Key Developments For EMCORE Corporation
EMCORE Corporation (EMKR.O) (Consolidated Issue listed on NASDAQ Global Market)
EMCORE Corporation Receives Solar Panel Manufacturing Contract From Dutch Space
EMCORE Corporation announced that it has been awarded a contract by Dutch Space of Leiden, The Netherlands to manufacture, test, and deliver the solar panels to power the Cygnus spacecraft being developed by Orbital Sciences Corporation for NASA's Commercial Resupply Service (CRS) project. With all options exercised the total value of the contract would be in excess of $15 million. Under the CRS project, Orbital will carry out eight pressurized space cargo missions beginning in early 2011 and running through 2015 to provide a U.S.-produced and-operated automated cargo delivery service to the International Space Station (ISS). An initial demonstration flight will be carried out as part of NASA's Commercial Orbital Transportation Services (COTS) project, which provided NASA incentives to the developing commercial launch services industry. The solar panels to be delivered to Dutch Space will use EMCORE's ZTJ solar cells.
EMCORE Corporation Secures $25 Million Equity Financing Commitment
EMCORE Corporation announced that it has entered into a committed equity financing facility under which it has the option to sell up to $25 million of its registered common shares to Commerce Court Small Cap Value Fund, Ltd. over a 24-month period. Under the terms of the financing agreement, EMCORE is not obligated to utilize any of the facility and remains free to enter into other financing transactions. The offer and sale of any shares by EMCORE under this equity financing facility has been registered pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on July 17, 2009. Net proceeds from any sale of the securities will be used for general corporate purposes which may include new product development, capital expenditures and increases in working capital necessary to support the growth in certain sectors of our business.
EMCORE Corporation Enters Into Long Term Supply Agreement For Space Solar Cells With Northrop Grumman Corporation
EMCORE Corporation announced that Northrop Grumman Aerospace Systems Sector has entered into a long term supply agreement with EMCORE's Solar Photovoltaics Division to manufacture and deliver high-efficiency, multi-junction solar cells for Northrop Grumman's satellite programs. EMCORE solar cells will help provide power for Northrop Grumman's space-based global climate monitoring capabilities and other satellite missions. The period of performance for the supply agreement is 2009 through 2012, with a potential value of more than $17 million.
EMCORE Corporation Issues Q4 2009 Revenue Guidance Below Analysts' Estimates
EMCORE Corporation announced that for the fourth quarter of 2009, it expects consolidated revenue to be in the range of $38-$42 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $44 million for the fourth quarter 2009.
EMCORE Corporation Awarded Solar Contract From Boeing
EMCORE Corporation announced that an industry team led by The Boeing Company has received a contract from the Defense Advanced Research Projects Agency (DARPA) for work on Phase 2 of the Fast Access Spacecraft Testbed (FAST) program. The $15.5 million cost-plus-fixed-fee contract is currently funded to $13.8 million. DARPA's FAST program aims to develop a new, ultra-lightweight High Power Generation System (HPGS) that can generate up to 175 kilowatts, more power than is currently available to the International Space Station.
