SAN JOSE, Calif., Nov. 27, 2007 /PRNewswire/ -- SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels, and solar systems, today announced that it is working with HP to design, install and operate a 1-megawatt solar electric power system on HP's printer manufacturing facility in San Diego. SunPower is also working with HP to provide HP employees with solar electric power systems on their homes at preferred rates.
Rather than paying for the commercial system itself, HP will purchase solar-generated electricity for the San Diego facility under SunPower Access™, a power purchase agreement program. The solar electricity will be competitively priced against retail rates, providing HP a long-term hedge against rising peak power prices.
"We applaud HP's vision for the future as well as their understanding that solar makes good business sense today," said Tom Werner, chief executive officer of SunPower.
At the San Diego facility, SunPower will install the SunPower® T10 Solar Roof Tile commercial roof system, a non-penetrating solar system that tilts at a 10-degree angle to increase energy capture. The system will offset more than one million pounds of carbon dioxide per year, which is equivalent to planting 150 trees annually or removing more than 100 cars off the highways each year.
Later this year, HP plans to make a program available to U.S.-based HP employees which will provide SunPower residential solar electric systems at reduced rates.
"HP has set aggressive goals to reduce the environmental impact of our operations and products," said Pat Tiernan, vice president of Social and Environmental Responsibility at HP. "By generating clean, affordable solar power with this flagship installation in San Diego, our agreement with SunPower will help us achieve those goals with no initial out-of-pocket expenses and long-term savings on electricity costs."
About SunPower
SunPower Corporation (NASDAQ: SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit http://www.sunpowercorp.com/. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "will," "plan" and "expected," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding SunPower providing HP employees with solar electric power systems on their homes at preferred rates before the end of the year, installation of the SunPower® T10 Solar Roof Tile, offsetting more than one million pounds of carbon dioxide per year, and long-term savings on electricity costs. These forward-looking statements are based on information available to us as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. In particular, risks and uncertainties that could cause actual results to differ include risks associated with construction difficulties or potential delays in the project implementation process, unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals, the risk of continuation of supply of products and components from suppliers, unanticipated problems with the deployment of the SunPower® T10 Solar Roof Tile system on the site, the actual energy consumption rate, unexpected changes in utility service rates, variations in carbon emissions reductions, our ability to agree on the terms of an employee purchase program with HP or to deploy an employee purchase program to such employees and to educate participants about the program, and other risks described in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we are under no obligation to, and expressly disclaim any responsibility to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
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SOURCE: SunPower Corporation
CONTACT: Ingrid Ekstrom of SunPower Corporation, +1-510-868-1368,
iekstrom@sunpowercorp.com; or Sarahjane Sacchetti of Bite Communications,
+1-415-284-8230, Sarahjane.sacchetti@bitepr.com, for SunPower Corporation
Web site: http://www.sunpowercorp.com/