SAN JOSE, Calif., Jun. 8, 2009 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWRA; SPWRB), a manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced that it has signed a multi-year solar panel manufacturing agreement with Jabil Circuit, Inc., to build panels for SunPower's North American solar market. Jabil will begin manufacturing panels for SunPower in Mexico in the second half of 2009.
This agreement is the first step in SunPower's long-term strategy to implement regional panel assembly for improved customer service and reduced costs. The company is also continuing to evaluate establishing localized manufacturing facilities in large solar markets in the U.S.
Separately, Jabil will collaborate with SunPower in the company's participation in the Solar America Initiative (SAI), a U.S. Department of Energy effort to accelerate the development of advanced solar energy technologies. SunPower has participated in the initiative since September 2007. SunPower and Jabil intend to evaluate establishing world-class panel and system manufacturing locations in the U.S., which would result in the creation of highly skilled jobs.
"This agreement provides SunPower with the flexibility to site manufacturing near the largest and fastest growing solar markets in North America, improving the efficiency of our supply chain," said Marty Neese, SunPower's chief operating officer. "Jabil's extensive experience in manufacturing and high-quality standards makes them an ideal partner for producing SunPower's solar panels, the most powerful solar technology on the planet."
"We are in the process of ramping production capacity to manufacture solar panels in Europe and North America for customers in those markets," said Brian Althaver, Jabil's vice president for strategic development. "This agreement gives us the opportunity to use our capabilities as a global manufacturer to provide a responsive, reliable and cost effective manufacturing solution in close proximity to solar markets."
Founded in 1985, SunPower Corporation (NASDAQ: SPWRA)(NASDAQ: SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
Jabil is an electronic product solutions company providing comprehensive electronics design, manufacturing and product management services to global electronics and technology companies. Jabil helps bring electronics products to the market faster and more cost effectively by providing complete product supply chain management around the world. With more than 85,000 employees and facilities in 22 countries, Jabil provides comprehensive, individualized-focused solutions to customers in a broad range of industries. Jabil common stock is traded on the New York Stock Exchange under the symbol, "JBL". Further information is available on the company's website: jabil.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "to reduce," "will," "strategy," "intend," "expect," and "ramping," to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) the agreement leading to reductions in supply chain costs and improved efficiency in SunPower's supply chain; (b) Jabil manufacturing panels in the second half of 2009; (c) SunPower's long-term strategy to implement regional panel construction for improved customer service and reduced costs; (d) SunPower continuing to evaluate localized manufacturing facilities in large solar markets in the U.S.; (e) Jabil collaborating with SunPower in SunPower's participation in the Solar America Initiative; (f) the parties evaluating manufacturing capabilities in the U.S. and creating highly skilled jobs; and (g) Jabil ramping production in Europe and North America for consumption in those markets. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials and components, as well as the price it pays for such; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power; (v) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (vi) manufacturing difficulties that could arise; (vii) the success of the company's ongoing research and development efforts to compete with other companies and competing technologies; and (viii) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
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