EMCORE Reorganizes, Sells Space PV Unit for US$150M

19 December 2014—EMCORE (Alhambra, Calif., USA), manufacturer of compound semiconductor-based components and subsystems for the broadband optical fiber market, has announced the closing of the previously announced sale of its space photovoltaics business to SolAero Technologies, backed by private equity firm Veritas Captial for US$150 million in cash. As part of the sale agreement, EMCORE’s facility in Albuquerque, N.M., will be renamed SolAero Technologies, while Alhambra will become EMCORE’s new company headquarters.

At the earnings call for the fiscal year ending 30 September, EMCORE CEO Hong Hou also announced his resignation after six years. Jeffrey Rittichier, previously CEO of Nanostatics (Columbus, Ohio, USA) will succeed him as of 3 January. 

EMCORE is redirecting its business strategy by selling the space solar business, which manufactures multi-junction solar cells for Lockheed Martin and several other aerospace contractors. EMCORE also announced the sale of its tunable laser and transceiver product offerings. The company expects the sales to bolster its remaining broadband optical fiber business, which increased 4.7 percent from 2013 to 2014 end of fiscal year to US$101.6 million.