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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 its largest ever product supply contract. 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 strategy as we continue to build out our global customer base," said SunPower CEO, Tom Werner. "PowerLight is a widely-respected market leader and we are thrilled to be able to marry our high-efficiency solar panels with their innovative solar system designs and product offerings."
The contract covers a variety of SunPower solar products to be incorporated into PowerLight projects worldwide as well as in their home state of California. A significant product covered under the contract is a custom-designed solar panel used in PowerLight's SunTileTM roof integrated system for new home construction. Using SunPower's uniformly black A-300 solar cells, SunTileTM interlocks 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 .
About SunPower
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).
About PowerLight
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.
Forward-Looking Statements:
Statements made in this release that are not historical in nature and refer to our expectations for the future, including our expected supply of approximately $330 million in solar products to Powerlight, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "may," "plans," "anticipates," "believes," "expects," "estimates," "intends" and similar expressions to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are not guarantees of our future performance or events and our actual results may differ materially due a variety of factors, including but not limited to: the economic conditions and growth trends in the solar power industry, the actual volume of Powerlight's orders, our ability to obtain an adequate supply of polysilicon to manufacture our products, production difficulties that could arise as well as the risk factors detailed in the Company's Form S-1 registration statement and other filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon the information available to SunPower as of the date of this release, which could change or not materialize as expected, and, except as required by law, we assume no obligation to update any such forward-looking statement. Such information speaks only as of the date of this release.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
Contacts: Julie Blunden SunPower Corp. 408-470-4277 julie.blunden@sunpowercorp.com Susan DeVico PowerLight Corp. 415-434-8220 sdevico@powerlight.com Agnes Hu Brodeur 415-593-2265 ahu@brodeur.com