Contract for SunPower Solar Panels is Largest in Company's History
SUNNYVALE, Calif., December 15, 2005 - SunPower Corp., a Silicon Valley-based manufacturer of the world's highest-efficiency, commercially available solar cells and solar panels (NASDAQ: SPWR), today announced the largest product supply contract in its 20-year history. The supply agreement with PowerLight Corp., a global solar systems provider, calls for the delivery of $330 million of solar panels from 2005 through 2009. SunPower's industry-leading products will be incorporated into PowerLight's advanced solar power systems for commercial, government and new home residential customers worldwide.
"This agreement marks another milestone in SunPower's growth plan as we continue to build and diversify our global customer base," said SunPower CEO, Tom Werner. "PowerLight is a market leader with an increasingly global customer reach. We are thrilled to marry our high-efficiency solar panels with PowerLight's innovative solar system designs and product offerings."
The contract covers a variety of SunPower solar products used in PowerLight projects worldwide as well as in their home state of California. Under the agreement, PowerLight will design SunPower's A-300 solar cells into a custom-designed solar panel used in its SunTile' roof-integrated system for new home construction. Using SunPower's rear-contact cells, which provide a uniform black appearance, PowerLight's SunTiles will interlock with roof tiles and shingles to provide an aesthetic, architecturally seamless look for sunlight-to-power solar technology.
The contract was signed at the end of the third quarter of 2005. Volume deliveries under the contract begin in 2006 and ramp up with SunPower's planned capacity expansion.
"SunPower's high-efficiency solar technology improves the financial and performance equation of our products and systems," noted PowerLight's President, Dan Shugar. "We're focused on delivering maximum value to our customers, and SunPower's technology fits perfectly with our application platforms."
For more information about SunPower's solar cells and their use in PowerLight's SunTiles, see http://www.powerlight.com/documents/products/Suntile-PowerLight.pdf .
SunPower Corp. (NASDAQ: SPWR) designs and manufactures high-efficiency silicon solar cells and solar panels based on an all-back-contact cell design. SunPower's solar cells and panels generate up to 50 percent more power per square foot than conventional solar technologies and have a uniquely attractive, all-black appearance. For more information on SunPower or solar technology, please visit the SunPower website at http://www.sunpowercorp.com. SunPower is a majority owned subsidiary of Cypress (NYSE: CY).
PowerLight Corporation is a leading global provider of grid-connected solar electric power systems. PowerLight's turnkey solutions for commercial, government and residential customers feature a full line of proprietary solar products and technologies designed to optimize energy output and project economics. Recognized by Inc. Magazine for five consecutive years as one of the 500 fastest growing privately held companies, PowerLight designs, builds and operates many of the largest solar electric systems in North America and Europe. For more information about PowerLight and its products and services, please visit www.powerlight.com.