ROCHESTER HILLS, Mich., Sept. 30, 2010 (GLOBE NEWSWIRE) -- United Solar, a leading global manufacturer of building-integrated and rooftop photovoltaics under its UNI-SOLAR® brand – and a wholly owned subsidiary of Energy Conversion Devices (Nasdaq:ENER) – announced today it has signed an agreement to supply a 870 kW building-integrated photovoltaic system to New Jersey Resources Clean Energy Ventures (NJRCEV).
Developed with United Solar's technical expertise, the system will use thin-film laminates to generate clean, renewable energy and help reduce the building's carbon footprint by up to 800 tons of CO2 annually. United Solar is a leading global manufacturer of UNI-SOLAR brand lightweight, flexible, thin-film, low impact and low profile solar laminates.
"This project with New Jersey Resources Clean Energy Ventures is an excellent example of like-minded companies working together to provide clean, renewable energy that is not only cost-effective, but also shows good stewardship of resources in the communities where they do business," said Mark Morelli, President and CEO of United Solar's parent company, Energy Conversion Devices.
NJRCEV will lease over 300,000 square feet of roof space from a commercial warehouse owner for a period of 20 years and has entered into a concurrent Power Purchase Agreement with the warehouse owner. As a part of this $5 million project, NJRCEV will install a new roof with state-of-the-art roof materials and UNI-SOLAR's thin-film solar laminates, which will provide the dual benefit of weather protection and clean energy. The solar system is expected to provide nearly 90 percent of the building's electric needs and help transform the facility into a green building.
The project is expected to be operational by January 2011 and will create up to 25 direct and indirect jobs in the state.
About New Jersey Resources
New Jersey Resources, a Fortune 1000 company, provides reliable and renewable energy and natural gas services including transportation, distribution, and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,700 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of more than 2.3 Bcf/day of transportation capacity and 50 Bcf of storage capacity; and provides appliance installation, repair and contract service to approximately 144,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njliving.com.
About Energy Conversion Devices/United Solar
Energy Conversion Devices (ECD) (Nasdaq:ENER) is a leader in building-integrated and rooftop photovoltaics. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD's UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. Through its Solar Integrated Technologies business, the company also designs, manufactures and installs rooftop photovoltaic systems, which enable customers to transform unused space on the rooftop into a value-generating asset. In addition, ECD's Ovonic Materials Division is the pioneer in NiMH battery technology, and is developing low cost fuel cells, hydrogen production from bioreformation, and hydrogen storage technologies. For more information, visit .
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to maintain our customer relationships; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers' ability to access the capital needed to finance the purchase of our product. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.
CONTACT: Energy Conversion Devices Investor Relations Contact: Michael Schostak 248-299-6063 firstname.lastname@example.org United Solar Media Contact: Wendy Ventura 248-299-6064 email@example.com