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FLASHBACK!

January 21, 2010

United Solar Ovonic Receives $13 Million Manufacturing Investment Tax Credit from Stimulus Program

Rochester Hills, Mich., January 21, 2010 - Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, today announced that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury.

The company was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic's plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process.

Upon successful completion of the upgrades, the deposition machines will have significantly greater output. These improvements will lower the company's cost of manufacturing while increasing the efficiency of the solar laminates and is expected to create approximately 600 jobs in Michigan.

"We are very appreciative of the Obama Administration's efforts to support American clean technology through the stimulus programs," said Mark Morelli, ECD President and CEO. "We are also grateful for the support from Senators Stabenow and Levin, Congressman Peters and other members of the Michigan congressional delegation. Governor Granholm and her staff were also critical in supporting our application. These elected officials do an important job in Washington and here in Michigan of delivering a consistent message of support for American manufacturing jobs and business in Michigan."

1 posted on 03/13/2012 1:20:53 PM PDT by mdittmar
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To: mdittmar
panels with a 25-year warranty

These companies are going out of business right and left.

Anybody want to take bets on whether the company will be around in 25 years to honor its warranty?

Or five years for that matter.

2 posted on 03/13/2012 1:44:48 PM PDT by Sherman Logan
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To: mdittmar

Now THAT is funny! I was in GR for 4 years of school. The town gets direct sunlight only a bit of the year. The rest of the time it’s covered with gray, life-sucking, depressing clouds.


5 posted on 03/13/2012 2:22:51 PM PDT by lurk
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