Company achieves another milestone on its technology roadmap
Continuing innovation will lead to lower-cost solar electricity
AUBURN HILLS, Mich., July 12, 2011 (GLOBE NEWSWIRE) -- United Solar, a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER) and a leading global manufacturer of light-weight, flexible thin-film solar modules, today announced that it has achieved a world record efficiency of 16.3% for thin-film silicon solar technology. This achievement is higher than the previous record of 15.4%, also reached by United Solar. United Solar attained a small-area (0.25 cm2) initial cell efficiency of 16.3% using a triple-junction structure incorporating the recently patented Nano-Crystalline™ silicon technology.
The cells will be sent to the National Renewable Energy Laboratory (NREL), an official U.S. Department of Energy laboratory, for independent testing and confirmation. Earlier this year, United Solar announced that NREL had confirmed that the company's Nano-Crystalline technology achieves 12% initial conversion efficiency in a large-area encapsulated cell (400 cm2), also a world-record for thin-film silicon solar technology.
"This represents another substantial milestone for the company as we continue to develop our technology through a focus on conversion efficiency," said Jay Knoll, Interim President of Energy Conversion Devices, United Solar's parent company. "Our core technology can now reach conversion efficiencies of 16.3% in the lab, an increase from 15.4%, leading the way in thin-film silicon technology development."
The results will be reported at the Intersolar North America Conference in San Francisco, California by Dr. Subhendu Guha, Chairman of United Solar, on Wednesday, July 13, 2011 at the session on "Thin-Film – Technological Advancements."
About Energy Conversion Devices/United Solar
Energy Conversion Devices (ECD) (Nasdaq:ENER) is a global 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. The company also designs, manufactures and installs rooftop photovoltaic systems, which enable customers to transform unused rooftop space into a value-generating asset. ECD's Ovonic Materials Division includes the Ovonic Battery Company, the inventor and worldwide licensor of nickel-metal-hydride battery technology and advanced lithium-ion cathode materials, along with other emerging energy storage technologies. ECD's Ovonyx joint venture is the inventor and worldwide licensor of phase change memory (PCM) technology. For more information, please visit ECD on the web at energyconversiondevices.com and on Facebook, and follow ECD on Twitter @ECD_ENER.
This release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not constitute guarantees of future performance. 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 and establish new relationships; the worldwide market for solar energy systems; changes to government incentives related to solar energy; our customers' ability to access capital to finance the purchase of our products; and our ability through technology improvements to reduce cost and improve the conversion efficiency of our solar products. 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. Energy Conversion Devices, Inc. assumes no responsibility to update any forward-looking statements contained herein.