- Contract awards in Spain total approximately $18 million over the next 15 months

ALBUQUERQUE, N.M., Jan. 23 /PRNewswire-FirstCall/ -- 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 will supply its world-leading solar Concentrator Photovoltaic (CPV) components and systems to the Spanish market through several agreements.

In November 2007, EMCORE was awarded a 300-kilowatt (kW) CPV system contract by Spain's Institute of Concentrator Photovoltaics Systems (ISFOC). Established in 2006, the ISFOC is to be the center of reference on the power, reliability, and productivity of commercial CPV systems. EMCORE will have its CPV systems installed in Castilla-La Mancha, Spain by December 2008.

In January 2008, EMCORE reached an agreement to construct an 850-kW solar power park in Extremadura, Spain. EMCORE will be utilizing its CPV solar power system and provide a turn-key solution with a scope of work including engineering, procurement, and construction (EPC). This project will be completed before July 2008 in order to take advantage of the current high feed-in tariff. The success of this project will help EMCORE to build heritage as an EPC contractor in Spain.

Already recognized as a leading supplier of CPV solar cell and receiver components, EMCORE recently received a purchase order for one million CPV components from a prominent CPV system integrator. This order is expected to be completed by March 2009 with CPV products being deployed in projects within the Spanish market.

'These purchase orders from various customers mark the acceptance of our CPV technology and product solutions as high-performance and low-cost solar power system in the Spanish market, and represent a success for our business development efforts in Spain. We expect additional and larger contracts from Spain once the new feed-in tariff settles,' said Dr. Hong Hou, President and Chief Operating Officer of EMCORE. 'The CPV solution is still in the early growth stages. As the world's primary supplier of CPV components, we expect to grow our CPV business dramatically as the market is more developed and deployed,' added Dr. Hou.

EMCORE's CPV solar cells are designed with high-efficiency compound semiconductor-based triple-junction solar cells. EMCORE obtained a 39% peak conversion efficiency under 1000x concentration in August 2007. EMCORE is supplying CPV solar cells and receivers in volume to more than twenty different customers worldwide, and as previously announced, EMCORE already has plans to supply its CPV systems to Canadian and Korean markets as well. EMCORE continues to invest in advancing the solar cell technology to a projected efficiency of greater than 45% by 2010. EMCORE's CPV systems are powered by its industry leading solar cells that operate with a 500x concentration to provide a lower cost-per-watt than competing technologies.

About EMCORE:

EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics unit offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power unit provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com.

Forward-looking statements:

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 are based on current management expectations, and actual results may differ materially as a result of several factors, including, but not limited to, any statement or implication that the products described in this press release (i) will be successfully introduced or marketed, (ii) will be qualified and purchased by our customers, or (iii) will perform to any particular specifications or performance or reliability standards. 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 failure of the products (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors, (b) the ability by the Company to receive additional contracts for the products or grow its CPV business, (c) the ability by the Company to achieve increased efficiency in its solar cells or to achieve production volumes of those cells or CPV systems, and (d) 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.

    Contact:
    EMCORE Corporation
    Adam Gushard - Interim Chief Financial Officer
    (505) 332-5000
    info@EMCORE.com

    TTC Group
    Victor Allgeier
    (646) 290-6400
    info@ttcominc.com

SOURCE EMCORE Corporation

Source: PR Newswire (January 23, 2008 - 8:00 PM EST)

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