ENER Accretion Acquisition Corporation

The award will fund development of building-integrated photovoltaic (BIPV) systems to significantly reduce the cost of solar electricity AUBURN HILLS, Mich., Aug. 6 /PRNewswire-FirstCall/ -- United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (NASDAQ:ENER), announced today that it has been awarded a cost-shared, three- year cooperative agreement by the U.S. Department of Energy (DOE) for the development of low-cost building-integrated photovoltaic systems. Under the cooperative agreement, United Solar Ovonic is expected to receive $4.6 million in federal funding through the completion of its first project budget period, which will be implemented through June 2008. Upon successful completion of key project milestones and sustained execution of a viable business strategy, as much as $14.74 Million in additional DOE funding will be made available for continued implementation of the project through June 2010. The total potential funding from the DOE under the Solar America Initiative (SAI) is up to $19.34 million for this three-year project, subject to availability of funds appropriated by the U.S. Congress. On March 8, 2007, while visiting United Solar Ovonic, DOE Assistant Secretary for Energy Efficiency and Renewable Energy Alexander Karsner had announced the selection of 13 solar energy projects to be negotiated for funding by the DOE, which included the award to United Solar Ovonic. "We are honored to be selected by the DOE for this award which will accelerate our drive to reduce the cost of solar electricity," said Subhendu Guha, President and Chief Operating Officer of United Solar Ovonic. "Our lightweight, flexible solar panels are ideal for building integration, and we look forward to taking part in the SAI program aimed at reducing the cost of solar electricity to 10 -15 c/kWh by 2010." United Solar Ovonic has assembled a team of experts from academia, the national laboratories and industry to participate in this program to meet electricity cost goals set under the SAI program. SAI is aimed at reducing the cost of the modules, the balance of system components including inverters, and system installation and integration. Unlike traditional crystalline technology, which typically uses heavy glass panels, UNI-SOLAR(R) products are flexible, durable, lightweight, and easy to install. Because of these characteristics, UNI-SOLAR(R) triple- junction products offer the ideal solution for both grid-connected and off- grid solar electric systems. Independent studies in Europe and elsewhere have shown that triple-junction products deliver more electricity per rated power than the conventional crystalline products. About United Solar Ovonic United Solar Ovonic, building on technology invented and pioneered by ECD, is the world leader in thin-film amorphous photovoltaics. Because of characteristics unique to the United Solar Ovonic solar cell technology, such as lightweight, ruggedness and flexibility, it is ideal as building-integrated photovoltaic roofing systems for residential and industrial customers. ECD and United Solar Ovonic hold the basic patents covering the continuous roll- to-roll manufacturing of thin-film amorphous-silicon alloy multi-junction solar cells and related products. More information is available at http://www.uni-/ solar.com. About The Solar America Initiative (SAI) The Solar America Initiative (SAI) is part of the President's Advanced Energy Initiative, and its goal is to make solar energy cost-competitive with conventional forms of electricity by 2015. The U.S. Department of Energy (DOE) is leading the SAI effort to accelerate the development of cost- effective solar energy technologies that produce electricity and heat water. DOE will conduct cost-shared research with industry-led teams and form strategic partnerships with universities, federal and state governments, and other non-governmental agencies. More information is available at http://www1.eere.energy.gov/solar/solar_america/. DATASOURCE: United Solar Ovonic LLC CONTACT: Jeffrey Yang, Vice-President, R&D, United Solar Ovonic LLC, +1-248-362-4170, Web site: http://www.ovonic.com/

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