ALBUQUERQUE, NM -- (Marketwire) -- 06/22/09 -- EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components and systems for the fiber optic and solar power markets, today announced it has been awarded a $5.7 million cost-plus fixed-fee contract from the Air Force Research Laboratory, located at the Kirtland Air Force Base, for the development of high-efficiency photovoltaic solar cells.

The two-year contract calls for EMCORE to demonstrate high efficiency solar cells for space applications, as well as investigate advanced photovoltaic devices based on inverted metamorphic (IMM) structures. The contract also includes a provision for an additional twelve-month award of $3.4 million for advanced IMM development once the base contract has been completed. Funding for the entire contract has been appropriated.

"We are pleased to be partnering up with Air Force Research Laboratory to further develop EMCORE's proprietary inverted metamorphic photovoltaic technology," said Christopher Larocca, Chief Operating Officer of EMCORE. "EMCORE's IMM cells represent a significant leap in photovoltaic cell development and we believe this contract will allow EMCORE to demonstrate industry leading cell efficiency of 37%. This level of efficiency, combined with the lightweight and flexible properties of our cell, will enable significantly broader space and terrestrial photovoltaic applications."

About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com.

Forward-looking statements:

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, any statement or implication that the contract described will run for its full term or that the option for additional funding will be exercised. Such forward-looking statements involve risks and uncertainties that, if realized, could materially impair the Company's results of operations, business, and financial condition. These risks and uncertainties include, but are not limited to, (a) the earlier termination of the agreement for the convenience of AFRL, which is permitted by the terms of that agreement, and (b) factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and EMCORE does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.