ROCHESTER HILLS ? Energy Conversion Devices announced Thursday that it private investors have agreed to purchase more than five million shares of the alternative energy company?s stock worth $87.8 million.
The shares of common stock will be issued at a price of $17.25 per share on Feb. 15. ECD Ovonics has agreed to file a registration statement with the SEC for the resale of common stock within 10 days after closing.
ECD Ovonics plans to use the net proceeds to double the manufacturing capacity of United Solar Ovonic’s triple-junction, thin-film amorphous silicon photovoltaic products; to exercise the option to purchase for $4.55 per share the 4,376,633 shares of ECD Ovonics’ common stock held by TRMI Holdings, Inc., an affiliate of ChevronTexaco Corporation; and for general corporate purposes, including research and development investments.
ECD Ovonics’ proprietary advanced information technologies include Ovonic phase-change electrical memory, Ovonic phase-change optical memory and the Ovonic Threshold Switch. The Company’s portfolio of alternative energy solutions includes Ovonic thin-film continuous-web amorphous solar cells, modules, panels and systems for generating solar electric power; Ovonic NiMH batteries; Ovonic hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel; and Ovonic fuel cell technology. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD Ovonics holds the basic patents in its fields.
