 |
ECD, Bekaert and United Solar Finalize Agreements for $84 Million Alliance to Expand Solar Manufacturing Capacity
Troy, Mich., April 11, 2000 - Energy Conversion Devices, Inc. (ECD)(NASDAQ:ENER) and United Solar Systems Corp. (United Solar) announced today that ECD, United Solar and N.V. Bekaert S.A. (Bekaert) finalized definitive agreements in the field of solar energy. The new ECD-Bekaert venture will expand United Solar’s manufacturing capacity fivefold with the construction of a 25 megawatt annual capacity plant to be designed and built by ECD.
Bekaert funded today $42 million of its $84-million equity investment in the venture. The balance will be paid as required by the venture to meet its operating requirements, including to fund its contract with ECD for the purchase of manufacturing equipment and to accelerate market penetration of United Solar’s unique lightweight and flexible solar products. ECD also completed its acquisition of Canon’s entire interest in United Solar today.
The 50-50 ECD-Bekaert joint venture will operate through two related companies – United Solar and Bekaert-ECD Solar Systems LLC, a new assembly, systems integration, marketing and sales company. For additional information on the new ECD-Bekaert venture, visit ECD’s and Bekaert’s web sites, www.ovonic.com and www.bekaert.com, respectively.
United Solar is the world leader in thin-film amorphous photovoltaics. ECD and United Solar have pioneered, developed and hold basic patents covering the continuous roll-to-roll manufacturing of thin-film amorphous silicon alloy multi-junction solar cells and related products, including flexible solar battery chargers, framed power modules, Uni-Kit Lighting Systems, and UNI-SOLAR® Roofing Shingles and Metal Roofing Panels. These unique products are flexible, rugged and lightweight and offer significant advantages over conventional solar panels in providing more energy per rated watt under normal outdoor conditions.
Bekaert, the worldwide leading manufacturer of steel wire, steel wire products and steel cord, is a fast-growing manufacturer of advanced materials. Its market and technological leadership is based on metal-forming and a wide range of coating technologies. Bekaert is a worldwide company with over 70 production centers and a workforce of 17,000 people.
ECD is a leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on alternative energy and advanced information technologies. ECD’s web site address is http://www.ovonic.com.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD and United Solar, as of the date of this release, believe to be reasonable and appropriate. ECD and United Solar caution, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.
Contacts:
Stanford R. Ovshinsky, President & CEO
Energy Conversion Devices, Inc. and
Chairman & CEO, United Solar Systems Corp.
(248) 280-1900
Nancy Bacon, Senior Vice President
Ghazaleh Koefod
Energy Conversion Devices, Inc.
(248) 280-1900
|
|
|
