SunPower Signs Solar America Initiative Agreement with U.S. Department of Energy
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.
(more…)