Energy Conversion Devices Announces Plan To Build Manufacturing Facility in France
ROCHESTER HILLS, Mich., Jan. 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 plans to establish a 30MW solar laminate manufacturing facility in France. The company has started its initial site selection process and is evaluating various sites, particularly in the Alsace region.
Mark Morelli, ECD's president and chief executive officer, said, "France is one of the world's fastest growing and most progressive solar markets. It has expressed its long-term support of alternative energy in the Grenelle de l'environnement objectives, and the recent change to its feed-in-tariff structure establishes a sustainable foundation to meet those objectives. We are pleased that France is continuing to support the development of high added-value technology and innovative solutions like UNI-SOLAR® laminates, which protect the aesthetics of France's cultural heritage by integrating into the building architecture. We are also pleased that France is clearly showing leadership to avoid the speculative bubble we have seen in solar energy in other markets in the past."
"We relocated our European headquarters to Paris last year, and believe it is now an excellent time to locate manufacturing in this market close to our channel partners and customers. With the new tariff structure resolved, and the high concentration of low-load bearing buildings that are ideally suited for our lightweight and low impact UNI-SOLAR solutions, we see growing demand for our solar products in France. We look forward to working with French officials to identify the right support to realize this project, and to create local jobs in both research and development and manufacturing," added Mr. Morelli.
Expected terms of the project, including anticipated launch date, were not disclosed and are subject to completion.
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.