Energy Conversion Devices (ENER) Accelerates Expansion Plans
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Energy Conversion Devices (Nasdaq: ENER) discussed several new strategic initiatives with analysts at its first company-sponsored Investor Day.
Mark Morelli, president and CEO noted, "We are in the final stages of site selection for a new 120 MW solar-cell manufacturing facility. We are also pleased to announce that we are accelerating the growth of our nameplate capacity to 420 MWs in fiscal year 2010 and to 720 MWs in fiscal 2011. The accelerated expansion in capacity will help us meet the growing global demand for our thin-film, flexible solar laminates earlier than we had previously forecast."
Energy Conversion Devices had previously planned to be at 300MW and 600MW of nameplate capacity in fiscal year 2010 and 2011, respectively. The acceleration of production capacity is being made possible by systems engineering and commitments to operational excellence including better supply chain management and improved efficiencies, throughput and yields. These expansions are expected to be funded by cash on hand and future operating cash flow. The company reiterated its commitment to have 1 GW of nameplate capability in place by fiscal 2012.
ECD also discussed a joint development agreement with CertainTeed that was announced earlier in the day. The company said that it will focus on the creation of next-generation solar residential roofing material incorporating UNI-SOLAR photovoltaic cells with CertainTeed roofing materials. The products are expected to be commercially available beginning in 2010.
Energy Conversion Devices is the leader in building integrated and commercial rooftop photovoltaics, one of the fastest growing segments of the solar power industry.
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