WorldWater & Power and Emcore Form Solar Cell Partnership

In a recently signed partnership agreement, WorldWater & Power Corp. and Emcore Corporation will cooperate in system development and marketing of solar concentrator cell and systems technology.

Emcore will buy 26.5% for $18 million, and is entering into an exclusive supply agreement for high efficiency multi-junction solar cells and concentrator subsystems for 26.5 megawatts (MW) valued at up to $100 million over the next three years. “By connecting Emcore’s space and terrestrial cell technology with WorldWater’s specialized electrical drives for applications,” said Reuben F. Richards, Jr., President and CEO of Emcore, “we should command a significant segment of the rapidly growing distributed solar energy market in the U.S. and abroad.” Emcore invested $13.5 million in WorldWater November 29, 2006, representing the first tranche of its $18 million investment; the remaining $4.5 million investment is expected before year-end. WorldWater’s Founder and Chairman Quentin T. Kelly said, “Concentrated photovoltaic systems are the keys to reducing the cost per watt of power generated.” “This major financing from Emcore will enable WorldWater to substantially increase our core business of blending and/or replacing the electric grid with solar power and supplying solar electric drives,” added Kelly, “whether in the agricultural, water utility or other industrial fields.”
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