WorldWater & Power Corp., a Pennington, N.J.-headquartered developer and marketer of solar systems, and EMCORE Corp., a Somerset, N.J.-based provider of semiconductor solutions, have signed an alliance and supply agreement.
Under the terms of the agreement, EMCORE will purchase 26.5% of WorldWater stocks for $18 million. EMCORE will be WorldWater's exclusive supplier of solar cells, assemblies and concentrator subsystems over the next three years, the companies say. In addition, EMCORE will gain two seats on WorldWater's board of directors.
‘By connecting EMCORE's space and terrestrial cell technology with WorldWater's specialized electrical drives for applications, such as pumping water for water utilities and irrigation for farms, we should command a significant segment of the rapidly growing distributed solar energy market in the U.S. and abroad,’ says Reuben F. Richards Jr., EMCORE's president and chief executive officer.