ECD Sees Increasing Demand for Its Products; No Change to Company Fundamentals; Revenues and Growth Outlook Remain Positive
Sept 24, 2008 – Energy Conversion Devices, Inc. [ECD] (NASDAQ: ENER), a global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, commented on statements by Solar Integrated Technologies, Inc., regarding the cancellation or delay of certain of SIT’s projects in the US due to uncertainty regarding the US Investment Tax Credit.
“Our business remains strong, and there has been no change to our fundamentals,” said Mark Morelli ECD’s CEO. “Our largest market opportunities are currently in Europe where there is strong demand for our building-integrated solar product. Germany, Italy, France, and now Spain are growth markets for us. The announced changes in SIT’s business do not affect our positive growth outlook.”
ECD is trying to reassure their investors that the business is strong and growing in light of the comments of another firm in the industry. They note that they are growing their manufacturing capacity to 1 GW by 2012, that they have an order backlog that is growing. Their press release also made a pitch for continuing the US Investment Tax Credit [scheduled to expire Dec 31, 2008] that directly benefits their customers and thus the demand for their products.
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