EMCORE Receives $28 Million Order for Concentrator Solar Cell Receivers from ES System in Korea
Albuquerque, N.M., May 5, 2008
Source: Emcore Corp. press release /PRNewswire
http://www.foxbusiness.com/story/markets/industries/technology/
emcore-receives–million-order-concentrator-solar-cell-receivers-es-korea/
EMCORE Corporation (Nasdaq: EMKR) a leading provider of Semi-conductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it has entered into a $28 million definitive supply agreement with ES System of Gwang-Ju, South Korea, for solar cell receivers to be fielded in fully licensed and funded solar farms in South Korea. This agreement incorporates an advance deposit to ensure production priority, and will enable the installation of 70 megawatts (MW: 25.38, -0.78, -2.98%) of solar farms. Production for this order has commenced and shipments are scheduled to occur over the next 24 months with the provisions for accelerated deliveries as well as future purchase options under the same terms.
“We are delighted that ES System has elected to source CPV receivers directly from EMCORE,” stated David Danzilio, Vice President and General Manager of EMCORE’s Photovoltaics Division. “We continue to see increased demand for this enabling product from customers around the world and this purchase order further diversifies our growing terrestrial component backlog, which now exceeds $110M. Our second automated receiver assembly line has entered into volume production and we expect to commence shipments from the third receiver line in June. When combined with the recently completed CPV solar cell capacity expansion, this assembly capability positions EMCORE as the only vertically integrated CPV receiver manufacturer to the global concentrating photovoltaics industry,” added David Danzilio.
James Park, Chief Operating Officer of ES System stated, “ES System is proud to be the leading provider of CPV systems in Korea. Our longstanding record of low-cost manufacturing and deployment of complex PV systems, including our previous success in the silicon solar power fields, assures our significant contribution in meeting the growing need for affordable renewable energy. We are convinced that the EMCORE cell receiver technology provides the best solution for high concentration CPV systems both now and in the future.”
The Korean Government has recently announced an increase of the total installed capacity target from 100 to 500 MW while maintaining the solar power feed-in tariff at 677 Korean won per kw-hr for systems deployed by September 30, 2008. This policy has stimulated the acceleration of solar farm installation in Korea. ES System is responding to robust sales of their solar CPV systems and currently is also procuring EMCORE receivers under an existing supply agreement from Green and Gold Energy (GGE) of Adelaide, Australia. All Emcore solar cell receivers are being integrated into ES System CPV units at their manufacturing facilities in Gwang-Ju City, Korea. Recently, GGE has been encouraging direct supply relationships between their major licensees and EMCORE. We expect more orders from GGE’s licensees under similar terms in the near future.
EMCORE has introduced a line of integrated CPV solar cell products optimized for operation from 500X to 1000X concentration, which provide terrestrial systems integrators with a complete photovoltaic solution for their CPV systems. EMCORE’s CPV receiver is easily integrated into existing CPV systems and has emerged as the most desirable form in the industry. EMCORE is the first company to provide its customers with 20 years of performance warranty. By choosing EMCORE’s complete and highly reliable receiver solution, CPV system developers are able to focus their efforts on advancing their optical design and optimizing the balance of the system, significantly reducing their time to market.