Energy Conversion Devices (ECD) (Nasdaq: ENER) and Belgium-based Enfinity, NV announced plans to co-develop a portfolio of rooftop solar installations throughout the U.S., as well as in numerous European countries, including Belgium, Germany, France, Italy, Spain and the Czech Republic.
ECD and Enfinity have identified approximately 10 megawatts (MW) of projects that they will collaborate on in the short term. ECD, through its subsidiary, United Solar Ovonic, will contribute UNI-SOLAR® brand photovoltaic laminates in exchange for equity in the projects. Enfinity will serve as project manager and lead the financing efforts for the projects.
ECD and Enfinity expect to sell completed projects to third-party investors within 12 months of the start of commercial operation.
Mark Morelli, ECD’s president and CEO, said, "This Framework Agreement is an example of how we are implementing our demand-creation strategy. Enfinity is an excellent partner, with significant experience in developing and installing rooftop and BIPV applications in our focused geographic markets."
1QO9 Report
ECD said Monday its fiscal 3Q earnings (ending March 31, 2009) fell 81% on weakened demand.
Total consolidated revenues for the quarter were $66.0 million, compared to $70.0 million in 3Q08 and $103.1 million in 2Q09. Solar product sales were $59.7 million compared to $64.9 million in the same quarter last year, and $97.3 million in 2Q09.
Net income for 3Q09 was $1.3 million or $0.03 per fully diluted share compared to net income of $7.0 million or $0.17 per fully diluted share in the year-ago period. This compares to net income of $14.2 million or $0.33 per fully diluted share in 2Q09.
Mark Morelli, ECD’s president and CEO said, "The global market continues to be difficult, with the biggest challenge being the sufficiency of project financing and our customers’ continued access to capital. We are actively managing our business through this uncertain period by focusing on demand creation, preservation of capital, and reduction of costs. We are also working more closely with our downstream partners so that we are well-positioned for continued growth as the economy recovers."
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