Energy Conversion Devices (ENER) Lands 3.9MW Rooftop Solar Deal

Energy Conversion Devices (ENER) subsidiary United Solar has signed a 3.9MW deal to supply solar laminates to New Jersey Resources Clean Energy Ventures & Adler Development.  Adler Development will lease 900K of roof space to NJRCEV for 20 years allowing tenants a power purchase agreement from NJRCEV.  The project has already begun with work started on four Adler buildings in New Jersey.

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ENER CEO Mark Morelli commented on the deal: “This is a significant opportunity for United Solar to highlight its suite of UNI-SOLAR rooftop products that showcase our industry leading flexible, thin-film, low impact and low profile solar laminates.  New Jersey Resources and the state of New Jersey have shown great leadership in embracing the use of solar power as a clean, reliable and effective alternative energy source and we look forward to creating more opportunities there in the near future.”

Shares of ENER are fractionally higher today, but remain mired in a long downtrend.  While the trading action has improved over the past month, it still trades below the 50 day moving average just as it has all year.

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