United Solar Ovonic receives $13mn manufacturing investment tax credit from Stimulus Program
Energy Conversion Devices Inc., the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, announced that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury.
The company was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic’s plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process.
Upon successful completion of the upgrades, the deposition machines will have significantly greater output. These improvements will lower the company’s cost of manufacturing while increasing the efficiency of the solar laminates and is expected to create approximately 600 jobs in Michigan.
"We are very appreciative of the Obama Administration’s efforts to support American clean technology through the stimulus programs," said Mark Morelli, ECD President and CEO. "We are also grateful for the support from Senators Stabenow and Levin, Congressman Peters and other members of the Michigan congressional delegation.
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