Energy Conversion Devices Accelerates Expansion Plans, Announces Other Strategic Initiatives at Its 2008 Investor Day
03 10월 2008 - 4:36AM
PR Newswire (US)
- Finalizing Site Selection for Next 120 MW Expansion 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. DATASOURCE: Energy Conversion Devices, Inc. CONTACT: Mark
Trinske of Energy Conversion Devices, Inc., Vice President,
Investor Relations & Communications, +1-248-299-6063 Web site:
http://www.ovonic.com/
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