Energy Conversion Devices Announces 3 Megawatt Rooftop Solar Project in Spain
Endesa Spain Chooses UNI-SOLAR for Two Solar Rooftop Installations
ROCHESTER HILLS, Mich., Dec. 14 /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 signed an agreement with Endesa in Spain to install 3.0 MWp of UNI-SOLAR(®) photovoltaic (PV) laminates on the rooftops of two Coca-Cola Company buildings in Seville.
Through its wholly owned subsidiary, United Solar Ovonic, ECD will oversee construction of the rooftop system, which will consist of UNI-SOLAR laminates bonded to the Giscosa waterproofing system and applied directly on the roofs. The completed system will be owned and managed by Endesa. Construction will begin this quarter, with completion expected in the first half of calendar 2010.
Andreu Cladera, Product Manager PV of Endesa Spain said, "We are excited to partner with ECD and United Solar on our largest rooftop solar project to date. UNI-SOLAR laminates are the perfect product for the type of low-load bearing rooftops that exist all over Spain. Their ability to generate more electricity per rated watt compared to other types of solar products made it easier for us to secure project financing. Additionally, UNI-SOLAR is easy to install, enabling us to install and activate the system in just a few months, allowing a rapid return on our initial investment."
Mark Morelli, ECD's president and chief executive officer, said, "This agreement is an example of an early success with our approach to developing large projects. Endesa Spain has significant expertise in both electricity generation and distribution in Spain's rapidly evolving solar market. They understand the long-term importance of maintaining the roof's integrity using a product that doesn't make roof penetrations, as well as the financial benefits that our installations provide. We look forward to working with them on this and other projects in the future."
About Energy Conversion Devices
Energy Conversion Devices is a leader in building integrated and rooftop photovoltaics. The company manufactures, sells and installs 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. Through its Solar Integrated Technologies business, the company also designs, manufactures and installs rooftop photovoltaic systems which enable customers to transform unused space on the rooftop into a value-generating asset. For more information, please visit www.energyconversiondevices.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 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; and risks associated with integrating Solar Integrated Technologies, Inc. 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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