Veeco Instruments Inc. (ticker: VECO, exchange: NASDAQ Global Market (.O))
News Release -
Veeco Receives $4.8M U.S. Department of Energy Solar Manufacturing
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
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