I am buying heavily again. Public stock offering is one of the reasons ENER traded down recently. Those Wall Street guys are blood suckers! But it gave me bottom fishing opp. :-)
Energy Conversion Devices, Inc. Announces Plan to Expand United Solar Ovonic Manufacturing Capacity to 300 Megawatts by 2010
biz.yahoo.com
Thursday February 16, 7:50 am ET
ROCHESTER HILLS, Mich., Feb. 16 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News) announced today that the company's Board of Directors approved a plan to expand the solar module manufacturing capacity of its wholly owned subsidiary United Solar Ovonic to 300 megawatts by 2010.
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The first phase of the expansion plan will include the construction of a third manufacturing facility with an annual capacity of 50 megawatts, which is expected to be operational in calendar year 2007. United Solar Ovonic currently manufactures solar modules at a 25-megawatt production facility in Auburn Hills, Mich., and is currently constructing a second 25-megawatt production facility also located in Auburn Hills.
"Expanding our capacity should enable us to continue to strengthen our position in the rapidly growing market for solar power systems. Global demand for solar power systems is expected to grow in excess of 20% annually," commented Robert C. Stempel, Chairman and CEO of ECD Ovonics. "This plan should also enable us to achieve significant economies in sourcing and production by increasing the size and scale of our solar business."
"We are responding to the increase in demand we are seeing for our products. Our ability to manufacture our unique thin-film products is not affected by the shortage of polycrystalline silicon that is impacting many of our competitors," said Stanford R. Ovshinsky, President, Chief Scientist and Technologist of ECD Ovonics. "Our previously announced capacity expansion, which is already in progress, will allow us to double our capacity in calendar year 2006 and the plan approved by the Board should allow us to double our capacity again in calendar year 2007." |
