Large-Area Solar Cell Uses Proprietary Nano-Crystalline™ Silicon Technology Potential to Reduce Cost of Generating Solar Electricity by 20% AUBURN HILLS, Mich., Jan. 31, 2011 (GLOBE NEWSWIRE) -- United Solar, a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER) and manufacturer of UNI-SOLAR ® brand photovoltaic (PV) laminates, today announced that the National Renewable Energy Laboratory (NREL) has confirmed an initial 12% conversion efficiency of a large-area solar cell using UNI-SOLAR's proprietary Nano-Crystalline™ silicon. To date, this is the highest large-area cell efficiency confirmed by NREL for thin-film silicon PV technology. United Solar has worked with NREL for more than two decades in the research and development of advanced thin-film PV technologies. "I am extremely impressed with United Solar's recent breakthrough in efficiency in thin-film silicon photovoltaics," said Dr. Ryne Raffaelle, Director of the National Center for Photovoltaics at NREL. "United Solar has been the unquestioned leader in their field and one of the few PV companies in the world that can offer a true building integrated photovoltaic product. I am very excited about our continued collaborations." The record-setting cell efficiency with an area of 400 square centimeters was encapsulated in UNI-SOLAR's proprietary thin-film polymer. UNI-SOLAR's triple-junction technology incorporates Nano-Crystalline silicon layers on a flexible stainless steel substrate and increases the cell's efficiency by about 50%, relative to current UNI-SOLAR cells in production. "This is a substantial milestone for our company as we continue to execute on the technology roadmap we communicated in 2010," said Dr. Subhendu Guha, Chairman of United Solar and Executive Vice President of Photovoltaic Technology, Energy Conversion Devices. "This world record efficiency was achieved under the U.S. Department of Energy's Solar America Initiative Program led by United Solar with participation from NREL and associated universities." United Solar's technology roadmap takes this ground-breaking technology into commercial production in 2012. The technological advancement drives meaningful reductions in the cost of installing a UNI-SOLAR solar energy system and will reduce the cost of generating solar electricity by over 20%. Ultimately, the company expects to offer solar energy systems that are capable of providing electricity at a cost below the utility grid. About Energy Conversion Devices/United Solar Energy Conversion Devices (ECD) (Nasdaq:ENER), through its United Solar subsidiary, is a global 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. 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 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 commercially produce products at specifications achieved in the lab; 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 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. ECD assumes no responsibility to update these forward-looking statements.
CONTACT: Energy Conversion Devices Investor Relations Contact: Michael E. Schostak Head of Investor Relations (248) 299-6063 firstname.lastname@example.org United Solar Public Relations Contact: Wendy Ventura (248) 299-6064 email@example.com