FRESNO, Calif., Jan 22, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Grundfos Pumps Corporation and SunPower Corporation (Nasdaq: SPWRA, SPWRB) today dedicated a 1.1 megawatt solar power system at the Grundfos facility in Fresno. The system features a ground-mounted, high-efficiency SunPower sun tracking system on a 7.5-acre site. It is expected to reduce carbon dioxide emissions generated at the site by almost 2.4 million pounds annually, which is the equivalent to removing close to 200 cars from California's highways each year.
"Grundfos is committed to improving our business practices and reducing our environmental impact," said David Mortensen, senior vice president of finance and quality manager for Grundfos. "This high-efficiency SunPower solar power system will help us significantly reduce costs while improving the quality of the environment for our employees and the greater Fresno community."
At the Grundfos site, SunPower designed and installed a system that utilizes SunPower solar panels, the most efficient solar panels on the market today, with the SunPower Tracker(R) system. The Tracker follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.
"Improving our region's air quality is a primary goal in Fresno," said Fresno Mayor Ashley Swearengin. "I am very pleased that Grundfos, as a major employer and business leader in our city for more than 30 years, has chosen a high-efficiency solar power system to maximize the amount of clean, emission- free solar power generated at their facility."
As an alternative to outright purchase of the solar power system, Grundfos financed the project through financier Morgan Stanley under the SunPower Access(TM) power purchase agreement (PPA) program. Grundfos is purchasing the electricity generated from the system from Morgan Stanley, which owns and operates the system. As a result, Grundfos will benefit from immediate savings and a long-term hedge against rising peak power prices. Grundfos owns the renewable energy credits associated with the system.
"Today, leaders like Grundfos understand the value of solar power technology to significantly reduce both operational costs and the levels of greenhouse gases in our atmosphere," said Tom Werner, chief executive officer of SunPower. "With a SunPower Access PPA, these systems require no upfront capital expenditure, and are a great hedge against rising electricity rates. With high-efficiency SunPower technology, Grundfos is assured that the system is maximizing the amount of clean, renewable power generated for their facility."
Grundfos Pumps Corporation is a global pumps and pumping systems leader serving the residential, commercial building and process industry, as well as a major supplier to the water supply and water treatment industries. It is part of the Grundfos Group, a world-wide enterprise that employs more than 14,000 people in 67 countries. Founded in 1945 and headquartered in Denmark, Grundfos produces over 10 million pumps each year and has about 50% of the world's circulator market share. With their unique stainless steel construction and advanced electronics, Grundfos pumps are recognized for reliability and value worldwide -- wherever water moves.
SunPower Corporation (Nasdaq: SPWRA, SPWRB) 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 http://www.sunpowercorp.com.
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," "will," 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 reducing carbon dioxide emissions generated at the site by almost 2.4 million pounds annually, which is the equivalent to removing close to 200 cars from California's highways each year; (b) the system significantly reducing costs and Grundfos benefiting from immediate savings and a long-term hedge against rising peak power prices. 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) variations in carbon dioxide emissions reductions; (v) unexpected changes in utility service rates; and (vi) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended September 28, 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. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
Copyright (C) 2009 PR Newswire. All rights reserved