Orbotech announces receipt of first order for PV systems

YAVNE, ISRAEL: Orbotech Ltd has announced receipt by its subsidiary, Orbotech LT Solar, LLC, of the first order for its newly-developed product for the deposition of anti-reflective coating on crystalline silicon photovoltaic wafers for solar energy panels. Following successful initial testing of this product, this beta site order is expected to be delivered during the second quarter of 2011.

Product acceptance by the customer is subject to the achievement of certain technical and performance-to-specification approvals by the customer. Because this is a beta site order, the Company will not recognize any revenue from this sale until broader commercialization.

Rani Cohen, president and CEO, said: “We are very pleased to be able to announce this milestone in the Company’s history. Although still at the beta site stage, this order marks the initial commercialization of a new business area for Orbotech and an important expansion, beyond our traditional yield-enhancing and production solutions for PCB and FPD customers, into the area of solar energy manufacturing. It also highlights the critical importance of our continuing emphasis on judicious, long-term investments in research and development and the benefits to the Company of pursuing our strategy of growth through both organic and inorganic means.”