Energy Conversion Devices: Subsidiary supplies New Jersey Resources and Adler Development
United Solar, a leading global manufacturer of building-integrated and rooftop photovoltaics under its UNI-SOLAR(R) brand - and a wholly owned subsidiary of Energy Conversion Devices - announced it has signed an agreement to supply 3.9 megawatts of solar laminates to New Jersey Resources Clean Energy Ventures (NJRCEV) and Adler Development of Edison, NJ.
Recognizing the value of green buildings and potential energy savings for its tenants, Adler, a New Jersey family-owned and operated development company specializing in warehouse and flex space, will lease over 900,000 square feet of roof space to NJRCEV for a period of 20 years, helping reduce its facilities' carbon emissions by 3,200 tons per year. Tenants of the buildings will be offered a Power Purchase Agreement from NJRCEV.
Initial engineering prep work has begun on four Adler Development rooftops in NJ and solar modules are currently being produced and shipped from United Solar's high-tech manufacturing plant in Auburn Hills, Michigan. Estimates are that PV power from this project will be on the grid by early autumn. Also assisting with project execution is United Solar channel partner Advanced Green Technologies of Fort Lauderdale, Florida.
"This is a significant opportunity for United Solar to highlight its suite of UNI-SOLAR rooftop products that showcase our industry leading flexible, thin-film, low impact and low profile solar laminates," said Mark Morelli, President and CEO of United Solar's parent company, Energy Conversion Devices. "New Jersey Resources and the state of New Jersey have shown great leadership in embracing the use of solar power as a clean, reliable and effective alternative energy source and we look forward to creating more opportunities there in the near future."
About Adler Development:
Adler Development is a full service real estate development firm focused on providing first class service to tenants in the central and northern New Jersey office, flex, and industrial markets. Since 1961, Adler Development has developed warehouse, flex and office properties and has been engaged in brownfield redevelopment since 1994. Adler Development has three LEED projects in the certification process and is continuing to lead the development of sustainable real estate. Adler Development is a 2nd generation family business started by Bernie Adler. Now being led by his three sons, Joshua, Matthew, and Seth, the company is poised for growth in the coming years while maintaining its many long term relationships. We invite you to come grow your business with us.
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(R), 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 - News) 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(R) 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, please visit www.energyconversiondevices.com.
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.
Energy Conversion Devices, Inc.