EMCORE Acquires Commercial Rooftop CPV Product Line Through Asset Purchase of Soliant Energy, Inc.
ALBUQUERQUE, NM -- (MARKET WIRE) -- 03/29/11 -- 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 the Company has acquired certain assets of Soliant Energy, Inc. of Monrovia, CA.
Soliant Energy was a leading developer of concentrated photovoltaic (CPV) systems for commercial rooftop applications. Soliant's rooftop CPV system combined best-of-breed module design with patent-pending TipTilt Tracking™ that offers a high energy density, light-weight, low-profile, and low-cost solution.
The Soliant assets acquired by EMCORE include the equipment, inventory, software, licenses, intellectual property, and tooling for the rooftop solar energy product line. The acquisition was completed as part of an Assignment for the Benefit of Creditors process. EMCORE did not assume any liabilities of Soliant.
EMCORE plans to integrate the former Soliant research and development and pilot production line into its existing facilities located in Alhambra, CA. The commercial manufacturing operation is expected to transfer to EMCORE's low-cost manufacturing joint venture, Suncore, based in Huainan, China. Key members of the former Soliant team will join EMCORE to facilitate the integration, product development, and business development and customer support.
"We are very pleased to add the Soliant solution to EMCORE's terrestrial CPV product portfolio. The addition of Soliant's rooftop CPV product line gives EMCORE immediate access to the reportedly multi-billion dollar rooftop PV market, and expands the reach of EMCORE's existing ground mount systems," commented Dr. Hong Hou, Chief Executive Officer of EMCORE. "We are very impressed with the capability of the Soliant team. With the establishment of our CPV design and customer service center in Southern California, we will be able to develop business opportunities and serve our customer base in the most active region for solar installations."
Dr. Rick Russell, former VP of Engineering & Operations for Soliant and new VP of Engineering for EMCORE Rooftop CPV Systems, added, "We are very excited to join the EMCORE team. This integration allows us to leverage EMCORE's highly-efficient solar cell supply and its low-cost manufacturing infrastructure. Soliant enjoyed a very successful working relationship with EMCORE through the development of our system. We are confident this combined team will allow us to accelerate delivery of the most cost-effective and highest reliable rooftop system to market."
About EMCORE
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the company's expectations, goals or intentions, including, but not limited to, product features and their benefits, product quality and network growth. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about the company and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. Risks and uncertainties that could cause the company's actual results to differ from those set forth in any forward-looking statement are discussed in more detail under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's SEC filings. Forward-looking statements contained in this press release are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: EMCORE Corporation Mark Weinswig (505) 332-5000 investor@emcore.com TTC Group Victor Allgeier (646) 290-6400 vic@ttcominc.com
Source: EMCORE
Released March 29, 2011