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EMCORE Corporation has decided to sell its shares in WorldWater & Solar Technologies Corporation in a fundraising effort. The company has completed the first of two closes, raising $5.7 million through sale of 1,446,428 shares of WorldWater stock and 152,522 Warrants to purchase shares, and expects to raise an additional $5.7 million on the second closing stage.

EMCORE purchased the shares in November 2006, and this sale announcement includes a return of 75% on its 2006 investment. WorldWater & Solar Technologies Corporation is a New Jersey-based solar engineering and water management company.