United Solar Ovonic Receives $13 Million Manufacturing Investment Tax Credit From Stimulus Program
ROCHESTER HILLS, Mich., Jan. 21 /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 that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury.
The company was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic's plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process.
Upon successful completion of the upgrades, the deposition machines will have significantly greater output. These improvements will lower the company's cost of manufacturing while increasing the efficiency of the solar laminates and is expected to create approximately 600 jobs in Michigan.
"We are very appreciative of the Obama Administration's efforts to support American clean technology through the stimulus programs," said Mark Morelli, ECD President and CEO. "We are also grateful for the support from Senators Stabenow and Levin, Congressman Peters and other members of the Michigan congressional delegation. Governor Granholm and her staff were also critical in supporting our application. These elected officials do an important job in Washington and here in Michigan of delivering a consistent message of support for American manufacturing jobs and business in Michigan."
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.