Energy Conversion Devices sees profits soar, signs thin-film solar PV deal with Marcegaglia

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Energy Conversion Devices saw its quarterly revenues rise 16% and its net income increase 28%, largely because of the continued growth of its United Solar Ovonic subsidiary. The company also signed a long-term agreement with Marcegaglia to supply flexible thin-film photovoltaic cells to the Italian steel manufacturer for integrated commercial roofing products under development.

ECD’s total consolidated revenues for its first fiscal quarter were $95.8 million, compared with $82.4 million in the previous quarter and $47.0 million in the first quarter of FY2008. Solar product sales made up $89.5 million of the total, a 16% sequential increase and a 124% increase over the prior-year quarter. First-quarter net income was $12.7 million, compared to net income of $9.9 million in the previous period.
The gross margin for solar product sales in the quarter was 33.4%, while the total gross margin was 34.1%. Uni-Solar produced 30.8 MW and shipped 29.5 MW of solar laminates in the first quarter, compared with production of 26.2 MW and shipments of 25.7 MW in the previous quarter. The average selling price for solar laminates during the quarter was $3.04.

The company said it expects revenues to end up between $100 million and $108 million for the second quarter and between $455 million and $485 million for the fiscal year ending June 30, with the lion’s share of the revenue stream coming from the Uni-Solar unit.

“Fiscal 2009 is off to a strong start and demand continues for Uni-Solar products from our target markets in Europe, Asia and the US,” said ECD president/CEO Mark Morelli. “We recognize that there are new challenges in the present environment, and we are actively managing our business model accordingly.

“For example, our ongoing commitment to operational excellence enabled us to complete the retrofit of our Auburn Hills 1 facility quickly, while simultaneously ramping a new production line in Greenville ahead of schedule,” he continued. “These improvements elevated our productivity during the quarter and contributed to stronger-than-anticipated gross margins.”

“We have the right strategy, which is to target countries with the highest feed-in tariffs for rooftop and building-integrated solar photovoltaic installations.,” Morelli said. “Our opportunity in the U.S. is even greater now that the federal ITC has been extended.”

The agreement with Marcegaglia calls for Uni-Solar to supply individual photovoltaic cells for solar-integrated commercial roofing products that the Italian company is developing based on its industry-leading metal roofing products, which the firm plans to bring to market in 2010. 

“Marcegaglia currently purchases complete solar laminates from USO for incorporation into its existing metal roofing products,” noted Morelli. “With this agreement, we are extending our relationship with Marcegaglia to create a new building-integrated product for the Italian and European markets.”

“Individual Uni-Solar cells can be easily integrated into Marcegaglia’s corrugated insulated panel without any additional dimensional rework,” explained company president/CEO Antonio Marcegaglia. “The goal is to drive costs down and create innovative new products at the same time. “We have obtained very positive feedback from our customers on the Uni-Solar product and through this agreement we will jointly deliver a new customer experience.”

Neither the financial terms of the agreement nor the amount of cells to be supplied were disclosed by the companies.

7 June 2022
The Renewable Energy Trading Summit is the only event in Europe dedicated to renewable energy trading and will bring together renewable power asset owners, investors, exchanges, intermediaries and large energy buyers to discover the future of power sales. This unique event is designed specifically for the most senior players and will provide an excellent forum for business deals, networking and learning. The energy transition is gathering pace with renewable energy attracting increasing sums of capital each year. Solar and wind deployment is increasing annually and governments are ever-more reliant on the renewables sector to stimulate moribund economies. Retirement of fossil fuel assets continues in the background. However, without subsidies and uncertainty around PPAs, renewable asset owners are heading into the wholesale markets to trade power but are they ready for the volatility in revenue this will entail?
9 June 2022
The proliferation of solar PV and other renewables is a cornerstone of the emerging new power system and, as a result, the solar industry has entered its fastest-growth period. This has become typified by surging demand for high-power PV modules that both produce more power and are more efficient than their predecessors. Providing a significant boost to power outputs, large-format modules have become a popular choice for customers the world over. Outdoor testing of modules is now providing empirical evidence of the benefits large-format modules produce, providing a crucial benchmark and invaluable data for customers to evaluate their module selection and procurement processes. In this PV Tech webinar, experts from TÜV Rheinland, CPVT and Trina Solar will discuss how to ensure science based and precision testing under field conditions, how empirical data is collected and analysed during TÜV Rheinland and CPVT’s outdoor testing, the empirical data behind a 670W module’s ultra-high power, and more.
14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!
15 June 2022
Consumers are turning to residential renewables in significant numbers, driven by a desire to be environmentally conscious and a wave of high power prices. But turning green requires easy-to-use and, above all, safe technologies that meet expectations. Huawei is committed to building efficient, safe, reliable and grid-supporting smart PV plants that also provide smart services to consumers, and its Residential Solution has been tailored to meet consumer demand. This webinar will demonstrate the full suite of technologies offered within the Huawei Residential Solution, including a smart energy controller, smart AC charger, and AI-powered energy storage solution, and detail how it can place power back in the consumer’s hands.
22 June 2022
The 11th edition of the Large Scale Solar Summit is coming to the US after 10 sell-out years in Europe! Designed as a meeting place for deal-making, we will not only discuss the most up to date topics and technologies but will also provide varied networking platforms so that developers, EPCs, manufacturers, asset owners, and investors can connect with possible clients and partners. In a year expected to break records for the solar market, join us in Texas to meet with the top players in the industry and expand your network as business booms.
19 July 2022
As New South Wales is gearing up to become a renewable energy superpower, an exciting clean energy event is coming to Sydney. Energy Next is a free-to-attend industry event focusing on the latest renewable energy and energy management technologies, which will be held from 19-20 July 2022 at the ICC Sydney in Darling Harbour. Organised by the same people behind the country’s largest clean energy event, All-Energy Australia, Energy Next will bring a quality exhibition and technical session series to NSW. Energy Next will also host the Clean Energy Council’s Solar Masterclass with a program developed for solar designers and installers. Across two days, Energy Next will provide an extensive exhibition, workshops and networking opportunities for those working in the renewable energy industry to meet with leading suppliers, discover the latest technologies and gain an understanding of how to successfully launch new clean energy projects.

Read Next

May 27, 2022
Solar O&M solutions provider Ecoppia is navigating ongoing component shortages while expending its operations into new geographies and ramping up production of its latest PV panel cleaning robot.
May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
US solar and energy storage developer Borrego will spin off and sell its development business, including its more than 8.4GW PV project pipeline, to investment firm ECP.
May 26, 2022
Danish developer Better Energy has partnered with Finish solar company Forus to develop more than 1GW of solar PV in Finland.
May 26, 2022
Leading solar manufacturers have implored governments to implement tax credits and other financial incentives to stimulate domestic PV manufacturing.
May 26, 2022
Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas