Emcore to Sell Space PV Business for $150M

Emcore Corp. plans to sell its space photovoltaics business for $150 million in cash.

The business will be sold in December or January to an affiliate of private equity firm Veritas Capital, pending approval from Emcore’s shareholders.

Emcore’s space photovoltaics business was founded in 1998 and is based in Albuquerque. It now has about 275 employees, and its fiscal 2013 revenues were $70.5 million.

The business provides products for space power applications including high-efficiency multijunction solar cells, coverglass interconnected cells and complete satellite solar panels. It also offers solar cells for ground-based installations.

Emcore provides optical components, subsystems and systems for high-speed fiber optic telecommunications, cable television and fiber-to-the-premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications.

For more information, visit www.emcore.com.