SAN JOSE, Calif., May. 23, 2007 /PRNewswire/ -- As part of its ongoing efforts to optimize energy efficiency, conserve natural resources and reduce dependency on foreign energy sources, the New Jersey Department of Military and Veterans Affairs (NJ DMAVA) today dedicated a 321-kilowatt solar electric power system atop the Homeland Security Center of Excellence in Lawrenceville, NJ. The new system was installed by PowerLight, a subsidiary of SunPower Corporation (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency, commercially available solar cells, solar panels and solar systems. The solar electric system is expected to save NJ DMAVA more than $90,000 annually in energy costs, and reduce its use of conventionally generated power by more than 25 percent.
This is the second rooftop solar electric power system commissioned by NJ DMAVA to help reduce operating costs. In 2005, PowerLight completed the installation of a 181-kilowatt system on the Joint Training and Technology Development Center at Fort Dix. Together, these two systems represent the largest commitment to install solar power by a military agency on the East Coast.
"We're delighted to incorporate clean, reliable and affordable solar power in our facilities and appreciate the funding support received from the National Guard Bureau. Solar makes sense for the Department of Military and Veterans Affairs because it diversifies our energy mix. In addition, we're proud to demonstrate leadership in the adoption of Gov. Corzine's Executive Order 54, which calls for the reduction of greenhouse gas emissions in New Jersey," said Sr. Master Sgt. John Hastings, NJ DMAVA's energy program manager.
"New Jersey has set ambitious targets for renewable energy use through 2020, and NJ DMAVA's commitment to solar power makes it one of the leading agencies working to meet the state's goals," said David Eisenbud, PowerLight senior project development manager.
SunPower's proprietary PowerTilt® solar electric power system was installed on the rooftop of the Homeland Security Center for Excellence. The system features 1,648 modular pre-engineered solar panels tilted at a 10-degree angle to maximize energy output. With an annual output of more than 351,000 kilowatt hours per year, the solar power system will eliminate more than 7.7 million pounds of carbon dioxide emissions over 30 years. This is equivalent to planting 1,110 acres of trees, or not driving 9.6 million miles on New Jersey's roadways.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and markets high-performance solar electric technology worldwide. SunPower's high-efficiency solar cells and panels generate up to 50 percent more power per unit area than conventional solar technologies and have a uniquely attractive, all-black appearance. For more information on SunPower please visit the SunPower website at http://www.sunpowercorp.com/. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
Forward Looking Statement
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 "believes," "plans" and "expects" and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements related to the planned construction of homes by Lennar, the expected energy savings enjoyed by homeowners, and the benefits of the recently completed transaction between SunPower and PowerLight. 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 construction difficulties or potential slowdowns in the residential construction or real estate markets; potential for competition from other providers of conventional or alternative energy systems to the residential market; difficulties encountered in integrating the merged businesses; the possibility that expected synergies and cost savings will not be obtained; the uncertainty of business and economic conditions and growth trends in the solar power industry; our ability to obtain adequate supply of polysilicon and silicon ingots to manufacture our products and the price we pay for such material, our ability to ramp new production lines, our ability to realize expected manufacturing efficiencies, the possibility of production difficulties, the risk of continuation of supply of products and components from suppliers to PowerLight, including competitors of SunPower, and the continuation of existing large-scale PowerLight customer projects. These and other risk factors are contained in documents that the company files with the SEC, including the Form 10-K for fiscal 2005 and its recent 10-Qs, as well as filings we make with regard to the PowerLight transaction and PowerLight. 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. PowerLight is a registered trademark of PowerLight Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
First Call Analyst:
SOURCE: SunPower Corporation
CONTACT: Ingrid Ekstrom, +1-510-868-1368,
firstname.lastname@example.org, SunPower Corporation
Web site: http://www.sunpowercorp.com/