first of several more to come? opportunities in germany, spain, CA, and likely more in china.
Press Release Source: Energy Conversion Devices, Inc.
ECD Ovonics Subsidiary United Solar Ovonic Enters Into Memorandum of Understanding for Joint Venture in Tianjin, China
Monday September 19, 11:43 am ET
ROCHESTER HILLS, Mich., Sept. 19 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News) today announced that United Solar Ovonic, its wholly owned subsidiary, has entered into a Memorandum of Understanding with Tianjin Jinneng Investment Company (TJIC) to form a joint venture to establish a 25-megawatt (MW) thin-film triple-junction amorphous silicon photovoltaic module manufacturing operation in Tianjin, the People's Republic of China.
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ECD Ovonics' Production Technology and Machine Building Division will build the manufacturing equipment for the joint venture. ECD Ovonics designed and built United Solar Ovonic's existing 25MW photovoltaic manufacturing equipment and is building the second facility, which will double United Solar Ovonic's U.S. manufacturing capacity.
"As part of our strategy to make our photovoltaic products more widely available throughout the world, we have been exploring opportunities in China," said James R. Metzger, executive vice president and chief operating officer of ECD Ovonics. "This announcement marks a significant step towards the realization of our strategy."
"Tianjin Jinneng Investment Company has an admirable track record of successful joint ventures in China and we are looking forward to working with them. The City of Tianjin, the third largest city in China, is the ideal site for our thin-film photovoltaic manufacturing plant," said Subhendu Guha, president and chief operating officer of United Solar Ovonic.
Details of the joint venture are subject to the negotiation of definitive agreements.
In addition to its existing 25MW photovoltaic manufacturing plant, United Solar Ovonic broke ground in July 2005 for its second state-of-the-art solar module manufacturing plant in Auburn Hills, Mich., to double its solar cell/module manufacturing capacity. Occupancy of the new facility is scheduled for May 2006, and it is anticipated that the plant will begin manufacturing products in the fall of 2006 following optimization of the manufacturing equipment.
Compared to conventional solar technology utilizing single crystal or polycrystal silicon, United Solar Ovonic's thin-film solar cells are 100 times thinner, do not use crystalline silicon material and, therefore, are unaffected by the scarcity of silicon worldwide. The products, unlike conventional glass-based PV products, are lightweight, flexible and rugged and can be aesthetically integrated into buildings. |
