CIGS Solar Manufacturer Selects Veeco Deposition Equipment
September 09, 2009
Places Multi-System FastFlex Order
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Sep. 9, 2009-- Veeco Instruments Inc. (Nasdaq: VECO) announced today that it has received a multi-million dollar order from GroupSat (Hong Kong) Limited for its suite of FastFlex™ Web Coating Systems . This complement of tools will be shipped to GroupSat’s factory in Suzhou, China, and is comprised of one Mo (Molybdenum) deposition system, one TCO (Transparent Conductive Oxide) deposition system and two CIGS (copper, indium, gallium and selenide) deposition systems. Veeco currently expects to ship these systems in early 2010.
Nasir M. Ameriar, CEO of GroupSat, commented, “We have an aggressive plan to become the first true CIGS thin film solar manufacturer in China. As a provider of flexible solar products, we will cater to markets in China, the Middle East, North Africa and Asia, and have chosen Veeco’s FastFlex Web Coating Systems because we are convinced that their technology and process support will help us achieve our goals.”
David Bruns, Senior Vice President and General Manager, Veeco Solar Equipment, commented, “We are pleased to be selected by GroupSat for their expansion plans. Our FastFlex systems feature the industry’s only fully integrated thermal evaporation sources, which we believe provides our customers a high throughput, low cost manufacturing solution. Ultimately the success of CIGS technology is tied to increasing cell efficiency and driving down manufacturing cost per watt.”
CIGS is emerging as the next generation solar technology, offering combined benefits of higher efficiencies and lower costs when compared with silicon. Market research firm Greentech Media estimates that CIGS production capacity will grow from 264 megawatts in 2009 to 1.7 gigawatts in 2012 (a CAGR of 86%). CIGS solar cells offer the broadest range of applications of any thin film solar technology – they can be used in solar farms, in BIPV (building integrated PV), flat and pitched roofs, rooftop shingles and in portable devices.
Veeco’s FastFlex platform features flexible architecture with high uptime that can be configured to specific needs, with a choice of rotary or planar magnetrons for high throughput, high temperature effusion sources, and substrate sizes up to one meter wide.
GroupSat, Inc. has become a world-class holding company working in the fields of communication, solar modules, networking and distribution, and now is a world leader of flexible solar systems. With offices in China, Hong Kong, Dubai and Afghanistan, GroupSat Solar's flexible solar panel demand is growing in the developing world for the basics of everyday life. Our client base includes corporations, businesses and governments. By offering unique state of the art flexible solar technology, GroupSat Solar has become the first and a leader in CIGS solar cell technology in China, the Middle East, Asia and North Africa.
GroupSat Solar’s unique solar products would allow governments, military, homes and businesses to use state of the art equipment with reliable and efficient services to acquire electricity regardless of their location or connectivity to the city grid that is urgently needed and contributes to the growth of many countries. For more information, please visit http://www.groupsat.com
Veeco Instruments Inc. manufactures enabling solutions for customers in the HB-LED, solar, data storage, semiconductor, scientific research and industrial markets. We have leading technology positions in our three businesses: LED & Solar Process Equipment, Data Storage Process Equipment, and Metrology Instruments. Veeco’s manufacturing and engineering facilities are located in New York, New Jersey, California, Colorado, Arizona, Massachusetts and Minnesota. Global sales and service offices are located throughout the U.S., Europe, Japan and APAC. http://www.veeco.com/
To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2008 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
Source: Veeco Instruments Inc.
Veeco Instruments Inc.
Debra Wasser, 516-677-0200 x1472
SVP Investor Relations & Corporate Communications
Fran Brennen, 516-677-0200 x1222
Senior Director Marcom