Emcore Corp: Order for solar cells from Japan
Albuquerque, New Mexico - 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 it has been awarded a contract by the Mitsubishi Electric Corporation (TOKYO: 6503), Japan to manufacture, test, and deliver high-efficiency solar cells for the TURKSAT 4A, TURKSAT 4B, Himawari-8 and Himawari-9 satellites. Production of the space-qualified multi-junction solar cells will take place at Emcore's state-of-the-art manufacturing facilities located in Albuquerque, New Mexico.
Mitsubishi Electric is currently under contract with the TURKSAT A.S to manufacture the TURKSAT 4A and TURKSAT 4B commercial telecommunication satellites based on its highly successful DS-2000 satellite platform. Mitsubishi Electric is also under contract to build the Himawari-8 and Himawari-9 geostationary satellites for the Japan Meteorological Agency.
"We appreciate Mitsubishi Electric's confidence in Emcore's capability to manufacture and deliver the solar cells for the stringent requirements of these missions," said Christopher Larocca, Chief Operating Officer of EMCORE. "EMCORE has successfully delivered solar cells to Mitsubishi Electric under several previous contracts for other satellite missions, and we look forward to supporting Mitsubishi Electric with their future space power requirements," he added.
Emcore is a leading manufacturer of highly efficient radiation-hard solar cells for space power applications. With a beginning-of-life (BOL) conversion efficiency in the order of 30% and the option for a patented, onboard monolithic bypass diode, Emcore's industry leading multi-junction solar cells can provide the highest available power to interplanetary spacecrafts and earth-orbiting satellites.
Emcore Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. Emcore's Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). Emcore's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, Emcore offers high-efficiency Gallium Arsenide (GaAs) based solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, Emcore is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about Emcore, visit http://www.emcore.com.
About Mitsubishi Electric
With 90 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales of 3,645.3 billion yen in the fiscal year ended March 31, 2011 (US$43.4 billion at an exchange rate of 84 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011). Realizing the need for large-capacity, high-speed communications systems capable of satisfying the diverse requirements of the commercial communications satellite market, Mitsubishi Electric developed the DS2000 standard satellite platform based on decades of successful participation in satellite projects. Its technological capabilities have made the company a primary manufacturer in the international commercial satellite market. For more information visit http://global.mitsubishielectric.com/.
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. Such forward-looking statements include, but are not limited to, any statement or implication that the contract described in this press release will be successfully completed. Such forward-looking statements involve risks and uncertainties that, if realized, could materially impair the Company's results of operations, business, and financial condition. These risks and uncertainties include, but are not limited to, (a) the termination for convenience of the contract for the TURKSAT 4A, TURKSAT 4B, Himawari-8 and Himawari-9 missions, which is permitted by the terms of that contract, and (b) factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. 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.
Chief Financial Officer