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21 January 2009

 

Emcore completes sale of stake in WorldWater & Solar (Entech) for $5.9m

Emcore Corp of Albuquerque, NM, USA, which manufactures components and subsystems for the broadband, fiber-optic, and solar power markets, has completed the second closing of a two-step transaction involving the sale of its remaining interests in the company formerly named WorldWater & Solar Technologies Corp (now Entech Solar Inc).

In the second closing, Emcore sold 1,446,428 shares of WorldWater Series D convertible preferred stock and 152,522 warrants to purchase shares of Series D convertible preferred stock to The Quercus Trust for about $5.9m. This completes the divestment of all of Emcore’s equity interests in WorldWater.

With the completion of this last sale in a series of four sales transactions, Emcore has realized a 75% return on its investment in WorldWater securities. Based on this transaction and changes in WorldWater’s business plan, Emcore has terminated the operational agreements between Emcore and WorldWater.

See related items:

Emcore revenues shrink 20%, driven by PV order push-outs

Emcore sells shares in WorldWater

Emcore buys $18m stake in terrestrial solar-power firm WorldWater & Power and signs $100m supply contract

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