SAN JOSE, Calif., Sept 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
SunPower Corp. (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems today announced a new partnership with GRID Alternatives, a San Francisco-based nonprofit organization, to bring the power of solar energy to low-income families in need.
As part of SunPower's commitment to GRID Alternatives, it will offer a preferred rate on its high-efficiency solar panels for low-income and nonprofit clients throughout California, enable SunPower employees to volunteer, on company time, to help install these solar electric systems in communities around the Bay Area, and give direct financial support to help GRID Alternatives expand and install more solar-electric systems in low-income communities statewide.
"SunPower is pleased to partner with GRID Alternatives to help low-income families save on their electric bills with the highest efficient solar system available on the market today," said Bobby Ram, director of Global Community Relations for SunPower. "We are delighted to offer both our solar-electric systems and the time and expertise of our employee volunteers to help make this a successful endeavor."
To celebrate this partnership, more than 60 employees from SunPower's Berkeley facility will donate their time on Friday, September 14th to install six solar-electric systems for low-income, first-time homebuyers in East Oakland, Calif. These systems will reduce each family's electric bills by more than 75 percent and will produce $100,000 worth of clean, renewable solar power over the next 30 years while offsetting 300 tons of greenhouse emissions. Selected homes are part of a new 26-unit, all-solar, affordable housing development being built by Habitat for Humanity East Bay. All installed solar systems on these homes are being fully funded through a charitable grant by PG&E's Solar Habitat initiative.
"SunPower is helping some of the lowest-income families in our community get some of the most advanced solar technology available," said Tim Sears, program director and co-founder of GRID Alternatives. "With SunPower's help, we are growing our Solar Affordable Housing Program to serve many more homes for low-income families in both Northern California and Southern California. We look forward to a long and successful relationship."
About SunPower Corp.
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 http://www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
About GRID Alternatives
GRID Alternatives is a San Francisco-based nonprofit organization that trains and leads teams of community volunteers to install solar electric systems for low-income homeowners, in partnership with local governments and affordable housing providers in Northern and Southern California. These projects bring together environmental and economic sustainability by bringing clean, renewable solar power to low-income families who need the financial savings the most. For more information, visit http://www.gridalternatives.org.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "will," "expect," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, our plans and expectations regarding reduced electric utility bills for homeowners. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to risks associated with homeowners' unique energy consumption rates, utility service rates, and other risks described in our Annual Report on Form 10-K for the year ended December 31, 2006, our Quarterly Report on Form 10-Q for the quarter ended April 1, 2007, our Quarterly Report on Form 10-Q for the quarter ended July 1, 2007, and other filings with the Securities and Exchange Commission. You should also carefully review reports that we file with the Securities and Exchange Commission, including without limitation such Form 10-K and Form 10-Qs. Except as required by law, we assume no obligation to update any such forward-looking statements.
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.
SOURCE SunPower Corporation
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