EMCORE Announces Shipment of World's Highest Efficiency Dual Junction Solar Cells; Company Is First to Market With Solar Cells of More Than 25% Efficiency.

Business/Technology Editors

SOMERSET, N.J.--(BUSINESS WIRE)--Feb. 2, 2000

EMCORE Corporation (NASDAQ:EMKR) today announced the manufacture and shipping of the world's highest efficiency dual-junction solar cell for satellite applications. Based on customary satellite industry metrics, EMCORE achieved the efficiency ranking of 25.3%, which is the highest in the world for large-area (27.5 cm2) dual junction flight solar cells that are ready to ship. Solar cells are one of the most significant economic drivers in satellite communications, in that higher efficiency translates to enhanced performance that increases revenue generation for satellite owners. In addition, as satellites become more economical they become a viable alternative for transmitting voice and Internet traffic.

&uot;This represents a remarkable achievement by our staff at the EMCORE PhotoVoltaics Division in Albuquerque, which has been in operation for only 14 months,&uot; said Reuben Richards, President and CEO of EMCORE. &uot;Our cells reach far beyond the capability of silicon-based solar cells, which have a theoretical maximum efficiency of approximately 19% and degrade quite rapidly during orbit. The use of EMCORE's compound semiconductor cells equates to fewer devices being needed, resulting in smaller, lighter satellites with longer lifetimes, while providing more power. This initial efficiency record has been achieved through critical technology breakthroughs in tandem with state-of-the-art automated processing.&uot;

The dual junction InGaP/GaAs compound semiconductor solar cell product is grown on a germanium (Ge) substrate, and has a minimum average efficiency of 23% at air mass zero (AMO) at 28 degrees Centigrade. EMCORE is currently producing the new dual junction cells on a 7-day, 24-hour production schedule to accommodate current and projected contract demands.

EMCORE has also produced high-efficiency triple junction cells with a minimum average of 26% AM0 in pilot runs at the Albuquerque facility. These triple junction cells have completed preliminary radiation testing at NASA's Jet Propulsion Labs (JPL) in Pasadena, California. JPL has verified an enhanced radiation stability with a power degradation of only 8% for an equivalent life of 15 years in the geo-stationary orbit. EMCORE's triple junction solar cells will begin a full qualification program in spring 2000 and are expected to begin in-flight production in summer 2000.

All of EMCORE's advanced solar cells are produced on the Company's TurboDisc(R) MOCVD tools. The exceptional performance of EMCORE's compound semiconductor solar cells is due to stringent quality control of the manufacturing process, beginning with the use of the highest quality raw materials and rigorous statistical process control, through paperless manufacturing management systems. EMCORE Photovoltaics achieved ISO 9001 certification in November 1999.

EMCORE PhotoVoltaics serves the global aerospace market by providing advanced high efficiency solar cells specifically for application in the space industry. The division operates from a 50,000-sq. ft. facility in the Sandia Science and Industrial Park at 10420 Research Road, SE, Albuquerque, New Mexico, 87123. Details on EMCORE's PhotoVoltaics Division capability and product information are accessible at http://www.emcore.com/solarcell/index.html.

EMCORE Corporation is the leading vertically integrated materials science company in the field of compound semiconductors. EMCORE offers comprehensive solutions for the compound semiconductor industry and its customers by operating six internal divisions: EMCORE Research &Applications Laboratory, TurboDisc(R) production systems, EMCORE Electronic Materials (E2M) epitaxial wafer foundry, and EMCORE Electronic Devices (E2D), MODE, and EMCORE Photovoltaic discrete device fabs. For further information about EMCORE, visit http://www.emcore.com.

The information provided herein may contain forward-looking statements relating to future events that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are cancellations, rescheduling or delays in product shipments; delays in obtaining export licenses for product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; the future financial performance of the Company and its Joint Ventures; delays in developing and commercializing new products; increased competition; labor actions against the Company's customers or vendors; changes in the compound semiconductor industry, including overall growth of the industry and the continued acceptance of the Company's MOCVD technologies; and other factors detailed in the Company's filings with the Securities and Exchange Commission, including those contained in the First Amendment to the Company's Registration Statement on Form S-3, which was filed on January 19, 2000.