United Solar gets $9.1M contract option

AUBURN HILLS, Mich. --A unit of rechargeable battery and solar power film maker Energy Conversion Devices Inc. said Thursday the Air Force exercised an option with the company to have it develop solar cell technology.

United Solar Ovonic said the option is worth $9.1 million and lasts 18 months. The technology will be used by the Air force Research Laboratory to outfit homeland security and defense-oriented satellites and airship vehicles, the company said.

United Solar has worked with the Air Force Research Laboratory's advanced space power generation group, within the space vehicles directorate, to develop thin, light solar cell arrays for use in space.

Shares of Energy Conversion jumped $1.64, or 5.2 percent to $33.55 during midday trading on the Nasdaq Stock Market. The company has traded at a high of $56 and a low of $27.21during the past year.