WorldWater & Power Corporation and EMCORE form strategic partnership

On November 30, 2006, WorldWater & Power Corporation, a developer and marketer of proprietary high-horsepower solar systems, and EMCORE Corporation, announced that they formed a strategic partnership. EMCORE agreed to purchase 26.5 percent on a fully diluted basis of WorldWater for US$ 18 million in cash. In return, EMCORE will receive convertible preferred stock and warrants of WorldWater. The two companies also announced the formation of a strategic alliance and supply agreement under which EMCORE is the exclusive supplier of high-efficiency multi-junction solar cells, assemblies and concentrator subsystems to WorldWater with a contract valued at up to US$ 100 million over the next three years. On November 29, 2006, EMCORE invested $13.5 million in WorldWater, representing the first tranche of its $18 million investment. The investment of the remaining $4.5 million second tranche will occur once the definitive strategic agreement is signed and certain other conditions are met. The parties expect the execution of the definitive strategic agreement and second closing to occur before the end of the year. In connection with the investment, EMCORE will also gain two seats on WorldWater's Board of Directors.