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8 July 2008

 

Emcore sells shares in WorldWater

Emcore Corp of Albuquerque, NM, USA, which manufactures components and subsystems for the broadband, fiber-optic, and solar power markets, has agreed to sell 2 million shares of Series D Preferred Stock of WorldWater & Solar Technologies Corp of Pennington, NJ, together with 200,000 warrants, to The Quercus Trust (a major shareholder of both Emcore and WorldWater) for $6.54 per share. The Series D Preferred Stock is convertible into WorldWater Common Stock at a ratio of 10:1, and each warrant entitles the holder to purchase a share of Series D Preferred Stock for $3.17 per share.

WorldWater was founded in 1984 to supply terrestrial solar-power systems to developing nations for applications such as water pumping. As well as forming a strategic alliance and supply agreement to be WorldWater’s exclusive supplier of high-efficiency multi-junction solar cells, assemblies, and concentrator subsystems (with a contract valued at up to $100m over three years), in November 2006 Emcore invested $13.5m in purchasing 4,892,857 shares of Series D Preferred Stock together with 505,044 warrants (collectively, 5.4 million shares and warrants) for a 27% stake in WorldWater. Emcore has a contractual right to purchase additional shares and warrants.

The sale of the 2.2 million shares and warrants is taking place through two closings of 1 million shares plus 100,000 warrants each: one has already closed on 27 June, while the other will close by 31 July. Total proceeds are about $13.1m. Emcore says that this represents a 130% return on investment.

See related item:

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

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