When Complete, Battle Creek Will Increase ECD's Total Nameplate Capacity to 420MW ROCHESTER HILLS, Mich., Oct. 14
ROCHESTER HILLS, Mich., Oct. 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 Battle Creek, Mich., as the
location for its new 120MW solar cell manufacturing facility. The company
expects to begin construction on the 265,000 square-foot facility this fall
and to be in production by the end of 2009. Energy Conversion Devices also has
the option to build a second 120MW facility at the Battle Creek site with the
same specifications.
Mark Morelli, ECD's president and chief executive officer, said, "We
continue to profitably grow our business, and there is a strong demand
worldwide for our solar products. To meet this demand, we are expanding our
capacity to 1GW by the end of fiscal year 2012. After careful analysis of a
number of potential sites we have chosen Battle Creek for this new 120MW plant
as we continue to select sites that offer access to qualified workforces and
the ability to quickly begin construction and ramp production. We plan to
produce solar cells in Battle Creek, which will then be finished into solar
laminates or integrated into BIPV products at other locations around the
world."
"We look forward to becoming a part of the Battle Creek community, and we
expect to create 350 local jobs within the next three years. I'd like to thank
Calhoun County, the City of Battle Creek and the Michigan Economic Development
Corporation for their help during the selection process and their ongoing
support. The economic incentives offered by State, County and Battle Creek
governments, and the support and assistance of the Michigan Economic
Development Corporation (MEDC) were key elements in our decision to choose
Battle Creek, without which we would not have been able to expand in this
community," added Morelli.
The MEDC has offered Michigan Business Tax credits valued at $41.4 million
over 20 years to win the company's business. A $12.6 million federal Community
Development Block Grant approved by the MEDC and awarded to Calhoun County
will fund infrastructure improvements needed to support the new plant. The
MEDC and city have supported a 15-year, tax-free Renaissance Zone and property
tax abatements for the site, worth an additional $67 million to the company.
With additional funding for training assistance, the state and local incentive
package totals approximately $120 million for the Battle Creek expansion.
About Energy Conversion Devices
Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) 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(R) 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 including cell phones, digital cameras and personal computers.
For more information, please visit www.ovonic.com.
This release contains 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 achieve sustainable profitability;
our ability to maintain our customer relationships; our ability to expand our
manufacturing capacity in a timely and cost-effective manner; the worldwide
demand for electricity and the market for solar energy; the supply and price
of components and raw materials for our products; and the resolution of
pending legal disputes. 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.
