Solar Cells Info

Company to Receive Approximately $24 Million Over Three Years to Advance Development of Solar Systems
San Jose, CA, Sept 17, 2007
Source: SunPower Corp. press release
http://investors.sunpowercorp.com/releasedetail.cfm?ReleaseID=264223

SunPower Corp. (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has 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. Under the cooperative agreement, 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.

SunPower was selected to receive this award in March of this year and 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 company will work to reduce solar system costs through improvements in the design and manufacture of integrated solar-electric systems. This work will be conducted with a team of technology and institutional partners.

“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.”

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 while reducing dependence on fossil fuels and improving the environment. It aims to achieve market competitiveness for solar-electric power through government partnerships with industry, universities, national laboratories, states, and other public entities by funding new research and development activities.