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SunPower Corp. Awarded DOE Funding for National Solar Initiative.

ENERGY RESOURCE-17 September 2007-SunPower Corp. Awarded DOE Funding for National Solar Initiative(C)2007 JeraOne - http://www.jeraone.com

SunPower Corp., a Silicon Valley-based manufacturer of solar cells, solar panels and solar systems, been awarded a cost-shared, three-year cooperative agreement by the U.S. Department of Energy (DOE) for the "Grid-Competitive Residential and Commercial Fully Automated PV Systems Technology" Project.

SunPower is expected to receive $8,469,998 in federal funding through the completion of its first project budget period, which will be implemented through August 31, 2008. Upon successful completion of key project milestones and sustained execution of a viable business strategy, as much as $16,230,002 in additional funding will be made available for continued project implementation through June 30, 2010.

The total potential funding from the DOE under the Solar American Initiative (SAI) is up to $24.7 million for this three-year project, subject to availability of funds appropriated by the U.S. Congress.

The SAI is focused on accelerating widespread commercialization of clean solar energy technologies by 2015 and will provide the U.S. additional electricity supply options.

"The Solar America Initiative provides support for SunPower's stated objective to reduce installed system cost 50 percent by the year 2012," said Terry Jester, SunPower's SAI principal investigator. "Our research under this program will address inter-related product and service improvements across the entire PV value chain. We believe that this type of fully integrated approach to product development is a key to making solar power a truly mainstream energy option."

SunPower will use the funds to implement cost improvements across the value chain, including innovations in producing ingots, wafers, high-efficiency solar cells and panels, system design, and improved delivery and installation productivity. The work will be conducted with a team of technology and institutional partners.

SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. For more information, visit www.sunpowercorp.com.

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Date:Sep 17, 2007
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