Veeco Instruments Inc. (Nasdaq: VECO) announced today that it has been awarded $4.8 million by the U.S. Department of Energy (DOE) to accelerate the research and development and commercialization of its Copper, Indium, Gallium, Selenium (CIGS) deposition systems.
The award was granted as part of the DOE's "SunShot" High-Impact Supply Chain R&D Program, the goal of which is to achieve price parity between solar electricity and fossil-based electricity by the end of the decade, without additional subsidies. The DOE funding will help Veeco to speed up its efforts to commercialize multi-stage thermal deposition production systems used to manufacture cost-efficient CIGS Solar cells.
Commenting on the Veeco award, Senator Kirsten Gillibrand (D-NY) said, "Developing new, clean, homegrown sources of energy is a vital part of our economic recovery." This federal investment will help drive research and development of new solar power technology, helping make solar power more efficient. By making solar power more effective and affordable over the long term, we can cut emissions, improve our environment, lower our energy bills, and create good-paying green jobs right here at home."
Representative Steve Israel (D-NY) stated, "Investments in our growing clean technology industry are critical to both our economic recovery and our national security. Veeco is a leader among companies that are finding innovative ways to produce solar technology on Long Island and across the country. This Department of Energy funding will bolster our efforts to compete globally as a clean energy leader."
"I strongly supported Veeco's grant application because this major investment in Lowell will help create jobs in our community by developing the clean energy technology that can reduce household energy bills while promoting reliable domestic sources of power," said Representative Niki Tsongas (D-MA). "Veeco is a demonstrated solar technology leader and this well deserved award will help accelerate the R&D, integration and commercialization of their highly innovative products."