ALBUQUERQUE, N.M., June 18, 2014 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optics and space solar power markets, announced today that it has entered into a new long-term supply agreement with Space Systems/Loral, LLC (SSL) to manufacture and deliver high-efficiency, multi-junction solar cells for SSL's satellite programs. This new contract follows several other earlier long-term supply agreements between SSL and EMCORE. The solar cells will be designed and produced at EMCORE's state-of-the-art manufacturing facility located in Albuquerque, New Mexico, USA.
EMCORE has been supplying SSL with solar cells for its satellite programs for 15 years. In early 2013 EMCORE reached a milestone of delivering its 1 millionth high-efficiency, multi-junction solar cell to SSL, which will ultimately represent more than a megawatt of power delivered into space. EMCORE's long-term business relationship with SSL has been an important component in the growth of the Company's Photovoltaics division since 1998.
"After so many years of working together, EMCORE is not just a trusted supplier, but also a part of the extended SSL team," said Vivian Mackintosh, Vice President, Supply Chain Management at SSL. "EMCORE makes an important contribution to help SSL meet the demand for the world's highest power spacecraft."
"We are proud to continue our long-standing relationship with SSL through renewal of our long term supply agreement and appreciate SSL's continued confidence in EMCORE," commented Dr. Brad Clevenger, Executive Vice President and General Manager of EMCORE's Photovoltaics Division. "SSL has been a cornerstone of our satellite solar power business and we look forward to contributing to their success for many years to come."
"We value our long history as a key supplier of solar cells for SSL's space programs and are especially proud that our solar cells have continued to meet SSL's requirements for performance and reliability for 15 years," added Navid Fatemi, Vice President of Business Development of EMCORE's Photovoltaics Division. "We now have a tremendous opportunity to build upon that successful legacy."
EMCORE is one of the world's leading manufacturers of highly-efficient radiation-hard solar cells for space power applications. With a Beginning-Of-Life (BOL) conversion efficiency nearing 30% and the option for a patented, onboard monolithic bypass diode, EMCORE's industry-leading multi-junction solar cells provide the highest levels of performance to interplanetary spacecraft and earth orbiting satellites.
Since 2001 EMCORE solar cells or panels have successfully supplied primary power to 130 space missions. The Company's proven manufacturing capability, technology leadership and unsurpassed reliability make EMCORE the supplier of choice for demanding space programs.
About EMCORE
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics and space solar power markets. EMCORE's Fiber Optics business segment provides optical components, subsystems and systems for high-speed telecommunications, Cable Television (CATV) and Fiber-To-The-Premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications. EMCORE's Solar Photovoltaics business segment provides products for space power applications including high-efficiency multi-junction solar cells, Coverglass Interconnected Cells (CICs) and complete satellite solar panels. For further information about EMCORE, visit http://www.emcore.com.
About SSL
SSL has a long history of delivering reliable satellites and spacecraft systems for commercial and government customers around the world. As the leading provider of commercial satellites, the company works closely with satellite operators to provide spacecraft for a broad range of services including television and radio distribution, digital audio radio, broadband Internet, mobile communications, and Earth observation. Billions of people around the world depend on SSL satellites every day. For more information, visit www.sslmda.com.
Forward–looking statements:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE's expectations, goals or intentions, including, but not limited to, financial performance, production schedules, expected customer sales, product features and their benefits, product quality and product performance. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. Risks and uncertainties that could cause EMCORE's actual results to differ from those set forth in any forward-looking statement are discussed in more detail in EMCORE's SEC filings available at www.sec.gov, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: EMCORE Corporation
Navid Fatemi
Vice President, Business Development
(505) 332-5000
navid_fatemi@emcore.com
Investor
TTC Group
Victor Allgeier
(646) 290-6400
vic@ttcominc.com
