ROCHESTER HILLS, Mich., May 6, 2010 (GLOBE NEWSWIRE) -- Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER) today announced that a total of 1.8MW of its UNI-SOLAR® brand photovoltaic laminates were installed on the Toyota Parts Center Europe building in Belgium. Toyota recently officially inaugurated the solar panel park, which Blue Planet Solar NV financed, built and will operate. The installation includes 12,800 panels on the roof and covers 861,000 sq.ft., making it one of the largest thin-film solar panel rooftop installations in Belgium.
This is the third project the company has done for Toyota. In 2007, the company won a $3.3 million order for a BIPV roofing system that was installed on a building owned by a division of Toyota Germany AG, in Germany. And, in 2006, ECD provided a 700 kW BIPV roofing system for Toyota Motor Sales, U.S.A., Inc. for their New York Region parts distribution center located in New Jersey.
The rooftop solar installation will produce between 15% and 20% of the annual electricity requirements of the facility. With a peak power supply of 1.84 MW, the panels can produce 1,620 MWh/year. The CO2 saving is forecast to be 1,875 tons/year. As a result, Toyota will considerably reduce its CO2 emissions while also making significant savings on its energy bill.
About Energy Conversion Devices
Energy Conversion Devices is a leader in building-integrated and rooftop photovoltaics. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to 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. Through its Solar Integrated Technologies business, 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 www.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 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; our customers' ability to access the capital needed to finance the purchase of our products; and risks associated with integrating Solar Integrated Technologies, Inc. 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.