SOURCE: EMCORE

EMCORE

May 05, 2011 16:01 ET

EMCORE Corporation Enters Into a Long-Term Supply Agreement With Space Systems/Loral

Multi-Year Contract Represents the Second Largest Award in EMCORE's History

ALBUQUERQUE, NM--(Marketwire - May 5, 2011) - EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, announced today that it has entered into a long-term supply agreement with Space Systems/Loral (SS/L) to manufacture and deliver high-efficiency, multi-junction solar cells for Space Systems/Loral's commercial satellite programs. The multi-year contract represents the second largest award in EMCORE's history. The agreement is subject to certain terms and conditions, including a provision allowing SS/L to terminate the agreement for convenience. Production of the solar cells will take place at EMCORE's state-of-art manufacturing facilities located in Albuquerque, New Mexico.

"EMCORE has been a highly reliable partner in helping us deliver some of the world's most powerful satellites to our customers," said Vivian Mackintosh, Vice President of Materiel at Space Systems/Loral. "We can count on EMCORE for the highest quality solar cells delivered on time and priced fairly."

"We are extremely proud of Space Systems/Loral's choice of EMCORE to supply multi-junction solar cells for all SS/L flight missions," said Christopher Larocca, Chief Operating Officer of EMCORE. "EMCORE has delivered more than 800,000 solar cells to Space Systems/Loral over the past decade, and this agreement further strengthens our successful long-term relationship."

EMCORE is the world's largest manufacturer of fully space qualified, highly efficient radiation-hard multi-junction solar cells for space power applications. With a solar-to-electric conversation efficiency of nearly 30%, EMCORE's multi-junction solar cells offer superior performance at an affordable price when compared to competing technologies.

About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high-efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com.

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. Such forward-looking statements include, but are not limited to, any statement or implication that the contract described in this press release will be successfully completed. Such forward-looking statements involve risks and uncertainties that, if realized, could materially impair the Company's results of operations, business, and financial condition. These risks and uncertainties include, but are not limited to, (a) the termination for convenience of the contract, which is permitted by the terms of that contract, and (b) factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and EMCORE does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

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