EMCORE Corporation Enters Into a Multi-Year Agreement to Supply Solar Concentrator Photovoltaic Systems for Utility Scale Power Projects in the Southwestern US

- EMCORE signs a memorandum of understanding with SunPeak Solar to supply up to 700 megawatt over multiple years

ALBUQUERQUE, N.M., Jan. 31 /PRNewswire-FirstCall/ -- EMCORE Corporation (Nasdaq: EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, announced today that it has signed a memorandum of understanding for the supply of between 200 MW and 700 MW of solar power systems that are scheduled for deployment in utility scale solar power projects under development in the southwestern region of the United States. EMCORE will supply and install turnkey solar power systems utilizing EMCORE's concentrating photovoltaic (CPV) systems developed at its Albuquerque, NM facility. The project developer, SunPeak Solar, is securing land and grid access throughout 2008 and project construction is expected to begin in early 2009. The principals of SunPeak Solar have been successful developers of wind power projects in North America and Europe in the past decade, are well funded through the sale of certain wind power assets, and are now turning their attention to large-scale terrestrial solar energy projects in the US.

This agreement is not expected to contribute revenues until 2009 and is dependant on the renewal of the federal investment tax credit (ITC) extending into 2009 and beyond.

David Rennie, CEO of SunPeak Solar, stated "We have conducted comprehensive research on different technologies and products, including concentrating solar thermal and various solar photovoltaic solutions, and concluded that the solar CPV represents the best solution based on the project requirement and our experience. CPV is our preferred technology in many locations throughout the desert southwest. CPV has the advantage of requiring very little water during operation and CPV systems can be installed with minimal impact on the desert environment. We are very impressed that EMCORE has thought through the complete system and what is needed for successful deployments on a large scale." Mr. Rennie also added, "We are pleased to partner with EMCORE to ensure the capacity and cost requirements for these projects as EMCORE is the only vertically integrated CPV product provider and has the capacity and commitment for such projects. And we are encouraging our congressional delegation to extend the investment tax credit for renewables, which was left out of the recent energy bill, and keep the U.S. competitive in renewable energy policy with the rest of the world."

"We are very pleased to expand our deployment of utility-scale solar power systems in support of SunPeak Solar's projects," said Earl Fuller, Vice President and General Manager of EMCORE's Solar Power Systems division. "EMCORE's CPV systems are optimized for the lowest cost-per-watt of any utility-scale photovoltaic power system. The use of our gallium arsenide based multi-junction solar cells has the added advantage of retaining high efficiency even in the hot summers in the desert southwest. EMCORE is committed to continuous improvement on the performance of terrestrial solar cells and the cost structure of the CPV system," added Mr. Fuller.

EMCORE's CPV systems are powered by our industry leading high-efficiency compound semiconductor-based multi-junction solar cells that operate with 500x concentration to provide a lower cost-per-watt than competing technologies. CPV improves the performance of compound semiconductor-based solar cells, avoids the supply constraint that currently exists with silicon-based solar modules, and provides a lower cost-per-watt. EMCORE's continued investment in high-efficiency CPV systems for utility-scale photovoltaic power systems will enable the development of a new alternative energy resource worldwide.

About EMCORE:

EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics unit 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 unit provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) 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 GaAs 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.

About SunPeak Solar:

SunPeak Solar, LLC is a privately-held solar energy project developer and asset manager with longstanding capabilities in the development, financing, construction and operation of renewable energy projects. SunPeak Solar is presently developing a pipeline of more than 1,000 MW of utility-scale solar energy projects located in the Southwestern United States. Its principals have over 90 years combined experience in the development and operation of energy projects in North America and Europe. SunPeak Solar is a successor company to UPC International, a successful developer of renewable energy projects in North America and Europe having developed, financed, installed, operated and ultimately sold more that 100MW of wind energy assets over the last decade. For specific information about our company please visit our website at http://www.sunpeaksolar.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. Such forward-looking statements include, but are not limited to, any statement or implication that the products described in this press release (i) will be successfully introduced or marketed, (ii) will be qualified and purchased by our customers, or (iii) will perform to any particular specifications or performance or reliability standards. 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 failure of the products (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, and (iii) to be qualified and accepted by our customers, (b) the ability of SunPeak to successfully implement its own business plans and (c) 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
             Adam Gushard - Interim Chief Financial Officer
             (505) 332-5000
             info@EMCORE.com

             TTC Group
             Victor Allgeier
             (646) 290-6400
             info@ttcominc.com

SOURCE EMCORE Corporation

Released January 31, 2008