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.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.