Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), a leading manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, discussed expansion plans at its first company-sponsored Investor Day.
Mark Morelli, president and CEO noted, "We are in the final stages of site selection for a new 120-megawatt (MW) solar-cell manufacturing facility. We are also pleased to announce that we are accelerating the growth of our nameplate capacity to 420 MW in fiscal year 2010 and to 720 MW in fiscal 2011. The accelerated expansion in capacity will help us meet the growing global demand for our thin-film, flexible solar laminates earlier than we had previously forecast."
The company had previously planned to be at 300MW and 600MW of nameplate capacity in fiscal year 2010 and 2011, respectively. These expansions are expected to be funded by cash on hand and future operating cash flow. The company reiterated its commitment to have 1 GW of nameplate capability in place by fiscal 2012.
ECD also announced a joint development agreement with CertainTeed Corporation. The companies will collaborate on next-generation solar residential roofing material incorporating UNI-SOLAR photovoltaic cells with CertainTeed roofing materials. The products are expected to be commercially available beginning in 2010.
Mr. Morelli, added, "We are pleased to announce this major initiative with a leader in the building industry in North America. By working with CertainTeed, we are expanding our presence into a distinct new market for ECD: the building-integrated residential market in the U.S."
About Energy Conversion Devices
Energy Conversion Devices, Inc. is a 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 including cell phones, digital cameras and personal computers.
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