Veeco Receives $4.8M U.S. Department of Energy Solar Manufacturing Grant
February 14, 2011
PLAINVIEW, N.Y., Feb 14, 2011 (BUSINESS WIRE) --
Veeco Instruments Inc. (Nasdaq: VECO) announced today that it has been awarded $4.8 million by the U.S. Department of Energy (DOE) to accelerate the research and development and commercialization of its Copper, Indium, Gallium, Selenium (CIGS) deposition systems. The award was granted as part of the DOE's "SunShot" High-Impact Supply Chain R&D Program, the goal of which is to achieve price parity between solar electricity and fossil-based electricity by the end of the decade, without additional subsidies. The DOE funding will help Veeco to speed up its efforts to commercialize multi-stage thermal deposition production systems used to manufacture cost-efficient CIGS Solar cells.
Commenting on the Veeco award, Senator Kirsten Gillibrand (D-NY) said, "Developing new, clean, homegrown sources of energy is a vital part of our economic recovery." This federal investment will help drive research and development of new solar power technology, helping make solar power more efficient. By making solar power more effective and affordable over the long term, we can cut emissions, improve our environment, lower our energy bills, and create good-paying green jobs right here at home."
Representative Steve Israel (D-NY) stated, "Investments in our growing clean technology industry are critical to both our economic recovery and our national security. Veeco is a leader among companies that are finding innovative ways to produce solar technology on Long Island and across the country. This Department of Energy funding will bolster our efforts to compete globally as a clean energy leader."
"I strongly supported Veeco's grant application because this major investment in Lowell will help create jobs in our community by developing the clean energy technology that can reduce household energy bills while promoting reliable domestic sources of power," said Representative Niki Tsongas (D-MA). "Veeco is a demonstrated solar technology leader and this well deserved award will help accelerate the R&D, integration and commercialization of their highly innovative products."
Information about the DOE's SunShot initiative can be found at: http://www.energy.gov/news/10050.htm .
You can also visit http://apps1.eere.energy.gov/news/news_detail.cfm/news_id=16699 to see the complete listing of recent grant recipients.
Veeco makes equipment to develop and manufacture LEDs, solar panels, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations. Please visit us at 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, 2009 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