EMCORE Corporation Announces Long Term Supply Agreement With Space Systems/Loral
ALBUQUERQUE, NM--(Marketwire - May 20, 2009) - EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that Space Systems Loral (SS/L) has awarded a long term supply agreement contract to EMCORE's Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Space Systems/Loral's spacecraft programs. The period of performance for the contract is 2009 through 2014 and the solar cells will be produced at EMCORE's state-of-the-art manufacturing facilities located in Albuquerque, New Mexico, USA.
Christopher Larocca, Executive Vice President and General Manager of EMCORE's Solar Photovoltaics Division, stated, "We have been supplying Space Systems/Loral with solar cells for more than 10 years, and we are delighted and grateful to continue this relationship for the foreseeable future." Mr. Larocca continued, "Our proven manufacturing capability, technology leadership and unsurpassed reliability providing solar cells and panels to the space industry make EMCORE the supplier of choice for demanding spacecraft power systems. We look forward to working with Space Systems/Loral to power their satellite missions for many years to come."
"EMCORE's Photovoltaics Division continues to grow at a rapid pace, and has recently secured more than a dozen new production programs for fully integrated space solar panels as well as solar cells. EMCORE remains committed to manufacturing the highest quality, best performing solar cells and panels in the industry. Satellite manufacturers and solar array integrators continue to rely on EMCORE as an independent supply source that meets all of their satellite power needs," added Dr. Hong Hou, President and CEO of EMCORE.
EMCORE is the world's largest manufacturer of highly efficient radiation-hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, EMCORE's industry leading multi-junction solar cells provide the highest power to interplanetary spacecrafts and earth orbiting satellites.
EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high-efficiency compound semiconductor-based multi-junction solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency multi-junction solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com.
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events that involve risks and uncertainties. Such forward-looking statements include but are not limited to words such as "expects", "anticipates", "intends", "plans", believes", and "estimates", and variations of these words and similar expressions, identify these forward-looking statements. These forward-looking statements also include, without limitation, (a) any statements or implications regarding our ability to remain competitive and a leader in our industries, and the future growth of the Company, or our industries and the economy in general; and (b) future periods of performance under contracts These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) the impact on the Company, our customers and our suppliers from the current worldwide economic crisis; (b) our cost reduction efforts may not be successful in achieving their expected benefits, (including, among other things, cost structure, gross margin and other profitability improvements), due to, among other things, shifts in product mix, selling price pressures, costs and delays related to product transfers to lower cost manufacturing locations and associated facility closures, integration difficulties, and execution concerns; © the failure of the products (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and, (iv) to successfully compete with products offered by our competitors; (d) we may not be successful in undertaking the steps currently planned in order to increase our liquidity; and (e) other risks and uncertainties described in our filings with the Securities and Exchange Commission such as cancellations, rescheduling or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth; increased competition; delays in developing and commercializing new products; and other factors. The forward-looking statements contained in this press release are made as of the date hereof and we do not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
Silvia M. Gentile