EMCORE Corporation to Supply 20 Megawatts of Concentrating Solar Photovoltaic Systems in South Korea

ALBUQUERQUE, N.M., Dec. 17 /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 received a purchase order to supply 5.7 Megawatts (MW) of EMCORE's Concentrating Photovoltaic (CPV) systems for alternative energy projects in South Korea, along with a letter of intent for follow-on projects of 14.3 MW, expected to be released within the next 6 months.

EMCORE also signed an agreement with DI Semicon, a semiconductor packaging company in Seoul, Korea, regarding the formation of a joint venture among DI Semicon, EMCORE and other parties. This joint venture, when fully established and commenced operations, will manufacture CPV systems in Korea for EMCORE, including systems for the 14.3 MW follow-up projects described above and will also involve a minimum purchase commitment of 15 MW annually of EMCORE CPV systems to be deployed in South Korea.

"This purchase order and the opportunity to establish a joint venture in South Korea is an important step in the development of EMCORE's Solar Power business. The Korean market has excellent renewable energy support with one of the highest feed-in tariffs in the world at this time. We are very pleased to work with DI Semicon in this opportunity to establish CPV as a utility- scale terrestrial power technology in Korea" said Earl Fuller, Vice President and General Manager of EMCORE's Solar Power division. "This order also marks an important milestone of the acceptance of CPV technology and product solutions as the lowest cost-per-watt of any utility-scale solar power 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 DI Semicon:

DI Semicon Co., Ltd. was established in September 1994 and has been listed on Korea's KOSDAQ since December 1999. DI Semicon has two main business areas. The first business area is testing and packaging of Display Drive ID (DDI) products for 3 major semiconductor production companies in Korea. Recently, DI Semicon's China Factory was qualified for production for one of the world largest semiconductor companies. The second business area is solar energy which is a new business segment. DI Semicon has plans to produce CPV systems through a joint venture with EMCORE, delivering CPV systems to the Korea domestic and Asia markets, and building 20 MW solar power generation plants within the next year. For specific information about DI Semicon, please visit http://www.disemi.co.kr.

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 (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, or that the joint venture described herein will actually be formed. 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, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors, and (b) factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. In addition, risks and uncertainties may arise from the ability of EMCORE to achieve increased efficiency in its solar cells or to achieve production volumes of those cells or CPV systems. 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 December 17, 2007