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EMCORE and San'an Optoelectronics Enter Into a Joint Venture Agreement to Manufacture Concentrator Photovoltaics Products for Terrestrial Solar Power Applications

Date Announced: 02 Aug 2010

US multi-junction cell maker sets up "Suncore Photovoltaics" joint venture company with Chinese LED manufacturer; 14MW CPV projects already in pipeline.

ALBUQUERQUE, NM--(Marketwire - 08/02/10) - EMCORE Corporation (NASDAQ:EMKR - News), a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets, today announced it has entered into a joint venture agreement with San'an Optoelectronics Co., Ltd. of Xiamen, China ("San'an"), for the purposes of engaging in the development, manufacture and distribution of concentration photovoltaic ("CPV") receivers, modules and systems for terrestrial solar power applications.

The joint venture company, Suncore Photovoltaics Co., Ltd. ("Suncore"), will be owned 40 percent by EMCORE and 60 percent by San'an Optoelectronics Co., Ltd. The Chairman of San'an Optoelectronics, Mr. Xiucheng Lin, will serve as the Chairman of Suncore and Dr. Charlie Wang, current Senior Vice President of EMCORE Corporation, will serve as the General Manager of Suncore.

All operational activities and business for CPV receivers, modules, and systems currently residing at both San'an and EMCORE's Langfang, China manufacturing facilities will eventually be transferred to Suncore, and its primary manufacturing operations will be located in Wuhu city, Anhui province of China. The economic development organization of Wuhu city has agreed to provide Suncore with significant economic incentives, including land, subsidies, grants and other incentives.

Suncore will serve as EMCORE's primary low-cost / high-volume manufacturing base for CPV receivers incorporating EMCORE's CPV solar cells, and for CPV modules and systems to support both EMCORE's and San'an's worldwide sales efforts. Subsequent to the establishment of Suncore, the company will commence work on the production of 12-MW of CPV systems for San'an's current customers and 2-MW of CPV components for projects sourced by EMCORE. In addition, EMCORE and San'an are aggressively pursuing multiple CPV project opportunities, including the 280-MW solar energy plan in six western regions of China recently announced by the Chinese government.

San'an is the largest producer of LED chips and epitaxial wafers in China and is also a leader in CPV manufacturing and deployment in China. San'an is listed on the Shanghai Stock Exchange (Stock code: 600703) and has a market capitalization over US$ 3 billion. In conjunction with the formation of this joint venture, EMCORE has agreed to grant Suncore an exclusive license to manufacture EMCORE's current and future improved CPV receivers, modules and systems in China for terrestrial solar power applications.

"The formation of this joint venture represents a significant step in EMCORE's business strategy towards introducing CPV products for terrestrial solar power applications in one of the fastest growing solar power markets," said Dr. Hong Q. Hou, President and CEO of EMCORE. "By commercializing EMCORE's terrestrial Gen-III CPV systems through this low-cost manufacturing base, we believe EMCORE will be in position to gain significant advantages over competing terrestrial solar technologies. Furthermore, the joint venture provides an ideal platform to penetrate China's emerging renewable energy market."

"We are very pleased to team up with San'an, a well established Chinese company that shares the same vision and passion for the CPV market," added Dr. Hou. "Our joint venture with San'an will enable EMCORE to leverage our existing resources, infrastructure and market presence to accelerate growth in the China and other global markets."

"China is accelerating development and deployment of solar energy resources," said Mr. Xiucheng Lin, Chairman of the Board of San'an. "The potential for CPV terrestrial systems over the next several years is enormous. Combining the advantages provided by San'an and EMCORE, the joint venture will have the capability of high-volume and low-cost manufacturing, the most advanced CPV technology and continued innovation. Suncore will play a key role in accelerating the market adoption and deployment of CPV solar power. I am very excited for the opportunities that lay ahead for this partnership with EMCORE."

Source: Emcore

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Silvia M. Gentile
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