Company Achieves Another Milestone on Its Technology Roadmap
Continuing Innovation Will Lead to Lower-Cost Solar Energy
AUBURN HILLS, Mich., March 22, 2011 (GLOBE NEWSWIRE) -- United Solar, a wholly owned subsidiary of Energy Conversion Devices, Inc. (Nasdaq:ENER) and a leading global manufacturer of light-weight, flexible thin-film solar modules, today announced that the United States Patent and Trademark Office issued U.S. Patent 7,902,049, "Method for depositing high-quality microcrystalline semiconductor materials" to Subhendu Guha, Jeff Yang and Baojie Yan for United Solar."This is yet another confirmation of the unique and innovative technological processes that United Solar is committed to developing, now and into the future," said Mark Morelli, President and CEO of Energy Conversion Devices. "The proprietary technology covered in this patent will enable us to achieve our 12% aperture-area conversion efficiency in 2012, as outlined in our technology roadmap. The direct result of this is that we will be able to harness the sun's energy in a more cost-effective manner." Earlier this year, the company announced that the National Renewable Energy Laboratory (NREL), an official U.S. Department of Energy laboratory, had conducted independent testing and confirmed that United Solar's Nano-Crystalline technology achieves 12% initial conversion efficiency in a large-area encapsulated cell, a world-record for thin-film silicon solar technology. United Solar has been awarded nearly 70 United States patents for various technological advancements in its 25-year history. About Energy Conversion Devices/United Solar Energy Conversion Devices (ECD) (Nasdaq:ENER) is a leader in building-integrated and rooftop photovoltaics. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable 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. 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 energyconversiondevices.com. 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.
CONTACT: Investor Relations Contact: Michael E. Schostak Energy Conversion Devices (248) 299-6063 firstname.lastname@example.org Public Relations Contact: Wendy Ventura United Solar (248) 293-6064 email@example.com