Prisoners to make solar cells under $54M Spire deal

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Bedford solar manufacturing equipment maker Spire Corp. has landed a $54 million contract from the Federal Prison Industries Inc. (known as UNICOR) to supply solar cells for the Spire-installed Turnkey Photovoltaic Module Factory located at the federal prison in Otisville, New York.

The Spire (Nasdaq: SPIR) turnkey module line at the Federal Correctional Institution (FCI) Otisville will be operated by inmates who will be trained to find employment in the rapidly growing United States solar industry. Modules manufactured at FCI Otisville will be sold to government installations.

According to officials, successful performance of the factory may lead to similar factories at other UNICOR locations. UNICOR is a wholly owned government corporation that is authorized to operate industries in federal correctional institutions and disciplinary barracks throughout the United States. UNICOR has been in operation since 1934, acting as an independent corporation making everything from office furniture to electronics out of prisons around the country.

In the third quarter of 2008, Spire reported $17.5 million in revenue, an increase of nearly $1 million over the previous quarter. In the first nine months of 2008, the company reported $49 million in sales, an increase of $23.5 million over the same period in 2007. In addition, the company reduced its net loss over the first nine months from $3 million in 2007 to $347,000 this year.

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