BERKELEY, Calif., March 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- PowerLight, a leading global provider of large-scale solar power systems and a subsidiary of SunPower Corporation (Nasdaq: SPWR), finalized a deal with Orton Development of Emeryville, Calif. to occupy 175,000 square feet in the historic Ford Motor Company Assembly Plant in Richmond, Calif. The move from PowerLight's current Berkeley headquarters is scheduled for the end of this year.
"We are delighted that this icon of 20th century industrial production will become a beacon for 21st century clean, green technology," said Tom Dinwoodie, chief executive officer of PowerLight. "The Ford Plant in Richmond provides us with the opportunity to relocate to an architecturally significant, unique, waterfront space that will accommodate our growth and support our corporate culture. As a historic landmark building located in a redevelopment district, it helps serve our commitment to environmental responsibility and creative re-use."
The entire building measures 520,000 square feet. Other tenants include Mountain Hardware, Best Line, Title 9 Sports and Vetrazzo.
Richmond's Ford Plant, which is located in a redevelopment area, was built in 1930 as the largest assembly plant on the West Coast. It was converted to wartime production during World War II. The building is an outstanding example of 20th-century industrial architecture. It was designed by architect Albert Kahn, known for his "daylight factory" design, and features the extensive window openings that became his trademark. Once the building renovation is completed, the site will also house the Rosie the Riveter/World War II Home Front Historic Park Visitor Center.
PowerLight is a leading global provider of large-scale solar power systems, delivering over a decade of experience and financial value to commercial, utility, public sector and residential customers worldwide. PowerLight designs, deploys and operates the largest solar power systems in the world through market-leading innovation and exceptional customer service. For more information, please visit www.powerlight.com. PowerLight is a subsidiary of SunPower Corp.
SunPower Corp. (Nasdaq: SPWR) designs, manufactures and markets high- performance solar electric technology worldwide. SunPower's high-efficiency solar cells and panels generate up to 50 percent more power per unit area than conventional solar technologies and have a uniquely attractive, all-black appearance. SunPower's PowerLight subsidiary is a leading global provider of large-scale solar power systems, with over 100 megawatts installed. For more information on SunPower please visit the SunPower website at 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 as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements include the statement regarding the timing of PowerLight's expected move to the Ford Plan and other statements that do not represent historical facts. We use words such as "will" "believes," "plans" and "expects" and similar expressions to identify forward-looking statements. These forward-looking statements are based on information available to us 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 our control. In particular, risks and uncertainties that could cause actual results to differ include construction difficulties or potential slowdowns in the buildout of the Ford Plant for PowerLight occupancy, changes in PowerLight's growth or space use plans that render leased space insufficient or create unanticipated underutilization of the leased premises, other delays in permitting or governmental or regulatory approvals, or changes in the co-tenants anticipated for the Ford Plant. These and other risk factors are contained in documents that the company files with the SEC, including the Form 10-K for fiscal 2005 and its recent 10-Qs, as well as filings we make with regard to the acquisition of PowerLight and PowerLight. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we are under no obligation to, and expressly disclaim any responsibility to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
NOTE: SunPower is a registered trademark of SunPower Corp. PowerLight is a registered trademark of PowerLight Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
Julie Blunden, +1-408-240-5577, or Ingrid Ekstrom, +1-510-868-1368, both of SunPower Corporation
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