EMCORE Corporation Awarded DARPA Very High Efficiency Solar Cell Program Subcontract: Financial News - Yahoo! Finance

EMCORE Corporation Awarded DARPA Very High Efficiency Solar Cell Program Subcontract: Financial News - Yahoo! Finance

EMCORE Corporation Awarded DARPA Very High Efficiency Solar Cell Program Subcontract
Tuesday February 21, 7:30 am ET
DARPA Program to Develop 50% Efficient Solar Cell Technology for Terrestrial Markets
Largest Development Program in the History of Solar Energy Research

SOMERSET, N.J., Feb. 21 /PRNewswire-FirstCall/ -- EMCORE Corporation (Nasdaq: EMKR - News), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and wireless communications markets, today announced that it has signed a subcontract to participate in the Defense Research Projects Agency (DARPA) Very High Efficiency Solar Cell (VHSEC) program to more than double the efficiency of terrestrial solar cells within the next 50 months. EMCORE's Photovoltaic division was selected by the University of Delaware, the prime contractor for the DARPA VHSEC program, to develop advanced III-V multi-junction solar cells in Phase I of the program effort. In later phases, EMCORE expects to develop a technology roadmap for enabling significantly lower fabrication costs for the very high efficiency solar cells.

ADVERTISEMENT
In connection with this subcontract award, EMCORE also has joined a consortium, formed by the University of Delaware (UD), to succeed in meeting DARPA's program requirements for a high efficiency and low cost terrestrial solar product. The VHSEC program will provide up to $53 million in funding, which will be awarded to program participants in various phases over the next several years. The consortium is being led by Allen Barnett, principal investigator and research professor in UD's Department of Electrical and Computer Engineering, and Christiana Honsberg, co-principal investigator and UD associate professor of electrical and computer engineering.

The DARPA VHSEC program is the largest in the history of solar energy research, according to Rhone Resch, president of the Washington, D.C.-based Solar Energy Industries Association. "I applaud DARPA for recognizing the tremendous potential of solar energy to provide reliable electricity to our troops in the field and to improve our energy security here at home," Resch said.

Since its founding in 1998, EMCORE's Photovoltaic division has developed and manufactured high efficiency solar cells for the satellite and terrestrial markets at its Albuquerque, NM facility. EMCORE has successfully commercialized several advanced solar cell technologies, focusing initially on the demanding requirements of satellite-based solar power systems for communication, navigation, earth observation, and science applications, for commercial and government customers in the US and elsewhere around the world. EMCORE's highest efficiency solar cells that are currently operating on-orbit exceed 36% efficiency in terrestrial applications.

"EMCORE's core expertise includes the development and high-volume production of III-V compound semiconductor solar cells using gallium arsenide (GaAs) alloys and metal organic chemical vapor deposition (MOCVD) growth platforms. EMCORE will use this core expertise and technology base for the demonstration of very high efficiency, as a common theme in the transition to low cost fabrication," said David Danzilio, Vice President and General Manager of EMCORE's Photovoltaic division. "In addition to leveraging the solar cell technologies that we have developed for space applications, we also will contribute our experience in deploying high efficient solar cells for terrestrial markets, where we are achieving excellent results in the concentrator solar power market with efficiencies currently topping 36%. The focus on higher efficiency and lower cost is of critical importance to DARPA, the VHSEC program sponsor, and will create new possibilities for our renewable energy product efforts." EMCORE is the only compound semiconductor manufacturer participating in the DARPA VHSEC program.

"The University of Delaware is pleased that EMCORE is part of the VHSEC consortium, and will bring its successful legacy of compound semiconductor solar cell technology development to this critical DARPA effort," Allen Barnett said. "A key part of this project also is making the transition from the laboratory to production and the marketplace. Because of the participation of corporations like EMCORE, which are already involved in solar product manufacturing, and because several team members, myself included, have experience in bringing high-technology products to market, we expect the VHSEC program to result in the development of practical and producible technology for these high value applications."

"This project requires the consortium to invent, develop, and transfer to production this breakthrough solar cell. One rarely gets an opportunity such as that," Barnett added. "Engineering is the use of science to develop products for the benefit of mankind, and this is a classic case. Furthermore, it will lead to extraordinary student experiences at all levels."

About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and wireless communications markets. EMCORE has three operating segments: Fiber Optics, Photovoltaics, and Electronic Materials and Devices. The Company's integrated solutions philosophy embodies state-of-the-art technology, material science expertise, and a shared vision of our customer's goals and objectives to be leaders in the transport of video, voice, and data, over copper, hybrid fiber/coax (HFC), fiber, satellite, and wireless networks. EMCORE's solutions include: optical components and subsystems for fiber-to-the-premise, cable television, and high speed data and telecommunications networks; solar cells, solar panels, and fiber optic ground station links for global satellite communications; and electronic materials for high bandwidth wireless communications systems, such as Wi-Fi Internet access and 3G mobile handsets and PDA devices. Through its joint venture participation in GELcore, LLC, EMCORE plays a vital role in providing next-generation High-Brightness LED products and solutions to the general and specialty illumination markets. For further information about EMCORE, visit http://www.emcore.com.

Disclaimer

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 relating to future events that involve risks and uncertainties. Such forward-looking statements include but are not limited to words such as "expects," "anticipates," "intends," "plans," believes," and "estimates," and variations of these words and similar expressions, identify these forward-looking statements. These forward-looking statements also include, without limitation, (a) any statements or implications regarding EMCORE's ability to remain competitive and a leader in its industry, and the future growth of EMCORE, or the industry and the economy in general; (b) statements regarding the expected level and timing of benefits to EMCORE from its current cost reduction efforts, including (i) expected cost reductions and their impact on EMCORE's financial performance, (ii) EMCORE's continued leadership in technology and manufacturing in its markets, and (iii) the belief that the cost reduction efforts will not impact product development or manufacturing execution; (c) 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; (d) any and all guidance provided by EMCORE regarding its expected financial performance in future periods. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) EMCORE's cost reduction efforts may not be successful in achieving their expected benefits, (including, among other things, cost structure, gross margin and other profitability improvements), due to, among other things, shifts in product mix, selling price pressures, costs and delays related to product transfers to lower cost manufacturing locations and associated facility closures, and execution concerns; (b) 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 (c) other risks and uncertainties described in EMCORE's filings with the Securities and Exchange Commission such as cancellations, rescheduling or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth; increased competition; delays in developing and commercializing new products; and other factors. 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.