Full-Scale Production cell Produced at 23.4 Percent
SAN JOSE, Calif., May 12, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- SunPower Corporation (Nasdaq: SPWR) a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, announced today that it has produced a full-scale, five inch prototype solar cell with an efficiency of 23.4 percent. This is a world-record for a large area solar cell. SunPower has reported improvements of its cell efficiency in the laboratory and in mass production since its first all-back contact solar cell prototype in 2003.
"This is a step function increase from our 22 percent efficient Gen 2 technology, which has been in mass production since last year," said Tom Werner, CEO of SunPower Corp. "Credit for this achievement goes to our world- class research and development team led by Dick Swanson and Bill Mulligan, as well as to our talented engineering group."
"We are pleased to have demonstrated early success with our Gen 3 technology," said Bill Mulligan, vice president of technology and development at SunPower Corporation. "This record efficiency solar cell, which is expected to be commercially available in approximately two years, extends SunPower's leadership position and is a key component of our plan to reduce system cost by 50 percent by the year 2012."
SunPower Corporation (Nasdaq: SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit http://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 within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The company uses words and phrases such as "expected," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding the commercial availability of Gen 3 solar cells and the company's ability to reduce system costs by 50 percent by the year 2012. These forward-looking statements are based on information available to the company as of the date of this release and management's 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 the company's control. In particular, risks and uncertainties that could cause actual results to differ include (i) the company's ability to obtain a adequate supply of polysilicon, ingots and wafers to manufacture its products and the price it pays for such materials; (ii) business and economic conditions and growth trends in the solar power industry; (iii) the continuation of governmental and related economic incentives promoting the use of solar power; (iv) increases in the available supply of third party solar panels; (v) the continued availability of third-party financing arrangements for the company's customers; (vi) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (vii) unforeseen manufacturing equipment delays at the company's fabrication facilities and panel factories; (viii) the company's ability to utilize thinner wafers, reduce kerf loss and otherwise achieve anticipated improvements in polysilicon usage efficiency; (ix) production difficulties that could arise; (x) the success of the company's ongoing research and development efforts; (xi) the potential renegotiation of or non-performance by parties to the company's supply and customer contracts; and (xii) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2008, and other filings with the Securities and Exchange Commission. These forward- looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward- looking statements, whether as a result of new information, future events or otherwise
SunPower is a registered trademark of SunPower Corporation. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
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