SAN JOSE, Calif., Aug 22, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today reiterated its guidance for 2008.
Supporting that guidance, SunPower expects to have silicon sufficient to generate 250 megawatts or more of solar cell production in 2008. SunPower buys silicon using a portfolio strategy that combines polysilicon, ingot and wafer procurement from a variety of suppliers under a variety of contract terms and durations.
"SunPower prudently plans for our silicon procurement from a variety of suppliers with an approach designed to anticipate manufacturing ramp rates," said Tom Werner, chief executive officer at SunPower Corp. "We match our solar cell manufacturing expansion and production plans to our silicon supply to allow for maximum utilization of our manufacturing capacity. By rapidly scaling from Fab 1, now in full production, to Fab 2 beginning this quarter, SunPower expects to achieve economies of scale that will contribute to our goal to reduce installed solar system costs by 50 percent by 2012."
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).
FORWARD LOOKING STATEMENT
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 (a) our future supply polysilicon, ingots and wafers from various suppliers, the timing thereof and the resulting production capacity, (b) our 2008 financial results, (c) our production ramp, and (d) achieving economies of scale, (e) reducing installed solar system costs by 50 percent by 2012. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Our actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to risks associated with (i) our ability to ramp new production lines; (ii) our ability to realize expected manufacturing efficiencies; (iii) our ability to reduce kerf loss and otherwise achieve anticipated reductions in silicon usage efficiency; (iv) production difficulties that could arise; (v) the success of our ongoing research and development efforts; (vi) our ability to obtain adequate supply of polysilicon, ingots and wafers to manufacture our products as we expect and the price we pay for such materials; (vii) the price and availability of cells and solar panels; (viii) business and economic conditions and growth trends in the solar power industry; (ix) the continuation of governmental and related economic incentives promoting the use of solar power; (x) the potential renegotiation of or non-performance by parties to our supply and customer contracts; (xi) unforeseen manufacturing equipment delays at our fabrication facilities and panel factories; and (xii) other risks described in 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. 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
Manny Hernandez, +1-408-240-5560, or Julie Blunden, +1-408-240-5577, both of SunPower Corporation
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