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Orbotech Lt Solar Receives $10 Million in Orders from Solar Panel Manufacturers
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Orbotech Ltd. - Ordinary Shares (MM) (NASDAQ:ORBK)
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Today : Monday 16 December 2013
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-- Thin Film Deposition System to Improve Device Performance and Reduce Production Costs --
ORBOTECH LTD. (NASDAQ/GSM SYMBOL:ORBK), today announced the receipt of initial purchase orders totaling approximately $10 million by its subsidiary ORBOTECH LT SOLAR, LLC (“OLTS”) for its Aurora PECVD® thin film deposition system from leading solar panel manufacturers. Deliveries on these orders are expected to commence in the first half of 2014, and are subject to customary terms and conditions including product acceptance.
Commenting on this announcement, Dr. Kam Law, Chief Executive Officer of OLTS, said: “Conditions in the solar energy industry appear to be improving. Major suppliers are increasing their production levels and stepping up their capital spending, making this a particularly opportune time to introduce our new deposition tool, the Aurora PECVD®. This product incorporates a highly innovative system design and superior process flexibility, enabling the deposition of multiple high quality films with remarkably low power consumption, and will support our customers in manufacturing high efficiency solar devices at significantly reduced running costs.”
Asher Levy, Chief Executive Officer of Orbotech Ltd., added: “These orders for the Aurora PECVD®, which are expected to culminate in the first recognition of revenue for OLTS, demonstrate the substantial added value which we believe OLTS will be able to provide to major industry suppliers. We also believe these orders mark the beginning of a major additional area of potential business for the Company and that this highly innovative technology will open up further opportunities for the Company in the solar energy industry.”
About OLTS
OLT Solar, located in the heart of Silicon Valley, has brought to market a new PECVD deposition system for the crystalline silicon solar cell manufacturing. By combining a novel concept and efficient design in its initial product, the Aurora PECVD®, with Orbotech’s global infrastructure, OLT Solar is uniquely positioned to support the growth and success of the solar renewable energy industry. For more information please visit www.oltsolar.com.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM:ORBK) has been at the cutting edge of the electronics industry supply chain, as an innovator of enabling technologies used in the manufacture of the world’s most sophisticated consumer and industrial products, for over 30 years. The Company is a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components. Today, virtually every electronic device is produced using Orbotech technology. The Company also applies its core expertise and resources in other advanced technology areas, including character recognition for check and forms processing and solar photovoltaic manufacturing. Headquartered in Israel and operating from multiple locations internationally, Orbotech’s highly talented and inter-disciplinary professionals design, manufacture, sell and service the Company’s end-to-end portfolio of solutions for the benefit of customers the world over. For more information please see the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. and visit the Company’s corporate website at www.orbotech.com. The corporate website is not incorporated herein by reference and is included as an inactive textual reference only.
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