EMCORE Corporation to Supply 20 Megawatts of Concentrating Solar Photovoltaic Systems in South Korea
Monday December 17, 8:12 am ET
ALBUQUERQUE, N.M., Dec. 17 /PRNewswire-FirstCall/ -- EMCORE Corporation (Nasdaq: EMKR - News), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, announced today that it has received a purchase order to supply 5.7 Megawatts (MW) of EMCORE's Concentrating Photovoltaic (CPV) systems for alternative energy projects in South Korea, along with a letter of intent for follow-on projects of 14.3 MW, expected to be released within the next 6 months.
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EMCORE also signed an agreement with DI Semicon, a semiconductor packaging company in Seoul, Korea, regarding the formation of a joint venture among DI Semicon, EMCORE and other parties. This joint venture, when fully established and commenced operations, will manufacture CPV systems in Korea for EMCORE, including systems for the 14.3 MW follow-up projects described above and will also involve a minimum purchase commitment of 15 MW annually of EMCORE CPV systems to be deployed in South Korea.
"This purchase order and the opportunity to establish a joint venture in South Korea is an important step in the development of EMCORE's Solar Power business. The Korean market has excellent renewable energy support with one of the highest feed-in tariffs in the world at this time. We are very pleased to work with DI Semicon in this opportunity to establish CPV as a utility- scale terrestrial power technology in Korea" said Earl Fuller, Vice President and General Manager of EMCORE's Solar Power division. "This order also marks an important milestone of the acceptance of CPV technology and product solutions as the lowest cost-per-watt of any utility-scale solar power system," added Mr. Fuller.
EMCORE's CPV systems are powered by our industry leading high-efficiency compound semiconductor-based multi-junction solar cells that operate with 500x concentration to provide a lower cost-per-watt than competing technologies. CPV improves the performance of compound semiconductor-based solar cells, avoids the supply constraint that currently exists with silicon-based solar modules, and provides a lower cost-per-watt. EMCORE's continued investment in high-efficiency CPV systems for utility-scale photovoltaic power systems will enable the development of a new alternative energy resource worldwide. |
