Orbotech receives orders
Orbotech has announced the receipt of initial purchase orders totaling approximately $10 million by its subsidiary Orbotech Solar for its Aurora PECVD thin film deposition system from leading solar panel manufacturers. Deliveries on these orders are expected to commence in the first half of 2014, and are subject to customary terms and conditions including product acceptance.
Commenting on this announcement, Dr. Kam Law, Chief Executive Officer of OLTS, said: "Conditions in the solar energy industry appear to be improving. Major suppliers are increasing their production levels and stepping up their capital spending, making this a particularly opportune time to introduce our new deposition tool, the Aurora PECVD®. This product incorporates a highly innovative system design and superior process flexibility, enabling the deposition of multiple high quality films with remarkably low power consumption, and will support our customers in manufacturing high efficiency solar devices at significantly reduced running costs."
Asher Levy, Chief Executive Officer of Orbotech Ltd., added: "These orders for the Aurora PECVD, which are expected to culminate in the first recognition of revenue for OLTS, demonstrate the substantial added value which we believe OLTS will be able to provide to major industry suppliers. We also believe these orders mark the beginning of a major additional area of potential business for the Company and that this highly innovative technology will open up further opportunities for the Company in the solar energy industry."
