SAN JOSE, Calif., July 27, 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 announced the inauguration of its second solar cell fabrication facility, known as cell Fab 2, in the Philippines. The dedication of cell Fab 2 will take place on July 30, 2007 at the new plant, located in Batangas, south of Manila. President Macapagal Arroyo of the Philippines and The Honorable Raphael P. M. Lotilla, secretary of energy, will be on hand to help inaugurate the facility which has been recognized by the International Energy Agency for its superior energy-efficient design.
The new manufacturing facility is approximately 43,000 square meters (nearly 463,000, square feet), twice as large as the company's cell Fab 1, and will exclusively manufacture SunPower's second-generation solar cells, known as Gen 2. Cell Fab 2 will have a nameplate annual capacity rating of 330 megawatts. The building will house 10 solar cell production lines when fully online.
Cell Fab 2 was designed with environmental sustainability in mind. The building was engineered with a variety of energy efficient features that will help increase operations efficiency and cut energy costs. These features include:
* Improved HVAC cooling and heating systems that offers a much lower carbon footprint for a facility of this size and type * 100 percent of the hot water heating capacity is generated by heat recovery air compressors * Cooling system efficiency that uses approximately 40 percent less electricity compared to typical systems in the Manila area * Improved, high-efficiency lighting that is 50 to 60 percent more efficient than standard lighting systems. As an example, the company will use 12 watt, LED lighting that will last for approximately 10 years to reduce its electrical usage.
"Fab 2 will enable us to manufacture the world's highest-efficiency solar cells while reducing the carbon footprint by 50 percent compared to other buildings of this size," said PM Pai, chief operating officer of SunPower Corporation. "We welcome President Arroyo and Secretary Lotilla as we dedicate our new facility."
"The inauguration of our second solar cell fab is an important step for SunPower," said CEO Tom Werner. "When fully built out, Fab 2 will quadruple our total manufacturing capacity and create economies of scale that are an important element in our plan 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).
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" 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 inauguration ceremony and the participation of President Arroyo and Secretary Lotilla, (b) manufacturing capacity of our second-generation solar cells, known as Gen 2, at Fab 2, (c) operational efficiency and reduced energy costs in the manufacturing process at Fab 2, (d) Fab 2's carbon footprint, (e) economies of scale, and (f) reduction of 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 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 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, 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-Q. 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
Helen Kendrick, Communications Manager of SunPower, +1-408-240-5585, email@example.com, or Sarahjane Sacchetti of Bite Communications, +1-415-284-8230, Sarahjane.firstname.lastname@example.org, for SunPower
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