Solar Energy Helps Boost Company Revenue

A U.S. company involved in solar energy reports that its revenue is up 137 percent over the first three quarters of the previous year.

TROY, Michigan, US, 2001-05-17 <> Energy Conversion Devices Inc. says revenue in the third quarter was $17.7 million, compared with $7.4 million in the previous period. For the nine-month period, revenue increased 97 percent to $42.9 million, compared with $21.8 million in the nine months of last year. The increased revenue was due to product development agreements with the Texaco Ovonic joint ventures and Bekaert ECD Solar Systems joint ventures, as well as the inclusion of the financial results of United Solar Systems in ECD’s consolidated financial statements. Stanford R. Ovshinsky, President and CEO, and Robert C. Stempel, Chairman, said, Revenues from machine building increased due to contracts to build production equipment for Bekaert ECD Solar Systems that can produce 25 MW of annual capacity. Photovoltaic sales were $1.5 million in 2001, and product development agreements include $1.2 million in United Solar contracts with DOE.


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