Applied Materials Activates Largest Solar Deployment on a Corporate Campus in U.S.
SILICON VALLEY, Calif., Sep.19, 2008 /PRNewswire/ -- Applied Materials (Nasdaq: AMAT) and SunPower Corporation (Nasdaq: SPWR) today announced completion of two SunPower solar power systems totaling approximately 2 megawatts at Applied Materials' corporate facilities in Sunnyvale, Calif. The systems represent the largest solar power deployment at a corporate facility in the United States.
"This is another exciting milestone in the adoption of solar power in California," said Mike Splinter, president and chief executive officer of Applied Materials. "More companies are realizing the wisdom of integrating solar as a non-intrusive, clean, silent form of energy generation into our businesses and communities. We've converted our parking lots to power plants and we encourage others to join us in making solar power a meaningful part of the energy supply."
The system includes a 977-kilowatt SunPower PowerGuard® installation and a SunPower® Tracker installation atop an elevated parking canopy that measures slightly more than 1 megawatt. The SunPower Tracker follows the sun as it moves across the sky, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems. Both systems use SunPower solar panels, the most efficient panels available on the market today. SunPower uses Applied Materials' Baccini technology in its solar cell manufacturing process.
Since the first phase of installation in November 2007, Applied reports that its solar installation has generated 1,413 megawatt hours of power. The system is expected to replace more than 2,700 tons of carbon dioxide emissions per year, which is equivalent to the annual carbon emissions from approximately 450 passenger cars.
"Applied Materials has joined the ranks of the U.S. Department of Energy and the U.S. Air Force in recognizing the value of solar as a mechanism for reducing exposure to volatile electric rates and promoting energy independence through the use of clean, renewable solar power," said Tom Werner, chief executive officer of SunPower.
Applied's investment is supported by the federal investment tax credit (ITC) that encourages deployment of renewable energy systems across the U.S. Due to expire at the end of 2008, Congress is now considering legislation to extend the ITC.
"Congratulations to the leadership in the U.S. Senate for their efforts to forge a bipartisan agreement on a long-term extension of the ITC," continued Werner. "According to a new study from Navigant Consulting, an eight-year extension of the ITC would result in the creation of more than 1.2 million job opportunities and $232 billion in investment in the solar energy sector."
About Applied Materials
Applied Materials Inc. (Nasdaq: AMAT) is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass. At Applied Materials, we apply nanomanufacturing technology to improve the way people live.
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, Australia, and Asia. For more information, visit 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 within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The companies use words and phrases such as "is expected," "would," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the companies' plans and expectations regarding: (a) the system replacing more than 2,700 tons of carbon dioxide emissions per year, which is equivalent to the annual carbon emissions from approximately 450 passenger cars; and (b) an eight-year extension of the ITC resulting in the creation of more than 1.2 million job opportunities and $232 billion in investment in the solar energy sector. These forward-looking statements are based on information available to the companies as of the date of this release and management's 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 the companies' control. In particular, risks and uncertainties that could cause actual results to differ include: (i) actual electricity generation; (ii) the actual energy consumption rate; (iii) unexpected changes in utility service rates; (iv) business and economic conditions and growth trends in the solar power industry; (v) variations in actual carbon dioxide emissions; (vi) the continuation of governmental and related economic incentives promoting the use of solar power; (vii) the continued availability of third-party financing arrangements for customers; and (viii) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended June 29, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the companies' views as of any subsequent date, and the companies are under no obligation to, and expressly disclaim any responsibility to, update or alter their 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.