ASTROPOWER ANNOUNCES ASSET SALE TO GE ENERGY

The acquisition represents a continuation of GE Energy's (formerly GE Power Systems) strategy of developing a renewable energy portfolio. GE Energy is one of the world's leading suppliers of power generation technology, energy services, and management systems with 2003 revenues of nearly $18.5 billion.

NEWARK, DE - February 1, 2004 - AstroPower, Inc. (OTC: APWR.PK) announced today that it has reached an agreement to sell certain of its U.S. business assets to GE Energy. To facilitate the sale, among other reasons, AstroPower has filed a petition for reorganization under Chapter 11 of the Bankruptcy Code in United States Bankruptcy Court in Delaware.


The transaction with GE Energy will be subject to competitive bidding and Bankruptcy Court approval. If approved, the parties hope to close some time in the first quarter of 2004. "The proceeds from the sale will be used to repay some of the Company's outstanding obligations," noted Carl H. Young III, interim CEO of AstroPower. "We anticipate that the proceeds will be sufficient to allow at least a modest return to the Company's unsecured creditors, although it is unlikely that there will be any return to the Company's shareholders."

Headquartered in Newark, Delaware, AstroPower manufactures solar electric power products, and is a leading provider of solar electric power systems for the mainstream residential market. AstroPower also develops, manufactures, markets and sells a range of solar electric power generation products, including solar cells, modules and panels, as well as its SunChoice ' pre-packaged systems for the global marketplace.

The acquisition represents a continuation of GE Energy's (formerly GE Power Systems) strategy of developing a renewable energy portfolio. GE Energy is one of the world's leading suppliers of power generation technology, energy services, and management systems with 2003 revenues of nearly $18.5 billion. GE Energy provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries.

Featured Product

GreenFasten™ solar panel roof mount hardware, watertight, USA made

GreenFasten™ solar panel roof mount hardware, watertight, USA made

The GreenFasten™ - GF1 system utilizes the patented watertight technology EcoFasten Solar® is known for. The flashing is fit with our EPDM rubber bushing and when used with a compatible EcoFasten Solar compression bracket (milled with countersink), a watertight seal is created, which protects the integrity of the roof. Requiring just a single fastener (lag bolt or self-drilling), GreenFasten provides the fastest install in the industry and will not void roofing manufacturer's warranties. Backed by IAPMO certification, GreenFasten delivers a mounting solution for all new or existing (retrofit) composition shingle roofs, and is the most cost-effective solution available. Like all of the solar roof mount solutions in our line of products, GreenFasten is made in the USA using recycled materials.