AstroPower Awarded Contract by the Sacramento Municipal Utility District and the California Energy Commission.Business Editors NEWARK, Del.--(BUSINESS WIRE)--Aug. 28, 2002 $2.3 Million Project Aims to Optimize Residential Solar Electric Power Systems for the California Market AstroPower, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APWR APWR Advanced Pressurized Water Reactor APWR Americans for the Preservation of the White Race APWR Anti-Pyramid Web Ring (Bosnian bloggers) APWR Alliance to Protect Water Resources, Inc. ) announced today that it has been awarded a cost-shared contract by the Sacramento Municipal Utility District (SMUD SMUD Sacramento Municipal Utility District SMUD Stand-off Munitions Disruption ) to complete a research and development project funded in part by the California Energy Commission The California Energy Commission is California’s primary energy policy and planning agency. Created in 1974 and headquartered in Sacramento, the Commission has responsibility for activities that include forecasting future energy needs, promoting energy efficiency through (Commission). The Optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. of Residential Photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. (PV) Systems project calls for the development of an integrated solar electric power system tailored to the California residential market. The Commission will fund more than $1.1 million of the $2.3-million project, which is expected to be complete by the end of 2004. AstroPower will provide the remaining $1.2 million. The purpose of the project is to improve the performance and enhance the aesthetics aesthetics (ĕsthĕt`ĭks), the branch of philosophy that is concerned with the nature of art and the criteria of artistic judgment. , functionality, and usability of solar electric power systems, while decreasing consumer costs. The Commission developed the project as part of its Public Interest Energy Research (PIER) program, which is designed to bring environmentally safe, affordable, and reliable energy products to the California marketplace. PIER provides funding for the research and development of products that address existing and future needs of California's electricity system. "This agreement is a prime example of the type of collaborative research that helps resolve California's electricity challenges and demonstrates a commitment to a diverse and affordable energy future," said Energy Commissioner Art Rosenfeld. "By bringing a solar power system specifically designed for the California market to consumers, we'll be able to reduce the cost of electricity in California, while increasing value. "AstroPower is developing solar electric power systems that allow electricity customers to use the technology to help them respond dynamically, in real time, to demand. This solar electric power system will be tied to the home's energy use profile. This is a hugely important step in the continuing development of the technology. "Furthermore, through our partnership with AstroPower, the State of California and the Commission will be better able to realize its goal of increasing renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. generation from 12% today to 17% within the next five years," Rosenfeld added. The nation's leading utility developer of solar power, SMUD will serve as project manager for the Optimization of Residential PV Systems initiative. SMUD will support AstroPower in its development of an enhanced solar electric power system for the California market in an effort to increase its use of renewable electricity generation, reduce peak demand for electricity, and create broad renewable energy markets throughout California and the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . "The Optimization of Residential PV Systems project is intended to bring the benefits of solar power to mainstream consumers throughout California," said Cliff Murley, Project Manager at SMUD. "Lowering system cost will make the technology more accessible, while enhancing system design and performance will make it more attractive to this market." AstroPower's SunChoice(TM) solar electric home power systems are becoming standard features in new home construction throughout California and they are being offered through a growing retail network. "AstroPower has taken significant strides recently to put solar electric power into the hands of mainstream consumers," said Dr. Allen Barnett Allen Barnett is a professor of electrical engineering and computer science at the University of Delaware. He is the principal investigator of the DARPA-funded Consortium for Very High Efficiency Solar Cells. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AstroPower. "This agreement with the Commission and SMUD will enable AstroPower to build on the success we have achieved thus far with our mainstream initiatives," Barnett continued. "By bringing California residents solar power products that are specifically designed to meet their needs and budget, we will drive the technology further into the consumer market." About AstroPower Headquartered in Newark, Delaware Newark is a city in New Castle County, Delaware, 12 miles (19 km) west-southwest of Wilmington. According to 2006 Census Bureau estimates, the population of the city is 30,060.[1] Newark is the home of the University of Delaware. , AstroPower is the world's largest independent manufacturer of solar electric power products, and one of the world's fastest-growing solar electric power companies. AstroPower develops, manufactures, markets and sells a range of solar electric power generation products, including solar cells solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. , modules, and panels as well as its SunChoice(TM) pre-packaged systems for the global marketplace. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. For more information, please visit www.astropower.com. About California Energy Commission The California Energy Commission is California's primary energy policy and planning agency. Created by the Legislature in 1974 and located in Sacramento, the Commission has five major responsibilities: forecasting future energy needs and keeping historical energy data; licensing thermal power plants that are 50 megawatts or larger; promoting energy efficiency through appliance and building standards; developing energy technologies and supporting renewable energy; and planning for and directing state response to energy emergency. With the signing of the Electric Industry Deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. Law, the Commission's role includes overseeing funding programs that support public interest energy research; advance energy science and technology through research, development and demonstration; and provide market support to existing, new and emerging renewable technologies. For more information, please visit www.energy.ca.gov. About Sacramento Municipal Utility District The Sacramento Municipal Utility District began providing electricity to customers on December 31, 1946. SMUD generates, transmits and distributes electric power to a 900-square-mile service area that includes Sacramento County and a small portion of Placer County. SMUD's vision is to be the community's preferred supplier of electricity and energy services. SMUD's mission is to meet the electricity and energy-services needs of its customer-owners safely, dependably, economically and in an environmentally responsible manner while providing value to the community. For more information, please visit www.smud.org. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve risks and uncertainties, as described in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The projections contained herein speak only of the Company's expectations as of the date of this press release. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based. |
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