SAN JOSE, Calif., Nov 21, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
SunPower Corporation (Nasdaq: SPWRA, SPWRB), a San Jose-based manufacturer of high-efficiency solar cells, solar panels and solar systems, Helio Micro Utility and the San Jose Tech Museum of Innovation (The Tech), today joined with San Jose Mayor Chuck Reed and other local officials to dedicate a 185-kilowatt solar-electric system that will be showcased at The Tech. This is the first commercial solar system on a downtown San Jose building.
"Solar power is integral to San Jose's Green Vision," said Reed. "The partnership between The Tech, SunPower and Helio Micro Utility demonstrates the type of efforts we'd like to see throughout the city as San Jose implements its clean tech strategy with a goal of becoming a world leader in solar technology. I am pleased to dedicate this system and encourage other companies and organizations to consider moving to clean, renewable energy."
As an alternative to an outright purchase of the commercial system itself, The Tech will buy electricity for the facility from Helio Micro Utility's Green Energy Community Investment Fund, a fund jointly owned with Citi Community Capital. The Fund will also own the associated renewable energy credits and other environmental attributes, which it may retire or sell. The electricity will be competitively priced against retail rates, providing The Tech with a long-term hedge against rising peak power prices.
"Solar technology is no longer just blue-sky research. It's real, it has taken hold, and The Tech is yet again leading the way in demonstrating its very tangible benefits," said Peter Friess, president of The Tech. "We are proud to partner with SunPower to be the first downtown City owned building to host this significant solar array."
Designed and installed by SunPower, the system features SunPower(R) T10 Solar Roof Tiles, equipped with SunPower solar panels, the most efficient on the market today. T10 Solar Roof Tiles are non-roof penetrating and tilt at a 10-degree angle to increase energy capture. The system, which is located atop the roof of Parkside Hall, a facility adjacent to The Tech's main structure, will generate enough electricity to match approximately 10 percent of The Tech's electricity use.
"We are pleased to partner with The Tech to bring affordable, clean, reliable solar power to a key destination point in downtown San Jose," said Tom Werner, CEO of SunPower Corp. "The high-efficiency SunPower solar system that The Tech is hosting on its roof will maximize the amount of energy produced within the limited roof space, enhancing both the environmental and financial benefits."
About SunPower Corporation
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.
About Helio Micro Utility
Helio Micro Utility (HmU) is the green power pioneer seeking to create the world's largest clean energy utility, distributed across millions of roofs. HmU contracts with solar installers to build and maintain solar power systems for commercial, residential, and community energy users. HmU customers Buy Power not Panels(TM), with HmU buying the panels instead and owning the complete solar installation. This simplifies the process for energy users to switch from "brown" energy to "green." Helio Micro Utility is headquartered in Berkeley, CA. For more information please visit http://www.heliomu.com.
About The Tech Museum of Innovation
The Tech Museum of Innovation is a hands-on technology and science museum for people of all ages and backgrounds. The Tech -- located in the Capital of Silicon Valley -- is a non-profit educational resource established to engage people in exploring and experiencing technologies affecting their lives. Through educational programs, the annual Tech Challenge team competition for youth, and the internationally recognized Tech Awards, presented by Applied Materials, Inc., The Tech Museum of Innovation celebrates the present and encourages the development of innovative ideas for a more promising future. For more information about The Tech Museum of Innovation, visit http://www.thetech.org.
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 "will," "may," 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 Tech buying electricity from Helio Micro Utility's Green Energy Community Investment Fund; (b) the Fund owning the associated renewable energy credits and other environmental attributes, which it may retire or sell; and (c) the electricity being competitively priced against retail rates, providing The Tech with 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) unexpected changes in utility service rates; (iv) regulatory changes; and (v) 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
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