Energy Conversion Devices Announces Supply Agreement with AirTec for 25 MW of UNI-SOLAR(R) Photovoltaic Laminates
Wednesday January 23, 8:36 am ET
Order is part of United Solar's continued penetration of the fast-growing South Korean solar market
ROCHESTER HILLS, Mich., Jan. 23 /PRNewswire-FirstCall/ -- United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (Nasdaq: ENER - News; ECD), announced today that it has entered into an agreement with South Korea's AirTec System Co., Ltd. (AirTec) for 25MW of UNI-SOLAR® brand thin-film laminates for integration into large-scale power projects. Under the terms of the agreement, AirTec will take delivery of the UNI-SOLAR laminates during calendar years 2008 and 2009 primarily for medium- to large- scale ground-mounted solar power plants and large-scale rooftop and building- integrated applications in a number of recently awarded projects in South Korea. The agreement with AirTec is structured on a "take-or-pay" basis.
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"We continue to increase our presence in the South Korean solar market, one of the fastest growing photovoltaic markets in the world," commented Mark Morelli, ECD's president and CEO. "The Korean market clearly endorses the unique value proposition offered by our UNI-SOLAR products for rooftop systems where our product features a cost-effective solution."
UNI-SOLAR laminates offer superior cost-effective solutions for roofing applications because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real- world conditions. They are, for example, three to five times lighter than conventional solar modules (which use glass), offering an ideal solution for low-load bearing roof applications. UNI-SOLAR laminates can be installed without any structural changes or penetrations to the roof, and provide superior wind and seismic load performance compared with conventional solar modules. UNI-SOLAR laminates do not require polysilicon, a key raw material for conventional PV products.
About Energy Conversion Devices
Energy Conversion Devices, Inc. (Nasdaq: ENER - News) manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. Distributed globally under the UNI-SOLAR® brand, the company's products are ideally suited for cost-effective solar roofing solutions because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real-world conditions. ECD also pioneers other alternative technologies, including a new type of non- volatile digital memory that is significantly faster and less expensive, and is ideal for a variety of applications including cell phones, digital cameras and personal computers. For more information, please visit www.ovonic.com.
About AirTec System Co., Ltd.
AirTec is a leader in the wireless telecommunications systems market in Korea and ships its efficient, economical and easy-to-use wireless products to well-known customers such as LG Telecom, LG Nortel and Hitachi. In 2007, AirTec made a strategic decision to enter the solar power systems business by establishing the Green Energy Business Division. Since then, AirTec has pioneered the use of thin-film photovoltaic products on solar power plant and building-integrated applications in the growing Korean solar power industry and has quickly become a major project developer for this market. |
