AstroPower Announces Agreements with Corning.NEWARK, Del.--(BUSINESS WIRE)--Oct. 1, 1997--AstroPower Inc. Wednesday announced that it has concluded agreements with Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. in the field of solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. . Under the terms of these agreements, funds for a new manufacturing plant have been provided by Corning through the purchase of a convertible note, the amount and details of which have not been made public. AstroPower and Corning have also entered into an agreement under which Corning will provide research, development, engineering and manufacturing assistance to AstroPower for a three year period. Under this agreement, the two companies will work jointly to accelerate the implementation and ramp-up of the new manufacturing facility, which will produce photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. solar cells solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. and modules based on AstroPowers Silicon-Film(TM) technology. Dr. Allen Barnett Allen Barnett is a professor of electrical engineering and computer science at the University of Delaware. He is the principal investigator of the DARPA-funded Consortium for Very High Efficiency Solar Cells. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AstroPower said, "We believe that Corning's expertise in advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, and manufacturing complements the technology and market positions which AstroPower has developed. Working with Corning will make it possible for us to bring our new plant on line faster and more efficiently than we would have been able to do on our own." Formed in 1983, AstroPower is a privately owned specialty semiconductor company based in Newark, Del., specializing in photovoltaic (PV) energy conversion and related optoelectronic technology. Currently the second largest US-owned PV manufacturer, AstroPower is one of the world's fastest growing PV companies. AstroPower manufactures and markets conventional single-crystal silicon solar cells and modules world-wide, and is in the process of commercializing new products based on the company's proprietary high-speed, low-cost Silicon-Film(TM) continuous sheet process. This new process was developed with support from the US Department of Energy's cost-shared Photovoltaic Manufacturing Technology (PVMaT) program. CONTACT: AstroPower Trish Carrico, 302/366-0400 |
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