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AXT, Inc. Announces 5-year Contract for Germanium Substrate With AZUR SPACE
| Source: AXT, Inc.
FREMONT, CA--(Marketwire - February 2, 2010) - AXT, Inc. (NASDAQ : AXTI ), a leading
manufacturer of compound semiconductor substrates, today announced that it
has been awarded a 5-year contract for germanium (Ge) substrates with AZUR
SPACE Solar Power GmbH, a leading provider of satellite solar cells for
space and terrestrial applications. This contract is the result of a
collaboration of the two companies that has enabled AZUR SPACE to obtain an
industry-leading 40 percent conversion efficiency rate in average for
Triple Junction CPV solar cells and the 30 percent conversion efficiency
rate in average for Triple Junction GaAs space solar cells.
"We are very pleased to announce our successful partnership with AZUR
SPACE," said Morris Young, chief executive officer of AXT, Inc. "Since
1964, AZUR SPACE has been at the forefront of the development of solar
technology and we are excited that our collaboration over the past months
has resulted in one of the highest conversion efficiency rates in the
industry, further advancing the potential of this important Triple Junction
CPV technology. We are thrilled to be working with them and look forward
to a long and prosperous relationship."
"AXT has been a great partner to work with throughout the qualification
process," said Patrick Kilper, Manager Supply Management of AZUR SPACE.
"Its germanium substrates consistently met our stringent requirements and
we are pleased that the company has its own source of germanium raw
materials to ensure adequate supply as customer demand for our solar cells
continues to rise."
Germanium is a single-element substrate used to produce devices for
photovoltaic applications. The material is becoming more widely used for
space and terrestrial solar cell applications as the worldwide focus on
satellite technology and alternative energy development increases. Europe
continues to lead the rest of the world in investment into solar energy
development, but government subsidies in the United States, Asia and
Australia are promoting the development of this technology around the world.
AXT is a leading supplier of germanium substrates and uniquely has its own
source of germanium raw material through its China joint venture.
About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance
compound and single element semiconductor substrates comprising gallium
arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its
manufacturing facilities in Beijing, China. In addition, AXT maintains its
sales, administration and customer service functions at its headquarters in
Fremont, California. The company's substrate products are used primarily
in lighting display applications, wireless communications, and fiber optic
communications. Its vertical gradient freeze (VGF) technique for
manufacturing semiconductor substrates provides significant benefits over
other methods and enabled AXT to become a leading manufacturer of such
substrates, particularly in optoelectronics applications. AXT has
manufacturing facilities in China and invests in five joint ventures
producing raw materials. For more information, see AXT's website at
http://www.axt.com.
About AZUR SPACE Solar Power GmbH
AZUR SPACE Solar Power GmbH, with its headquarters in Heilbronn, Germany,
develops, produces and supplies bare solar cells for space and terrestrial
applications. The company draws from more than 40 years of experience and
several million solar cells. Its range of products covers various types of
silicon and III-V solar cells on germanium for space application and
concentrator photovoltaic systems.
Safe Harbor Statement
The foregoing paragraphs contain forward-looking statements within the
meaning of the Federal Securities laws, including statements regarding our
qualification of substrates with AZUR SPACE Solar Power GmbH, our
commencement of volume orders with AZUR SPACE, and the development of a
relationship with AZUR SPACE, our ability to supply raw materials from our
own source of germanium raw materials to ensure adequate supply, the rise
in customer demand for our solar cells, the increasing use of germanium
for satellite and terrestrial solar cell applications, the increasing focus
on satellite technology and alternative energy development and government
promotion of the development of this technology, and opportunities for
growth in the coming years. These forward-looking statements are based
upon specific assumptions that are subject to uncertainties and factors
relating to the company's operations and business environment, which could
cause actual results of the company to differ materially from those
expressed or implied in the forward-looking statements contained in the
foregoing discussion. These uncertainties and factors include but are not
limited to overall conditions in the markets in which the company competes;
market acceptance and demand for the company's products; and other factors
as set forth in the company's annual report on Form 10-K and other filings
made with the Securities and Exchange Commission. Each of these factors is
difficult to predict and many are beyond the company's control. The company
does not undertake any obligation to update publicly any forward-looking
statement, as a result of new information, future events or otherwise.