EMCORE Enters Into a Long Term Supply Agreement for Space Solar Cells With Northrop Grumman Corporation
EMCORE to Supply High-Efficiency Multi-Junction Solar Cells for Use in NGAS's Satellite Programs Through 2012
ALBUQUERQUE, NM -- (MARKET WIRE) -- 09/17/09 -- EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optic and solar power markets, announced today that Northrop Grumman Aerospace Systems Sector has entered into a long term supply agreement with EMCORE's Solar Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Northrop Grumman's satellite programs. EMCORE solar cells will help provide power for Northrop Grumman's space-based global climate monitoring capabilities and other satellite missions. The period of performance for the supply agreement is 2009 through 2012, with a potential value of more than $17 million.
The production of the solar cells will take place at EMCORE's state-of-art manufacturing facilities located in Albuquerque, New Mexico, USA.
Christopher Larocca, EMCORE's Chief Operating Officer, stated, "We are very pleased to receive this award from Northrop-Grumman and appreciate their confidence in our technology leadership to provide solar cells for their space missions." Mr. Larocca continued, "Our proven manufacturing capabilities and unsurpassed reliability heritage make EMCORE the supplier of choice for demanding spacecraft power systems. We look forward to working with Northrop Grumman Aerospace Systems to power their satellite missions for many years to come."
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.
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.
About Northrop Grumman:
Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.
Forward-looking statements:
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. Such forward-looking statements include, but are not limited to, any statement or implication that the products described in this press release that the contract described will be successfully completed. Such forward-looking statements involve risks and uncertainties that, if realized, could materially impair the Company's results of operations, business, and financial condition. These risks and uncertainties include, but are not limited to,(a) the successful completion of all of Northrop Grumman's own satellite contracts and (b) factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and EMCORE does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
Contact: EMCORE Corporation Silvia M. Gentile Executive Offices (505) 323-3417 Email Contact TTC Group Victor Allgeier (646) 290-6400 Email Contact
Released September 17, 2009