EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optic and solar power markets, announced that it has entered into a definitive agreement, subject to closing conditions, to consolidate its terrestrial concentrating photovoltaics (CPV) system engineering and development efforts into its joint venture, Suncore Photovoltaics.

EMCORE has engaged in research, development, and manufacturing of solar concentrator photovoltaics technology and products since 2005. The Company has been providing terrestrial CPV solar cells, receiver assemblies, and complete turn-key CPV systems to the market for both grid-tied utility applications and commercial rooftop solar power applications. In late 2010, EMCORE formed its joint venture, Suncore Photovoltaics, with San'an Optoelectronics Co, Ltd., to engage in high-volume manufacturing and business development in China.

In order to streamline the development and engineering effort for CPV systems, EMCORE and Suncore have entered into a definitive agreement to consolidate intellectual property and development efforts for both ground mount and rooftop terrestrial CPV products, including key engineering, and sales and marketing personnel, to a wholly-owned subsidiary of Suncore in the United States. Suncore's subsidiary will fund all ongoing R&D, marketing, sales and business development related to terrestrial CPV systems. EMCORE will continue to own all of its intellectual property related to solar cell technology and maintain investment activities to advance CPV cell performance to serve a broader customer base within the CPV industry.

EMCORE employees who are currently engaging in product and business development for terrestrial CPV will be transferred to Suncore. EMCORE's Executive Vice President, Dr. Charlie Wang, will also be joining Suncore, continuing to serve as its General Manager on a full-time basis upon the closing of this transaction.