GENEVA, Jan. 23, 2008 /PRNewswire/ --– SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has completed its acquisition of Solar Solutions, a solar systems integration and product distribution company based in Faenza, Italy.
Solar Solutions, now renamed SunPower Italia , offers turnkey solar power systems and standard system kits via a network of dealers throughout Italy.
"With this acquisition now completed, we look forward to expanding SunPower's dealer network into the rapidly growing Italian market," said Marco Northland, general manager of SunPower's European Operations. "The strong reputation established by Solar Solutions, coupled with SunPower's recognized business systems and skill sets, will support our rapid expansion in Italy.
"With high electricity prices and government incentives, now is the perfect time for SunPower to expand its presence in Italy," said Luca Bandini, general manager of SunPower Italia s.r.l. "SunPower Italia offers high-efficiency solar solutions to residential and commercial customers through our existing dealer network, and provides an enhanced in-country footprint to address the rapidly-growing Italian solar power plant segment as a turnkey system provider."
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, 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 company uses words and phrases such as "look forward to," "will," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding the company expanding its dealer network into the rapidly growing Italian market, Solar Solutions' strong reputation and SunPower's established business systems and skill sets supporting the company's rapid expansion in Italy, and the acquisition strengthening the company's capabilities to address the power plant segment as a turnkey provider. These forward-looking statements are based on information available to the company as of the date of this release and 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 company's control. In particular, risks and uncertainties that could cause actual results to differ include difficulties encountered in integrating the merged businesses; the possibility that expected synergies and cost savings will not be realized; the uncertainty of business and economic conditions and growth trends in the Italian solar power industry; and other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and other filings with the Securities 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.
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.
Julie Blunden 408-240-5577 Jblunden@sunpowercorp.com