Energy Conversion Devices Announces 2.4-Megawatt Rooftop Solar Project in Portland
Second large-scale, multi-rooftop project for ProLogis and Portland General Electric
ROCHESTER HILLS, Mich., March 3 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, today announced it has been selected by ProLogis and Portland General Electric (PGE) to deliver 2.4MWp of Uni-Solar® laminates for installation on seven ProLogis distribution warehouses in Portland, Gresham, and Clackamas in Oregon. The solar power systems will be installed by Northwest Solar Solutions on rooftops leased from ProLogis. U.S. Bank and PGE have formed SunWay 3, LLC to own and operate the system and to secure state and federal solar tax credits to help finance the project. Construction will take place in the spring and summer of 2010.
This rooftop solar installation is ECD's second project with ProLogis and PGE. The new project will use the same type of UNI-SOLAR light weight, flexible solar laminates that were featured on the previous 1.1 megawatt rooftop project that ProLogis and PGE brought online in 2008. Taken together, the two projects produce enough energy to power approximately 388 households annually.
"We are pleased to again be working with both Energy Conversion Devices and PGE," said Drew Torbin, vice president of renewable energy for ProLogis. "Once completed, the 906,000-square-foot project will become the largest rooftop solar system in the Pacific Northwest."
Mark Morelli, ECD's president and CEO, said, "This announcement is another indication that we are gaining traction as we transition our business model to focus on large-scale, multi-rooftop projects. We have worked with ProLogis on projects in France and Spain, and we are always pleased to do repeat business with this valued customer. We look forward to completing this installation for PGE and working with ProLogis on many more projects."
About Energy Conversion Devices
Energy Conversion Devices, Inc. is the leader in building integrated and commercial rooftop photovoltaics, one of the fastest growing segments of the solar power industry. The company manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD's UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. ECD also pioneers other alternative technologies, including a new type of nonvolatile digital memory technology that is significantly faster, less expensive, and ideal for use in a variety of applications such as cell phones, digital cameras and personal computers. For more information, please visit www.energyconversiondevices.com.
ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com.
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves more than 818,000 residential, commercial and industrial customers in Oregon. Visit our Web site at www.PortlandGeneral.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. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to successfully integrate the acquisition of Solar Integrated Technologies; our ability to maintain our customer relationships; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers' ability to access the capital needed to finance the purchase of our products. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.
SOURCE Energy Conversion Devices, Inc.
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