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Date Announced: 29 Mar 2011
Concentrated PV firm acquires smaller outfit for undisclosed sum.
ALBUQUERQUE, NM--(Marketwire - 03/29/11) - EMCORE Corporation (NASDAQ:EMKR - News), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that the Company has acquired certain assets of Soliant Energy, Inc. of Monrovia, CA.
Soliant Energy was a leading developer of concentrated photovoltaic (CPV) systems for commercial rooftop applications. Soliant's rooftop CPV system combined best-of-breed module design with patent-pending TipTilt Tracking™ that offers a high energy density, light-weight, low-profile, and low-cost solution.
The Soliant assets acquired by EMCORE include the equipment, inventory, software, licenses, intellectual property, and tooling for the rooftop solar energy product line. The acquisition was completed as part of an Assignment for the Benefit of Creditors process. EMCORE did not assume any liabilities of Soliant.
EMCORE plans to integrate the former Soliant research and development and pilot production line into its existing facilities located in Alhambra, CA. The commercial manufacturing operation is expected to transfer to EMCORE's low-cost manufacturing joint venture, Suncore, based in Huainan, China. Key members of the former Soliant team will join EMCORE to facilitate the integration, product development, and business development and customer support.
"We are very pleased to add the Soliant solution to EMCORE's terrestrial CPV product portfolio. The addition of Soliant's rooftop CPV product line gives EMCORE immediate access to the reportedly multi-billion dollar rooftop PV market, and expands the reach of EMCORE's existing ground mount systems," commented Dr. Hong Hou, Chief Executive Officer of EMCORE. "We are very impressed with the capability of the Soliant team. With the establishment of our CPV design and customer service center in Southern California, we will be able to develop business opportunities and serve our customer base in the most active region for solar installations."
Dr. Rick Russell, former VP of Engineering & Operations for Soliant and new VP of Engineering for EMCORE Rooftop CPV Systems, added, "We are very excited to join the EMCORE team. This integration allows us to leverage EMCORE's highly-efficient solar cell supply and its low-cost manufacturing infrastructure. Soliant enjoyed a very successful working relationship with EMCORE through the development of our system. We are confident this combined team will allow us to accelerate delivery of the most cost-effective and highest reliable rooftop system to market."
Source: Emcore
E-mail: investor@emcore.com
Web Site: www.emcore.com
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