SunPower Extends Long-Standing Partnership with Toshiba Company Signs Multi-Megawatt Supply Agreement
SAN JOSE, Calif., Sept. 12, 2012 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced that the company has extended its long-standing partnership with Toshiba for the next several years. Under the terms of the master supply agreement, Toshiba will place orders of more than 100-megawatts (MW) for SunPower's high efficiency solar panels to support the rapidly growing residential solar market in Japan. Since SunPower first partnered with Toshiba in 2010, it has delivered approximately 70 MW of its high-performance solar panels.
"Toshiba has become a leading provider of high efficiency solar systems to the Japanese residential market and with this new agreement we will continue to deliver the most reliable photovoltaic systems in the country," said Toshiba Executive Officer, Corporate Vice President, Takeshi Yokota. "SunPower is the world technology solar leader and for this reason, we are extending our partnership for the next few years."
"Our long-standing partnership with Toshiba has allowed us to steadily grow our market share in Japan. With this new multi-year commitment, we will more than triple our sales to the company since we first signed our agreement in 2010," said Tom Werner, president and CEO of SunPower Corp. "We are pleased that our relationship with Toshiba, a global business leader, enables them to offer the highest efficiency and highest reliability solar panels, with guaranteed performance, and look forward to continued success in this region."
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
SunPower Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. SunPower uses words and phrases such as "agreement," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding the sale of 100 megawatts of solar panels to Toshiba and SunPower tripling its sales to Toshiba. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials; (ii) general business and economic conditions; (iii) the continuation of governmental and related economic incentives promoting the use of solar power; (iv) manufacturing difficulties; and (v) other risks described in the company's Annual Report on Form 10-K for the year ended January 1, 2012 and Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012 and July 1, 2012, 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.
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SOURCE SunPower Corp.