SAN JOSE, Calif., Sep. 17, 2007 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has been awarded a cost-shared, three-year cooperative agreement by the U.S. Department of Energy (DOE) for the "Grid-Competitive Residential and Commercial Fully Automated PV Systems Technology" Project. Under the cooperative agreement, SunPower is expected to receive $8,469,998 in federal funding through the completion of its first project budget period, which will be implemented through August 31, 2008. Upon successful completion of key project milestones and sustained execution of a viable business strategy, as much as $16,230,002 in additional funding will be made available for continued project implementation through June 30, 2010. The total potential funding from the DOE under the Solar American Initiative (SAI) is up to $24.7 million for this three-year project, subject to availability of funds appropriated by the U.S. Congress.
SunPower was selected to receive this award in March of this year and will use the funds to implement cost improvements across the value chain, including innovations in producing ingots, wafers, high-efficiency solar cells and panels, system design, and improved delivery and installation productivity. The company will work to reduce solar system costs through improvements in the design and manufacture of integrated solar-electric systems. This work will be conducted with a team of technology and institutional partners.
"The Solar America Initiative provides support for SunPower's stated objective to reduce installed system cost 50 percent by the year 2012," said Terry Jester, SunPower's SAI principal investigator. "Our research under this program will address inter-related product and service improvements across the entire PV value chain. We believe that this type of fully integrated approach to product development is a key to making solar power a truly mainstream energy option."
The SAI is focused on accelerating widespread commercialization of clean solar energy technologies by 2015 and will provide the U.S. additional electricity supply options while reducing dependence on fossil fuels and improving the environment. It aims to achieve market competitiveness for solar-electric power through government partnerships with industry, universities, national laboratories, states, and other public entities by funding new research and development activities.
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 www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
This press release contains forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995. We use the word "will," "may," "can," and other expressions about the future to identify such forward-looking statements. These forward-looking statements involve risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from those predicted in such forward-looking statements include, but are not limited to, the ability of SunPower to successfully conclude negotiations of the cooperative agreement with the U.S. Department of Energy, business and economic conditions and growth trends in the solar power industry, the success of our ongoing research and development efforts, our ability to successfully develop and introduce new products and services, technological changes in the solar power industry that may affect the competitiveness of our products, our ability to ramp new production lines, our ability to realize expected manufacturing efficiencies, production difficulties that could arise, the continuation of governmental and related economic incentives promoting the use of solar power, and other risk factors. Please refer to these and other risks described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to SunPower as of the date of this release and, except as required by law, we assume no obligation to update any such forward-looking statements.
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.
SOURCE: SunPower Corporation
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Web site: http://www.sunpowercorp.com/