Emcore to supply solar power tech, rises to 52-week high
Shares of EMCORE Corp. (Nasdaq: EMKR) are rising on news before the start of trading that the provider of compound semiconductor-based components will supply solar power systems for a project in Ontario, Canada.
Albuquerque, N.M.-based Emcore has signed a memorandum of understanding to supply and install turnkey solar power systems in the area of Sault Ste Marie, a city in Ontario. The company will use photovoltaic technology developed in-house.
The actual project work will be done by Pod Generating Group, a Sault Ste Marie-based developer of solar power facilities that has already secured the necessary licenses and permits.
“We are very pleased to receive the opportunity to deploy our first order of utility-scale solar power systems in support of PGG’s projects in Ontario,” said Earl Fuller, vice president and general manager of Emcore’s solar power systems division, in a statement.
At 1:24 p.m. ET, shares of Emcore (EMKR) had declined $1.70, or 18%, to $11.12. The previous 52-week high of $11 was touched on Oct. 31. The 52-week low of $3.84 was set on Jan. 23.
