Lennar's 650 New Homes Expected to Save 40 to 60 Percent on Electric Bills
SAN JOSE, Calif., January 15, 2007 - SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of the world's highest efficiency, commercially available solar cells and solar panels, and its subsidiary PowerLight Corporation, today announced the opening of the nation's largest solar-powered neighborhood.
Built by Lennar Corp. (NYSE: LEN) in Roseville, Calif., the planned 650 homes will use SunPower's roof-integrated SunTile® solar electric system, featuring the world's most efficient solar cell. Lennar estimates that homeowners are expected to save an average of 40 to 60 percent on their monthly electric bills.
"We applaud Lennar for offering solar systems as a standard feature to all of their prospective homeowners in Roseville," said Tom Werner, SunPower CEO. "Our acquisition of PowerLight Corp., completed last week, has expanded our business to include an outstanding portfolio of solar technology and systems, including SunTile installed on Lennar's homes. SunTile is a market-changing solar system because it replaces roofing material, lowers installation time and improves solar system roof aesthetics."
"Customers value solar systems today because they can significantly reduce their electric bill and help lower greenhouse gas emissions," said Howard Wenger, vice president, Global Business Units. "With the support of great partners such as Lennar, a leading national homebuilder, and the City of Roseville, we are proud to offer affordable solar systems to entire communities of new homeowners today."
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 are statements that do not represent historical facts. We use words such as "believes," "plans" and "expects" and similar expressions to identify forward- looking statements. Forward-looking statements in this press release include, but are not limited to, statements related to the planned construction of homes by Lennar, the expected energy savings enjoyed by homeowners, and the benefits of the recently completed transaction between SunPower and PowerLight. 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 residential construction or real estate markets; potential for competition from other providers of conventional or alternative energy systems to the residential market; difficulties encountered in integrating the merged businesses; the possibility that expected synergies and cost savings will not be obtained; the uncertainty of business and economic conditions and growth trends in the solar power industry; our ability to obtain adequate supply of polysilicon and silicon ingots to manufacture our products and the price we pay for such material, our ability to ramp new production lines, our ability to realize expected manufacturing efficiencies, the possibility of production difficulties, the risk of continuation of supply of products and components from suppliers to PowerLight, including competitors of SunPower, and the continuation of existing large-scale PowerLight customer projects. 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 PowerLight transaction 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.