May 11 2009
Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) and Enfinity, NV today announced plans to co-develop a portfolio of rooftop solar installations throughout the U.S., as well as in numerous European countries, including Belgium, Germany, France, Italy, Spain and the Czech Republic.
ECD and Enfinity have identified approximately 10 MW of projects that they will collaborate on in the short term. ECD, through its wholly owned subsidiary, United Solar Ovonic, will contribute UNI-SOLAR(R) brand photovoltaic laminates in exchange for equity in the projects. Enfinity will serve as project manager and lead the financing efforts for the projects. ECD and Enfinity expect to sell completed projects to third-party investors within 12 months of the start of commercial operation.
Mark Morelli, ECD's president and CEO, said, "This Framework Agreement is an example of how we are implementing our demand-creation strategy. Enfinity is an excellent partner, with significant experience in developing and installing rooftop and BIPV applications in our focused geographic markets. We are enthusiastic about the opportunities that this agreement affords us, and will be working aggressively with Enfinity to finalize the projects and begin construction."
Gino Van Neer, CEO of Enfinity stated, "We are pleased to partner with ECD and United Solar in our development efforts. Their unique photovoltaic laminates not only produce more energy per rated watt in real-world conditions, they also are the perfect solution for building-integrated systems where the integrity of the rooftop is preserved, and in many markets where the incentives are greater."