Product Delivered Will Be Deployed In Commercial Rooftop And Utility Scale Installations In The United States
Albuquerque, NM, August 5, 2008—EMCORE Corporation (NASDAQ: EMKR), 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.