Energy Conversion Devices Urges Congress to Support National Rooftop Photovoltaic Initiative
Congressional Testimony Highlights Benefits of Using Solar Photovoltaic Technology to Implement a National Distributed Generation Program
ROCHESTER HILLS, Mich., Jan. 23 /PRNewswire-FirstCall/ -- 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, announced that Senior Advisor Nancy Bacon testified yesterday before the U.S. House Committee on Transportation and Infrastructure at the invitation of Chairman James L. Oberstar. The topic of the hearing was Infrastructure Investment: Ensuring an Effective Economic Recovery Program.
Ms. Bacon testified about the role that rooftop solar photovoltaic (PV) installations can play in generating more of our nation's electricity from clean, renewable sources; creating hundreds of thousands of jobs; reducing carbon dioxide production; reducing our reliance on foreign oil; and promoting distributed power generation in which power is generated where it is consumed, which relieves strain on the antiquated electrical grid.
Ms. Bacon commented, "As part of the stimulus package, we urge Congress to include a robust, national program to install solar photovoltaics on rooftops all across the country - starting with government buildings. An initiative of this magnitude will substantially benefit our economy through job creation, improve our environment and expand an important U.S. industry. We applaud the Committee and President Obama for supporting renewable energy, and look forward to working with them to transform American energy policy."
Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) is the leader in building integrated and commercial rooftop photovoltaics, one of the fastest growing segments of the solar power industry. The company manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD's UNI-SOLAR(R) brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. ECD also pioneers other alternative technologies, including a new type of nonvolatile digital memory technology that is significantly faster, less expensive, and ideal for use in a variety of applications including cell phones, digital cameras and personal computers. For more information, please visit www.ovonic.com.
This release may contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to sustain profitability; our ability to maintain our customer relationships; our ability to expand our manufacturing capacity in a timely and cost-effective manner; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers' ability to access the capital needed to finance the purchase of our products. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.
