ROCHESTER HILLS, Mich., Feb. 19 /PRNewswire-FirstCall/ -- United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (NASDAQ:ENER) ("ECD"), announced today that it has entered into a multi-year agreement to supply its UNI-SOLAR(R) brand solar laminates to ITOCHU Corporation for use on large-scale rooftop installations on industrial and commercial buildings worldwide.
"The agreement with ITOCHU underscores our significant and growing presence in the global solar market," said Mark Morelli, president and CEO of ECD. "We applaud ITOCHU for recognizing both the economic and environmental benefits of UNI-SOLAR's lightweight, durable, and flexible thin-film PV laminates for rooftop installations." "Since 2005, ITOCHU has been committed to growing our solar business as part of a broader commitment to environmental conservation and the development of alternative energy sources. Our agreement with UNI-SOLAR will help us further develop our solar energy business following our acquisition of California-based systems integrator and distributor Solar Depot in 2006. UNI-SOLAR laminates are a natural fit for us, because they can be integrated directly into roofing materials and provide a faster return on investment than competitive solar products," said Yutaka Kato, Chief Operating Officer of Industrial Machinery and Solution Division of ITOCHU Corporation.
UNI-SOLAR laminates offer superior cost-effective solutions for roofing applications because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real-world conditions. They are generally three-to-five times lighter than conventional solar modules (which use glass), offering an ideal solution for low-load bearing roof applications. UNI-SOLAR laminates can be installed without any structural changes or penetrations to the roof, and provide superior wind and seismic load performance compared with conventional solar modules.
About Energy Conversion Devices Energy Conversion Devices, Inc. (NASDAQ:ENER) manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. Distributed globally under the UNI-SOLAR(R) brand, the company's products are ideally suited for cost-effective solar roofing solutions because they are lightweight, durable, flexible, can be integrated directly with building materials, and generate more energy in real-world conditions. ECD also pioneers other alternative technologies, including a new type of non-volatile digital memory that is significantly faster and less expensive, and is ideal for a variety of applications including cell phones, digital cameras and personal computers. For more information, please visit http://www.ovonic.com/.
About ITOCHU ITOCHU Corporation engages in domestic trading, import/export, and overseas trading of various products such as textiles, machinery, information and communications-related products, metals, products related to oil and other energy sources, general merchandise, chemicals, and provisions and food. Revenues for fiscal year 2007 were $22.4 billion and total trading transactions were $98.1 billion. Operations of ITOCHU's Machinery Company extend from large-scale plants for the chemical and power generation industries, bridges, highways, railways and other public infrastructure, to automobiles, ships, industrial machinery and other individual items. It is actively engaged in diverse businesses in Japan and overseas. These include gas and power projects, other resource development, environmental projects, and new businesses in the fields of solar energy, innovative technologies and operation & maintenance services, contributing to the growth of economies around the world. For more information about ITOCHU, please visit http://www.itochu.co.jp/. The company headquarters is located in Tokyo, Japan.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD, as of the date of this release, believes to be reasonable and appropriate. ECD cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based. 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 Form 10-Q, could impact any forward-looking statements contained in this release. DATASOURCE: United Solar Ovonic LLC CONTACT: Media, Mac McNeer of Sard Verbinnen & Co., +1-312-895-4700; or Investor Relations, Gerrard Lobo of The Ruth Group, +1-646-536-7023, both for United Solar Ovonic LLC Web site: http://www.ovonic.com/ http://www.itochu.co.jp/
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