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United Solar Ovonic Affiliate Receives $13 Million Federal Tax Credit

January 22, 2010 (FinancialWire) — Energy Conversion Devices, Inc. (NASDAQ: ENER), the Michigan-based manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, said that its affiliate United Solar Ovonic LLC has received stimulus support from the Department of Energy and the Department of Treasury.

The company said it was notified late last week that its application for a Manufacturing Investment Tax Credit was approved. The $13.275 million credit will support United Solar Ovonic’s plan to invest $42 million in its Auburn Hills 1 facility to upgrade equipment used in its commercial solar deposition process.

According to United Solar, the improvements will lower the company’s cost of manufacturing while increasing the efficiency of the solar laminates and is expected to create around 600 jobs in Michigan.

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