE, China, and Czech Republic. This number will increase to approximately 20 countries by the end of 2009. Enfinity is in the process of financing PV projects with a total capacity of more than 122 MW and is planning to finance several hundred megawatts through 2010. More information in www.enfinity.biz.
This release may contain 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 sustain profitability; our ability to maintain our customer relationships; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers’ ability to access the capital needed to finance the purchase of our products. 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.
CONTACT:
ECD / United Solar Ovonic: Mark Trinske, Vice President, Investor Relations & Communications, +1-248-299-6063;
or Enfinity Head Office, Jurgen Van Damme, Press and Communication, Phone +32 5 628 88 88, Mobile +32 473 22 03 01
