SAN JOSE, Calif., March 1 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) announced today that, under a strategic supply agreement, Toshiba Corporation (TOKYO: 6502) will order 32 megawatts of high-efficiency solar panels from SunPower in 2010. The SunPower panels will form the cornerstone of Toshiba's new residential solar offering in Japan, to be launched on April 1.
"We welcome the opportunity to partner with Toshiba, a preeminent business leader in Japan and throughout the world," said SunPower CEO Tom Werner. "SunPower panels are particularly well suited to Japan's residential market, where the new Japanese feed-in-tariff rewards production of solar energy in excess of domestic consumption, but available roof area is typically quite small. SunPower high efficiency systems will allow more customers to take advantage of this incentive."
"Toshiba's residential solar power business will offer homeowners the most efficient solar power systems available, with a focus on quality and reliability," said Shoji Takenaka, chief technology executive of Transmission Distribution & Industrial Systems Company, Toshiba Corporation. "We are very pleased to work with SunPower, as their solar photovoltaic panels achieve high levels of performance and reliability, and their excellent efficiency supports space-saving solutions that directly meet the needs of consumers in Japan."
SunPower almost doubled production of its high-efficiency solar cells and panels from 2008 to 2009, with 2009 cell production of approximately 400 megawatts. In 2010, the company intends to expand production further with new manufacturing operations in Malaysia, the United States and Europe.
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
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. The company uses words and phrases such as "will" and "intends" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) Toshiba purchasing 32 megawatts of solar panels from SunPower; and (b) SunPower expanding its manufacturing operations in Malaysia, the United States and Europe. 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 and components, as well as the price it pays for such items; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power; (v) the improved 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) manufacturing difficulties that could arise; and (viii) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, its Quarterly Report on Form 10-Q for the quarter ended September 27, 2009, 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 Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.