EMCORE Enters Into Solar Cell Assembly Supply Contract With the Indian Space Research Organisation The Contract Award is Valued at $22 Million ALBUQUERQUE, N.M., June 20, 2013 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced today that it has entered into a supply contract with the Indian Space Research Organisation (ISRO) to manufacture, test, and deliver high-efficiency multi-junction solar cell assemblies for ISRO's commercial geostationary telecommunications and scientific earth observation satellite missions. Over the past four decades ISRO has launched more than 65 satellites for various commercial and scientific applications. EMCORE has been a key supplier of solar cell products to ISRO for the past 15 years, including supplying solar equipment to power several INSAT telecommunications missions. Over the term of this new multi-year contract, EMCORE expects to deliver Coverglass Interconnected Cells (CICs) incorporating its highest-efficiency ZTJ and ATJ solar cells for multiple satellite missions. With a conversion efficiency nearing 30%, the ZTJ solar cell is one of the highest performance multi-junction solar cells available on the market today. EMCORE's CICs employ the most advanced interconnect welding techniques in the industry and offer the highest reliability under severe space radiation environments and thermal stress conditions. "This contract is a very significant award for EMCORE. It further reinforces our successful heritage in the Asia-Pacific satellite market, and expands our market share for both commercial and scientific missions," said Dr. Brad Clevenger, General Manager of EMCORE's Photovoltaics Division. "EMCORE has partnered with ISRO on many successful satellite missions, and we greatly value our long-standing business relationship. We look forward to supporting ISRO on its next phase of telecommunications and earth observation satellites." EMCORE is one of the world's leading manufacturers of highly-efficient radiation-hard solar cells for space power applications. With a Beginning-Of-Life (BOL) conversion efficiency nearing 30% and the option for a patented, onboard monolithic bypass diode, EMCORE's industry-leading multi-junction solar cells provide amongst the highest available power to interplanetary spacecraft and earth orbiting satellites. EMCORE's proven manufacturing capability, technology leadership, and high-reliability solar cells and panels make us the supplier of choice for demanding spacecraft power systems. About EMCORE EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics and solar power markets. EMCORE's Fiber Optics business segment provides optical components, subsystems and systems for high-speed telecommunications, Cable Television (CATV) and Fiber-To-The-Premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications. EMCORE's Solar Photovoltaics business segment provides products for space power applications including high-efficiency multi-junction solar cells, Coverglass Interconnected Cells (CICs) and complete satellite solar panels. For further information about EMCORE, visit http://www.emcore.com. About the Indian Space Research Organisation The Indian Space Research Organisation was established to develop space technology and its applications to various national initiatives in India. ISRO has established two major space systems, the Indian National Satellite System (INSAT) series Geo-Stationary Satellites for communication, television broadcasting and meteorological services, and the Indian Remote Sensing (IRS) Earth Observation Satellite system for resources monitoring and management. For more information on ISRO, please visit http://isro.org/index.aspx. Forward–looking statements: The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE's expectations, goals or intentions, including, but not limited to, financial performance, production schedules, expected customer sales, product features and their benefits, product quality and product performance. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements. Risks and uncertainties that could cause EMCORE's actual results to differ from those set forth in any forward-looking statement are discussed in more detail in EMCORE's SEC filings available at www.sec.gov, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. 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EMCORE Enters Into Solar Cell Assembly Supply Contract With the Indian Space Research Organisation
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