ECD Awarded DOE NREL Solar Cell Subcontract

May 11, 2003 by Jeff Shepard

Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) has been awarded a subcontract by the US Department of Energy's (DOE, Washington, DC) National Renewable Energy Laboratory (NREL) to develop new solar cell technology. The subcontract will provide matching funds for a research and development program aimed at lowering the manufacturing cost of solar cells. NREL will fund about $3 million of the approximately $6 million, three-year, phased subcontract, with ECD providing the balance of the funds.

"This subcontract is the latest in our long-standing, mutually successful relationship with NREL and DOE," said Stanford Ovshinsky, president and CEO of ECD and chairman and CEO of United Solar Systems Corp. "The program is another important step forward in one of our company's key missions, which is to put more power in the hands of customers through energy-efficient technology."