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Thursday, January 31, 2008

SunEdison and Constellation Energy Sign Solar Renewable Energy Credit Agreement in Maryland

SunEdison and Constellation Energy Sign Solar Renewable Energy Credit Agreement in Maryland

BELTSVILLE, Md.--January 31 , 2008 -SunEdison, North America’s largest solar energy services provider, today announced a 15-year agreement to sell Constellation Energy Commodities Group, Inc., a subsidiary of Constellation Energy (NYSE: CEG), an estimated four megawatts (MW) of solar renewable energy credits in Maryland. When completed, the installations covered under this agreement will provide 30 percent of Maryland’s Renewable Portfolio Standard solar energy requirements in 2008, and almost 60 percent in 2009.

This long-term agreement will permit SunEdison to install solar systems on its customers’ properties, and the estimated four MW of facilities to be built will more than triple the capacity of solar generation operating in the state.

“This transaction furthers the deployment of large-scale solar systems nationwide,” said SunEdison CEO Thomas (Tom) Rainwater. “It ensures that Maryland plays a significant part in meeting the state and nation’s energy needs. SunEdison is passionate about bringing solar energy to our home state.”

“Purchasing clean, renewable energy credits through Maryland’s competitive marketplace is one of the most important ways we can help the state achieve its ambitious Renewable Portfolio Standard goals,” said Paul J. Allen, chief environmental officer and senior vice president, Constellation Energy. “Agreements such as this one underscore that the competitive marketplace is attracting investment and driving innovation in clean energy technology.”

About SunEdison

Sun Edison LLC is North America’s largest solar energy services provider and operates across a global marketplace. SunEdison provides solar-generated energy at or below current retail utility rates to a broad and diverse client base of commercial, municipal, and utility customers. For more information about SunEdison, please visit www.sunedison.com. The company is headquartered in Beltsville, MD.

About Constellation

Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 78 generating units located throughout the United States, totaling approximately 8,700 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.

Contact:For SunEdison:Rob Wyse, 212-920-1470rob@mediafirstpr.comORFor Constellation Energy:Lawrence McDonnell, 410-470-7433

Source: Sun Edison LLC

Wednesday, January 30, 2008

Lignol Awarded up to US$30 Million in Funding from U.S. Department of Energy to Build Cellulosic Ethanol Plant

VANCOUVER, Jan. 29 2008 - Lignol Energy Corporation (TSX-V: LEC ) announced that its U.S. subsidiary, Lignol Innovations Inc., has been awarded up to US$30 million in funding from the U.S. Department of Energy ("DOE") to build a commercial demonstration cellulosic ethanol plant. The DOE has approved a funding application submitted by Lignol Innovations for a proposed plant which is planned to be operated by Suncor Energy (U.S.A.) Inc. ("Suncor") which owns and operates a major refinery in Commerce City, Colorado.ADVERTISEMENT "We believe our successful application for DOE funding further validates the commercial potential of our unique biorefining process," said Ross MacLachlan, President and CEO of Lignol Energy Corporation. "Through its cellulosic ethanol and biofuels funding program, the DOE is seeking projects that demonstrate potential to rapidly move to commercial-scale using breakthrough technologies, a sound business strategy, and collaboration between industry, universities, and the DOE's national laboratories. We look forward to advancing this project with support from the DOE and our industry partners."
Lignol and Suncor will work together to finalize the site specific plans and engineering and to determine the optimum plant location in order to leverage Suncor's Colorado-based marketing and operating capabilities. Suncor has a number of suitable properties in Colorado for this development, including Commerce City. Lignol and Suncor have yet to consider all of the details with respect to the final funding agreement and the determination of final dates for construction, however the DOE funding requires that the plant must be completed by 2012. Once completed, the plant is expected to produce in excess of two million gallons per year of cellulosic ethanol, plus biochemical co-products, including High Purity-Lignin ("HP-L(TM)"). Suncor will be the operator of the plant and the exclusive buyer of all of the ethanol produced. Plant capacity is expected to be 100 tonnes per day (dry basis) of hard and soft wood feedstock. Lignol Innovations' proprietary solvent pretreatment process, integrated with saccharification, fermentation and product recovery processes also has the capability to process agricultural residues and other feedstocks.

In May 2007, the DOE announced that it will provide up to US$200 million, over five years (FY'07-'11) to support the development of small-scale cellulosic biorefineries in the United States, under its cellulosic ethanol and biofuels funding program. Lignol Innovations announced that it had submitted a formal application to the DOE in August 2007 for a grant of up to US$30 million. The DOE's announcement today represents the first round of funding (US$114 million in total) awarded as part of the DOE's small-scale biorefinery funding program. Through this funding initiative, the DOE intends to support projects to develop biorefineries at ten percent of commercial scale that produce liquid transportation fuels such as ethanol, as well as bio-based chemicals and bioproducts used in industrial applications. Building on President Bush's goal of making cellulosic ethanol cost-competitive by 2012, these ten-percent of commercial-scale biorefineries will use a wide variety of feedstocks and test novel conversion technologies to provide data necessary to bring online full-size, commercial-scale biorefineries. Successful applicants are expected to have their projects operational within three to four years of DOE funding approval.
For further information on the DOE's small-scale biorefinery funding program, please refer to the DOE web site at: http://www.energy.gov/
About Lignol Energy Corporation
Lignol Energy Corporation (TSX-V: LEC - News; "Lignol") is undertaking the development of biorefining technologies for the production of fuel-grade ethanol and other biochemical co-products from cellulosic biomass feedstocks. Lignol's modified solvent based pre-treatment technology, originally developed by a former affiliate of General Electric, and then further developed and commercialized for wood-pulp applications by a subsidiary of Repap Enterprises Inc., facilitates the rapid, high-yield conversion of cellulose to ethanol and the production of value-added biochemical co-products, including High Purity Lignin ("HP-L(TM)"). Lignol is executing on its development plan through strategic partnerships to further develop and integrate the core technologies on a commercial scale. Lignol also intends to invest in, or otherwise obtain, equity interests in energy related projects which have synergies with its biorefining technology. For more information about Lignol, please visit our website at www.lignol.ca
Caution concerning forward-looking statements
Certain statements contained in this document may constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "investigate", "looking at" as they relate to Lignol or its management, are intended to identify forward-looking statements or information. Such statements or information reflect Lignol's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Lignol's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Lignol files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


For further information
Lignol Energy Corporation, Ross MacLachlan, President & CEO, Tel: (604) 222-9800 ext. 107, Email: info@lignol.caThe Equicom Group, Bruce Wigle, Tel: (416) 815-0700, 1-800-385-5451 ext. 228, Email:bwigle@equicomgroup.com

Source: Lignol Energy Corporation

Tuesday, January 29, 2008

Clear Skies Solar Signs Agreement To Install $6.4 Million Solar Energy System

Clear Skies Solar Signs Agreement To Install $6.4 Million Solar Energy System
1 Megawatt Ground-Mounted Project Will Harness Solar Power in Mojave Desert

LOS ANGELES Clear Skies Group, a wholly-owned subsidiary of Clear Skies Solar, Inc. (OTCBB: CSKH) today announced it has contracted to install a $6.4 million, 1 Megawatt project in California’s Mojave Desert.

A leading developer of solar energy products, Clear Skies Group specializes in turnkey installation of commercial photovoltaic (PV) solar systems and residential systems.

“We welcomed the challenges presented to us by this unique project,” said Ezra Green, Chief Executive Officer of Clear Skies Solar (CSS), adding that the ground-mounted system will be built utilizing proprietary technology developed by CSS.

Jay Sprague, President of California Sunrise, a project developer that has been working with CSS exclusively in the pursuit of both commercial and municipal large-scale projects, noted, “Ezra has brought financially and technologically innovative techniques to this industry, and these allowed this project to become viable. Working with CSS has also opened up a wide range of additional projects that we plan to develop with CSS in the future.”

The Mojave project is currently undergoing final engineering and finance. With the land already procured, construction can begin immediately upon final permitting, which is anticipated to occur in the second quarter of 2008. Green expects the project to be completed by the end of the year.

With the increasing interest in solar energy among public and private entities alike, Green concluded, “There is no better place than the desert for maximizing the power of sunlight.”

About Clear Skies Group

Clear Skies Solar, Inc. through its wholly owned subsidiary, Clear Skies Group, Inc. ("CSG"), provides full-service renewable energy solutions to commercial, industrial, and agricultural clients across the country. CSG was incorporated in 2003 and launched formal operations in 2005. During that time period, CSG developed its proprietary systems, obtained licenses and certifications, and acquired technologies that could maximize the impact of its construction expertise on the renewable energy sector. CSG has become one of the premier solar electric installation companies in the country. For more information about CSG, visit www.clearskiesgroup.com.

Forward-Looking Statement Disclaimer

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.

Clear Skies Holdings, Inc. is a featured Company on Investorideas.com Green portals.

For full details, click here: http://www.renewableenergystocks.com/CO/CSG/Default.asp

Contact:
Avalanche Strategic Communications
Media Inquiries:
Laura Finlayson, 201-488-0049
laura@avalanchepr.com
or
PR Financial Marketing
Investor Relations:
Jim Blackman, 713-256-0369
jim@prfmonline.com

Source: Clear Skies Holdings, Inc.

XsunX Comments on Solar Comparative Analysis Report

XsunX Comments on Solar Comparative Analysis Report

ALISO VIEJO, Calif., Jan. 29 - XsunX, Inc. (OTCBB: XSNX), a solar technology Company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities, announced the release today of a report providing a detailed, unbiased analysis of the Company's competitive position relative to incumbent PV-technologies and immediate competing products.

The report, funded by XsunX in response to market interest, was investigated and prepared by IBIS Associates, a management-consulting firm that specializes in assisting clients with business development decisions concerning materials based manufacturing technologies.

The report provides insight to the Levelized Cost of Electricity (LCOE), a metric by which electricity generation technologies are compared. This is an established basis for evaluating the cost of power generation methods taking into account those aspects of a technology's performance that directly impact power generation, efficiency, system cost, and reliability. The analysis compared the XsunX amorphous silicon ASI-120 module with a group of other solar technologies in a 1MW simulated installation in the Phoenix and Portland areas.

The IBIS study found cost and performance advantages in the use of the XsunX amorphous solar technology in contrast to conventional silicon wafer and three other commercialized TFPV technologies. As shown within the study, XsunX believes that its ASI-120 solar module, in large installations, can provide lower cost and superior performance to a marketplace seeking products that consistently and dependably deliver electricity over a wide range of environments.

"The study underscores the decisions we made to use amorphous silicon, and to pursue large, on-grid applications," stated XsunX CEO Tom Djokovich. "It is our business strategy to service the multi-mega watt solar farm installation market, working to deliver cost advantages. The study found that, if we chose to, we could market our products at well over $3 U.S.D. per watt and still provide operators of solar farms with substantive cost benefits relative to other technologies that claim to provide higher efficiencies," he added.

The report can be found on the XsunX web site at http://www.xsunx.com/product-intro.htm. XsunX and IBIS will be co-presenting the findings of the report at the Wire C 2008, Washington International Renewable Energy Conference, March 4-6, Washington, DC.

About XsunX

Based in Aliso Viejo, Calif., XsunX is developing thin film photovoltaic (TFPV) amorphous silicon solar cell manufacturing processes to produce TFPV solar modules. The Company has begun to build a multi-megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. XsunX plans to grow production capacities to over 100 megawatts in 2010 by executing a phased build-out of its manufacturing systems.

Contact:
For XsunX, Inc. Investor Relations
Tel: (888) 797-4527

For XsunX, Inc. Media Relations
Victoria Kaloper (949) 330-8065
Web site: www.XsunX.com

About IBIS Associates

IBIS Associates, Inc. is a management-consulting firm that specializes in assisting clients with business development decisions concerning materials based manufacturing technologies. Founded in 1987 by professors and students of MIT's Materials Systems Laboratory, IBIS applies quantitative tools, methodologies and focused techno-economic skills to business development and operations solutions. The firm has worked on projects in nearly every Industrial sector, but has principle practices in the Automotive, Electronics, Alternative Energy, Specialty Chemical, and Biomedical Industries.

For more information on IBIS Associates; our experience, approach, or
people please contact:

Alan C. Goodrich
Project Manager
IBIS Associates, Inc.
alan@ibisassociates.com
(P) 1.781.290.5387
www.ibisassociates.com

Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.

XsunX, Inc. is a featured Company on RenewableEnergyStocks.com and compensates the site as a featured company
For full details, click here: http://www.renewableenergystocks.com/CO/XSNX/Default.asp

Source: XsunX, Inc.

Monday, January 28, 2008

Wal-Mart Stores and SunPower Announce Solar Power Pilot Project in California

Wal-Mart Stores and SunPower Announce Solar Power Pilot Project in California

CHINO, Calif., Jan. 28 2008 - Wal-Mart Stores, Inc. (NYSE: WMT ) and SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced completion of a 390-kilowatt solar power system at the Sam's Club store in Chino. The store is the first of seven Wal-Mart facilities in California to receive high-efficiency SunPower solar power systems, totaling 4.6 megawatts, and is part of a major purchase of solar power from SunPower and other solar power providers for approximately 22 Wal-Mart stores, Sam's Clubs and distribution centers in Hawaii and California. The stores included in the pilot project are expected to achieve savings over their current utility rates as soon as the first day of operation. "We are very pleased with SunPower's progress on the Chino solar project," said Kim Saylors-Laster, vice president of energy for Wal-Mart. "Wal-Mart is moving forward with its commitment to conserve energy, reduce energy costs and lower greenhouse gas emissions -- and this project is a step in the right direction."

"Leading companies like Wal-Mart are turning to solar power because it makes good business sense and supports their environmental initiatives," said Tom Werner, chief executive officer of SunPower. "Wal-Mart's SunPower solar power systems are financed through our SunPower Access(TM) program, which is a power purchase agreement that allows our customers to take advantage of the environmental and financial benefits of solar power with no upfront capital costs. The solar electricity will be competitively priced against retail rates, providing Wal-Mart with a long-term hedge against rising peak power prices."

Each solar power generating system installed may vary, but on average it can provide up to 30 percent of the power for the store on which it is installed. "By Wal-Mart's estimates, installing the solar power systems will help reduce greenhouse gas emissions by 8,000-10,000 metric tons per year," said David Ozment, director of energy for Wal-Mart. The solar power pilot project is a major step toward Wal-Mart's goal of being supplied 100 percent by renewable energy.

On the roof of Wal-Mart's Chino store, SunPower installed the proprietary SunPower® T-10 solar roof tile, which tilts at a 10-degree angle to increase energy capture. SunPower solar panels, which are 50 percent more efficient than conventional solar panels, are used to maximize power generation and financial savings, especially on rooftops with constrained space.

About Wal-Mart

Wal-Mart Stores, Inc. operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Sam's Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company's securities are listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartfacts.com. Online merchandise sales are available at www.walmart.com.

About SunPower

SunPower Corporation (Nasdaq: SPWR - News) designs, manufactures and delivers high-performance solar-electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY - News).

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "expected," "will," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, our plans and expectations regarding savings over current utility rates and the timing for achieving such savings, the amount of reduction in greenhouse gas emissions, and the amount of annual solar electricity generation. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to unexpected fluctuations in utility rates, variations in greenhouse gas emissions reductions, actual solar electricity generation, and other risks described in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and other filings with the Securities and Exchange Commission. You should also carefully review all such reports that we file with the Securities and Exchange Commission. Except as required by law, we assume no obligation to update any such forward-looking statements.

Source: SunPower Corporation

Friday, January 25, 2008

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Solar Investors See Gains from Sector Leaders

Renewable Energy Stocks Sector Close-Up on Solar Stocks; Solar Investors See Gains from Sector Leaders

Long Term Outlook for Solar and Renewable Energy Stocks Remains Bullish


POINT ROBERTS, WA and DELTA, BC – January 25, 2008 www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within Investorideas.com, presents a sector close-up on solar stocks. With the recent sell-off in the markets in general, solar stocks also took a major hit, loosing significant gains made in 2007. Yesterday’s trading in solar leaders gave investors renewed optimism and faith in the long term prospects for the sector.
Most renewable energy analysts think the long term outlook is bullish and investors should look at this as a selective buying opportunity.
To quote our on- site solar expert, J Peter Lynch: “This in no way alters my bullish view of our bright solar future and solar stocks in general. I just think we are in a period of transition where there will still be plenty of money to be made, but investors will just have to be more savvy and selective in their investments.“

Another analyst, Pavel Molchanov, from Raymond James, noted earlier this week ,” While we clearly do not rule out the possibility of further volatility, we would encourage investors to think long-term, ride out the current storm, and use this as an opportunity to accumulate shares."

Sector Close- Up as of Trading January 24, 2008

Akeena Solar Inc. (Market, News ) closed at $8.13, up $1.08 on the day and showed further gains in after market trading.
Evergreen Solar Inc (Market, News) shares were up only $ 0.19 on the day but showed a 5.2% gain in after market trading.
First Solar, Inc. (Market, News), gave investors a $6.72 upside during market hours, followed by another 2.65% gain after hours.
LDK Solar ADR (Market, News) was up 2.64 (7.55%) as of the market close.
Canadian Solar Inc. (Market, News) posted gains of $1.64, up 9.36%.
SunPower Corporation (Market, News ) broke the daily trend with the stock down $5.04 (6.79%) during market trading, but showing gains after hours. The stock was under pressure on the news of a first-quarter adjusted profit outlook.

For investors following solar stocks, the RenewableEnergyStocks.com website provides a comprehensive list of photovoltaic and solar stocks to research.

Investorideas.com and RenewableEnergyStocks.com will be hosting an online investor conference, March 21, 2008, giving investors free online access to industry and investing perspective in the greentech sector. Solar companies Akeena Solar, Clear Skies Group Inc (OTCBB: CSKH) and XsunX: (OTCBB: XSNX) will present in the company of some of the leading experts in the industry. Conference Info: http://www.investorideas.com/Forums/Portals/Green2.aspx
Featured Showcase Solar Company: Clear Skies Holdings, Inc. (OTCBB: CSKH) through its wholly-owned subsidiary, Clear Skies Group, Inc. (“CSG”) provides full service renewable energy solutions to commercial, industrial, and agricultural clients across the United States. CSG’s combination of proprietary technology and high-tech solutions with construction expertise has enabled CSG to become one of the nation’s premier solar electric installation companies. More info can be found on the Investorideas.com Company Showcase, or the company website at www.clearskiesgroup.com.
Featured Showcase Solar Company XsunX: (OTCBB: XSNX) Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi- megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. More info on XsunX, Inc. can be found on our media profile at: http://www.investorideas.com/co/xsnx/default.asp or http://www.xsunx.com/

About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy, clean tech and fuel cell sectors.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. * XsunX and Clear Skies Holdings compensate the website $5000 per month.
www.InvestorIdeas.com/About/Disclaimer.asp

For more information contact:

Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com,
Source: RenewableEnergyStocks.com, XsunX, Clear Skies Holdings, Inc

Thursday, January 24, 2008

SunPower Reports Fourth-Quarter and Year-End 2007 Results


2007 revenue of $774.8 million, up 227.6 percent year-on-year -
Q4 2007 revenue of $224.3 million, up 201.1 percent year-on-year -
Solar Solutions acquisition expands market position in Italy -
14 megawatt Nellis AFB solar system completed: largest in North America -
60 megawatts booked by SunPower Systems for solar power plants in Spain -
$200 million Project Finance Facility closed with Morgan Stanley for U.S. systems -
8 megawatt GE Energy Financial Services financing closed serving five U.S. customers -
Fab 2 and second solar panel manufacturing facility achieve scale economies -
Next-generation T20 Trackers delivered to 18 MW Olivenza project in Spain -
First polysilicon received from DC Chemical in January 2008


SAN JOSE, Calif., Jan. 24 2008 - -- SunPower Corporation (Nasdaq: SPWR - News) today announced financial results for the fourth quarter 2007, which ended December 30, 2007. This press release contains both GAAP and non- GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent figures on the final page of this press release.

Revenue for the 2007 fourth quarter was $224.3 million, down 4.3 percent from prior-quarter revenue of $234.3 million and up 201.1 percent from year- ago fourth-quarter revenue of $74.5 million. The Components segment accounted for $100.4 million of fourth-quarter revenue, a 31.1 percent increase from prior-quarter revenue of $76.6 million. The Systems segment accounted for $123.9 million of fourth-quarter revenue, a 21.4 percent decrease from prior- quarter revenue of $157.7 million. Third-quarter 2007 revenue was significantly influenced by large scheduled project installations, particularly the Nellis Air Force Base project. 2007 fourth-quarter revenue growth, compared to the fourth quarter of 2006, was primarily driven by continued strong demand for SunPower products and systems across market segments and channels. For reporting purposes, the Systems segment generally represents products and services sold directly to the system owner, while the Components segment represents primarily products sold to installers and resellers. Additionally, both SunPower and third-party solar panels sold through the Systems segment channels are recorded as Systems segment revenue.
On a GAAP basis, SunPower reported total operating income of $11.2 million and diluted net income per share of $0.06. These figures include non-cash operating expenses for amortization of purchase accounting intangible assets of $7.1 million and non-cash, stock-based compensation of $14.0 million. Fourth quarter 2007 GAAP results also include a non-cash charge of $8.2 million representing the write-off of unamortized debt issuance costs related to the issuance of SunPower's convertible debentures which became convertible in the first fiscal quarter of 2008 starting December 31, 2007. This also resulted in the reclassification of the convertible debentures from long-term to current liabilities as of December 30, 2007.

On a non-GAAP basis, adjusted to exclude non-cash charges for amortization of intangible assets, stock-based compensation, write-off of unamortized debt issuance costs, and the related tax effects, SunPower reported total operating income of $32.4 million and diluted net income per share of $0.39. This compares with prior-quarter total operating income of $27.0 million and $0.33 diluted net income per share.

Also on a non-GAAP basis, SunPower reported total gross margin for the fourth quarter 2007 of 25.3 percent, compared with total gross margin of 20.4 percent in the prior quarter. Fourth-quarter non-GAAP total gross margin was influenced by the higher gross margin in the Systems segment, which achieved gross margin of 26.8 percent, while the Components segment reported gross margin of 23.4 percent.

"SunPower achieved record operating results again in the fourth quarter of 2007," said Tom Werner, SunPower's CEO. "SunPower's investments in channel development, brand building, technology, and people yielded great results this quarter. We have purposefully chosen to vertically integrate and build a portfolio of customer segments, channels and applications to leverage our proprietary high-performance solar technology. Our brand and technology platforms improve our response time to new market opportunities and limit our individual market risk. Upstream we have also followed a portfolio strategy, developing a diversified set of silicon suppliers from polysilicon to ingots and wafers. We believe that our scale and flexibility places SunPower on the leading edge of the cost reduction roadmap as we address a rapidly evolving market.

"The global solar market delivered strong, dynamic growth in 2007. In the latter part of 2008 and beyond, we expect our industry's silicon feedstock to become more abundant, leading to lower solar panel prices which will redistribute the power and profit pools in the value chain. SunPower has been preparing for this development for the last two years by vertically integrating downstream. In that vein, earlier this month we closed the acquisition of Solar Solutions -- now named SunPower Italia -- an Italian systems integrator. The investment in Italy and channel development in Southern Europe is aligned with SunPower's vertically integrated model, our portfolio approach to customer market segments and our global geographic reach. We welcome SunPower Italia to our team.

"SunPower continues to benefit from strong demand for our industry-leading solar technology in Europe, the United States and Asia. In the fourth quarter of 2007 we announced solar systems serving a wide variety of customers in Korea and the United States, in addition to power plants totaling approximately 60 megawatts in Spain. Powering our growth in sales, SunPower announced financing facilities with Morgan Stanley and GE Energy Financial Systems for the United States, designed to increase the speed and reduce the cost of financing our customers' solar systems.

"In December, SunPower teamed with the United States Air Force and MMA Renewable Ventures to dedicate the largest photovoltaic power plant in the North America at the Nellis Air Force Base, located near Las Vegas. At more than 14 megawatts, and built on top of a landfill, SunPower deployed our proprietary single-axis SunPower® T20 Tracker solar tracking system which delivers up to 30 percent more energy than traditional fixed-tilt systems. Our tracking technology offers the highest energy delivery for our customers when paired with SunPower panels using Generation 2 solar cells which achieve median sunlight conversion efficiencies exceeding 22 percent. SunPower's industry-leading solar system performance yields important benefits to our customers by reducing the amount of land, material and site work needed to install a given capacity solar system or by enabling significantly higher capacity systems to be installed within given site area's constraints. SunPower is building a brand based on the substantial technology benefits we offer our customers.


"Technology advantages also position SunPower as a cost reduction leader among silicon-based solar companies. We are making steady progress on our plan to reduce installed system costs by 50 percent from 2006 levels by year- end 2012. SunPower's U.S. Department of Energy contract under the Solar America Initiative is now active with a comprehensive roadmap for research and development aimed at installed system cost reduction based on efficiencies spanning the solar value chain. We expect to achieve several major manufacturing milestones in 2008, including substantially greater manufacturing scale, a successful transition to second-generation products and to thinner, 145 micron wafers. New supply agreements that begin delivery in 2008 will support manufacturing cost reductions by reducing our average feedstock price for the first time since we began commercial solar cell production.


"We expect SunPower's median solar cell efficiency to increase over the course of 2008 as we add five more Gen 2 lines in Fab 2. Our Fab 2 expansion will nearly double our nameplate solar cell manufacturing capacity from 214 megawatts at the end of 2007 to 414 megawatts at the end 2008. Our start-up team has done a tremendous job transferring our learning from Fab 1 to Fab 2. We have now completed our production ramp on the first two lines in Fab 2 which will exclusively produce our industry-leading Gen 2 solar cells. Our Gen 2 solar cells increase the power generated by each solar cell by 10 percent compared to our A-300 solar cell. Concurrently we are reducing our manufacturing unit cost by increasing equipment throughput and achieving manufacturing scale.


"In panel manufacturing, we have started production on two more solar panel manufacturing lines and began ramping a third at the end of Q4, all of which are automated and contribute to scale economies. These lines will manufacture our larger-format, 96-cell solar panels which have achieved the highest rated solar panel efficiency ever measured, at more than 20 percent. Likewise, in systems technology manufacturing, we are now shipping our cost- optimized, factory-assembled next-generation T20 tracker to our Olivenza project in Spain combining improved product design with manufacturing scale.


"Over the past two months our silicon suppliers have met major milestones that lay the foundation for our expansion by substantially increasing our silicon supply in 2008. In the fourth quarter 2007, M.Setek transitioned to polysilicon manufacturing using internally-produced TCS gas which we believe will stabilize ingot deliveries from M.Setek materially going forward. In the fourth quarter 2007, M.Setek's transition to in-house TCS manufacturing resulted in non-linear deliveries of silicon ingot to SunPower which limited our total solar cell production. In January 2008, DC Chemical delivered its first sample of polysilicon to Woongjin Energy, our ingot-pulling joint venture in Korea, which produced ingots meeting our specifications. Woongjin Energy began production in the fourth quarter of 2007 with outstanding performance, delivering twice the expected ingot volume during its first months of production.


"SunPower continues to add to our portfolio of silicon agreements across the supply chain. After dedicating our Woongjin Energy joint venture ingot- pulling plant in November, we announced an ingot-pulling and wafering agreement in December with Jiawei SolarChina, a company affiliated with our long-term solar panel partner in China. Last week we announced a 2500 megawatt set of polysilicon agreements with NorSun and its joint venture partners to be delivered from a new polysilicon plant in Saudi Arabia. Across our portfolio of silicon supply agreements, we expect to have sufficient silicon in 2010 to achieve more than six times our 2007 production."

SunPower's Silicon Supply Agreement Position and Capacity Expansion Plan
2008 2009 2010 Beginning of Year, Nameplate Capacity (megawatts) 214 414 574 Annual Production Capacity Supported by Silicon Agreements to Date (megawatts) 250+ 430+ 650+ Annual Cash Required for Silicon Prepayments in Advance of Delivery ($ millions) $58.4 $48.8 $11.1

"With our strong finish in 2007, we are raising our guidance for the fiscal year 2008 and expect the following non-GAAP results: Total revenue of $1.2 billion to $1.3 billion and diluted net income per share of $2.00 to $2.10," continued Werner. "We expect our 2009 total revenue to increase 40 percent to 50 percent from 2008 levels. Following our protocol to offer guidance for the current quarter, we expect first quarter of 2008 non-GAAP total revenue of $230 million to $250 million, company non-GAAP gross margin of 24 percent to 25 percent and non-GAAP diluted net income per share of $0.33 to $0.36 reflecting a higher non-GAAP average tax rate of 24 percent to 25 percent in 2008 than in 2007 which ended at 11.0 percent.(1)
"On a business segment basis, we expect the following non-GAAP results for the first quarter 2008: Components segment revenue of $75.0 million to $77.5 million, driven by a planned increase in allocation of SunPower panels to the Systems segment, and gross margin of 26.5 percent to 27.5 percent; Systems segment revenue of $155.0 million to $172.5 million and gross margin of 23 percent to 24 percent with a lower mix of higher-margin systems sales expected than in the fourth quarter 2007. We expect the Components segment to benefit from the continued manufacturing ramp of our next-generation technology and the Systems segment to benefit from an increase in allocation of SunPower panels to the segment during the quarter."(2)
About SunPower
SunPower Corporation (Nasdaq: SPWR - News) designs, manufactures and delivers high-performance solar- electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY - News).
(1) For the full year 2008, we expect the following total company GAAP results: Revenue of $1.2 billion to $1.3 billion and diluted net income per share of $1.17 to $1.27. For the first quarter of 2008, we expect the following total company GAAP results: Revenue of $230 million to $250 million; gross margin of approximately 21 percent to 22 percent and diluted net income per share of $0.13 to $0.16.
(2) For the first quarter of 2008, we expect the Components business segment to generate GAAP revenue of $75.0 million to $77.5 million and gross margin of approximately 23 percent to 24 percent and the Systems business segment to generate GAAP revenue of $155.0 million to $172.5 million and gross margin of approximately 20 percent to 21 percent.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. SunPower Corporation uses words and phrases such as "expect," "will," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, SunPower's plans and expectations regarding: (a) the industry's silicon feedstock becoming more abundant, leading to lower solar panel prices which will redistribute the power and profit pools in the value change; (b) SunPower's reducing installed system costs by 50 percent from 2006 levels by year-end 2012; (c) SunPower's achieving substantially greater manufacturing scale, and a successful transition to second generation products and to thinner, 145 micron wafers; (d) new supply agreements beginning in 2008 supporting manufacturing cost reductions by reducing SunPower's average feedstock price; (e) SunPower's median solar cell efficiency increasing over the course of 2008 as it adds 5 more Gen 2 lines in Fab 2; (f) SunPower's Fab 2 expansion nearly doubling its nameplate solar cell manufacturing capacity from 214 megawatts at the end of 2007 to 414 megawatts at the end of 2008; (g) Fab 2 exclusively producing SunPower's industry-leading Gen 2 solar cells; (h) three additional lines manufacturing SunPower's larger-format 96-cell solar panels; (i) M.Setek's transitioning to polysilicon manufacturing using internally-produced TCS gas increasing ingot deliveries from M.Setek materially going forward; (j) SunPower's having sufficient silicon in 2010 to achieve more than six times its 2007 production; (k) SunPower's achieving certain GAAP and non-GAAP results, including revenue and diluted net income per share for the full year 2008, revenue for the full year 2009, revenue, gross margin, diluted net income per share, and non-GAAP average tax rate for the first quarter 2008, Components and Systems segment revenue and gross margin for the first quarter 2008; (l) SunPower's increasing allocation of SunPower panels to its Systems segment; and (m) SunPower's Components segment benefiting from the continued manufacturing ramp of its next-generation technology and the Systems segment benefiting from an increase in allocation of SunPower panels to the segment during the quarter. These forward-looking statements are based on information available to SunPower as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond SunPower's control. In particular, risks and uncertainties that could cause actual results to differ include (i) SunPower's ability to ramp new production lines; (ii) SunPower's ability to realize expected manufacturing efficiencies; (iii) SunPower's ability to reduce kerf loss and otherwise achieve anticipated reductions in polysilicon usage efficiency (iv) production difficulties that could arise; (v) the success of SunPower's ongoing research and development efforts; (vi) SunPower's ability to obtain adequate supply of polysilicon, ingots and wafers to manufacture its products and the price it pays for such materials; (vii) the price and availability of cells and solar panels; (viii) business and economic conditions and growth trends in the solar power industry; (ix) the continuation of governmental and related economic incentives promoting the use of solar power; (x) SunPower's ability to compete with other companies and competing technologies; (xi) the potential renegotiation of or non-performance by parties to SunPower's supply and customer contracts; (xii) unforeseen manufacturing equipment delays at SunPower's fabrication facilities and panel factories; (xiii) unanticipated changes in the mix of balance of systems sales; and (xiv) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing SunPower's views as of any subsequent date, and SunPower 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.
Non-GAAP Measures
To supplement the consolidated financial results prepared under GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to stock-based compensation, amortization of intangible assets, impairment of acquisition-related intangibles, fair value adjustments to deferred revenue, purchased in-process research and development expenses, write-off of unamortized debt issuance costs, and their related tax effects. Management does not consider these charges in evaluating the core operational activities of SunPower. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate SunPower's current performance. Most analysts covering SunPower use the non-GAAP measures as well. Given management's use of these non-GAAP measures, SunPower believes these measures are important to investors in understanding SunPower's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in SunPower's core business across different time periods. These non- GAAP measures are not in accordance with or an alternative for GAAP financial data and may be different from non-GAAP measures used by other companies.
Fiscal Periods
SunPower operates on a fiscal calendar comprised of four thirteen-week quarters that end at midnight Pacific Time on the Sunday nearest the calendar quarter-end.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.

SUNPOWER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
(Unaudited)
Dec. 30, Dec. 31, 2007 2006 ASSETS
Cash and cash equivalents $285,214 $165,596 Restricted cash 67,887 - Investments 134,503 16,496 Accounts receivable, net 138,250 51,680 Costs and estimated earnings in excess of billings 39,667 - Inventories 140,504 22,780 Deferred project costs 8,316 - Prepaid expenses and other assets 75,009 23,288 Advances to suppliers 161,220 77,636 Property, plant and equipment, net 377,994 202,428 Goodwill and other intangible assets, net 235,577 16,932
Total assets $1,664,141 $576,836

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $123,108 $26,534 Accrued and other liabilities 112,639 21,540 Convertible debt 425,000 - Billings in excess of costs and estimated earnings 69,900 - Customer advances 69,404 39,991
Total liabilities 800,051 88,065
Stockholders' equity 864,090 488,771
Total liabilities and stockholders' equity $1,664,141 $576,836

SUNPOWER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 Revenue Systems $123,912 $157,734 $- $464,178 $- Components 100,431 76,600 74,509 310,612 236,510 224,343 234,334 74,509 774,790 236,510
Cost of systems revenue 97,416 135,111 - 386,511 - Cost of components revenue 79,745 60,818 56,364 240,475 186,042 177,161 195,929 56,364 626,986 186,042
Gross margin 47,182 38,405 18,145 147,804 50,468
Operating expenses: Research and development 3,904 3,902 2,564 13,563 9,684 Selling, general and administrative 32,068 27,708 6,105 108,256 21,677 Purchased in-process research and development - - - 9,575 - Impairment of acquisition- related intangibles - - - 14,068 -
Total operating expenses 35,972 31,610 8,669 145,462 31,361
Operating income 11,210 6,795 9,476 2,342 19,107
Interest and other income (expense), net (3,825) 3,032 2,503 940 9,354
Income before income taxes 7,385 9,827 11,979 3,282 28,461
Income tax provision (benefit) 2,509 1,396 670 (5,920) 1,945
Net income $4,876 $8,431 $11,309 $9,202 $26,516
Net income per share: - Basic $0.06 $0.11 $0.16 $0.12 $0.40 - Diluted $0.06 $0.10 $0.15 $0.11 $0.37
Shares used in calculation of net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087

(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 (Presented on a GAAP Basis)
Gross margin 47,182 38,405 18,145 147,804 50,468 Operating income 11,210 6,795 9,476 2,342 19,107 Net income per share: -Basic 0.06 0.11 0.16 0.12 0.40 -Diluted 0.06 0.10 0.15 0.11 0.37

THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept.30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006 (Presented on a non-GAAP Basis)*
Gross margin 56,731 47,904 19,527 186,198 56,004 Operating income 32,357 27,017 11,798 106,879 28,661 Net income per share: -Basic 0.42 0.35 0.20 1.35 0.55 -Diluted 0.39 0.33 0.18 1.26 0.51

About SunPower's Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude non-cash items related to stock- based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, fair value adjustments to deferred revenue, purchased in-process research and development expenses, and their related tax effects. The non-GAAP adjustments included herein are primarily the result of our acquisition of SunPower Corporation, Systems or SP Systems (formerly known as PowerLight Corporation) on January 10, 2007. The specific non-GAAP measures listed below are gross margin, operating income and net income per share. Management believes that each of these non-GAAP measures (gross margin, operating income and net income per share) are useful to investors by enabling them to better assess changes in each of these key elements of SunPower's results of operations across different reporting periods on a consistent basis, independent of these non-cash items. Thus, each of these non-GAAP financial measures provides investors with another method for assessing SunPower's operating results in a manner that is focused on its ongoing core operating performance, absent the effects of purchase accounting, stock-based compensation charges and write-off of unamortized debt issuance costs. Management also uses these non-GAAP measures internally to assess the business and financial performance of current and historical results, for strategic decision making, forecasting future results and evaluating the Company's current performance. Many of the analysts covering SunPower also use these non-GAAP measures in their analyses. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.
-- Non-GAAP gross margin. The use of this non-GAAP financial measure allows management to evaluate the gross margin of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles and fair value adjustments to deferred revenue. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of SunPower's core businesses.
-- Non-GAAP operating income. The use of this non-GAAP financial measure allows management to evaluate the operating results of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, and all other purchase accounting charges. In addition, it is an important component of management's internal performance measurement process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to understand the results of operations of the Company's core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.
-- Non-GAAP net income per share. Management presents this non-GAAP financial measure to enable investors and analysts to assess the Company's operating results and trends across different reporting periods on a consistent basis, independent of non-cash items including stock-based compensation expenses, amortization of intangibles, impairment of acquisition-related intangibles, all other purchase accounting charges and the tax effects of these non-GAAP adjustments. In addition, investors and analysts can compare the Company's operating results on a more consistent basis against that of other companies in our industry.
Non-Cash Items
-- Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as stock options and restricted stock. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company's core performance against the performance of other companies without the variability created by stock-based compensation.
-- Amortization of intangibles. SunPower incurs amortization of intangibles as a result of Cypress acquiring the Company in November 2004, in which Cypress' cost of purchased technology, patents, trademarks and a distribution agreement is reflected in our financial statements. In addition, SunPower incurs amortization of intangibles as a result of our acquisition of SP Systems, which includes purchased technology such as existing technology, patents, brand names and trademarks. SunPower excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from prior acquisitions and have no direct correlation to the operation of SunPower's core businesses.
-- Impairment of acquisition-related intangibles. SunPower incurred an impairment of acquisition-related intangibles in June 2007, which relates to the net book value of the PowerLight tradename being written off in its entirety as a result of the change in branding strategy. SunPower excluded this item because the expense is not reflective of its core operating performance after completion of its acquisition of SP Systems. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without non-cash expenses such as impairment of acquisition-related intangibles.
-- Purchase accounting charges. Purchase accounting charges as a result of the acquisition of SP Systems include: (1) amortization of intangibles, which includes purchased technology related to acquisitions such as existing technology, patents, brand names and trademarks; (2) fair value adjustments to deferred revenue, which is an acquisition-related adjustment that results in certain revenues never being recognized under GAAP by either the acquiring company or the company being acquired and (3) purchased in-process research and development expenses, which relates to projects in process as of the acquisition date that have not reached technological feasibility and are immediately expensed. These acquisition-related charges are not factored into management's evaluation of potential acquisitions or its performance after completion of acquisitions, because they are not related to our core operating performance, and the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding this data provides investors with a basis to compare SunPower's performance against the performance of other companies without the variability caused by purchase accounting.
-- Write-off of unamortized debt issuance costs. The market price trigger condition was met for our senior convertible debentures in December 2007, giving holders of the convertible debt the right to convert the convertible debt. As a result, SunPower accelerated the amortization of deferred debt issuance costs. Excluding this non-cash charge provides investors with a basis to compare SunPower's period-over- period operating results because the charge is not reflective of SunPower's historical results or its expected future expenses after such costs are fully amortized on January 2, 2008.
-- Tax effect. This amount is used to present each of the amounts described above on an after-tax basis with the presentation of non- GAAP net income per share.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP results of operations measures to non-GAAP measures" set forth at the end of this release and which should be read together with the preceding financial statements prepared in accordance with GAAP.

SUNPOWER CORPORATION RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (Unaudited) (In thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006
GAAP gross margin $47,182 $38,405 $18,145 $147,804 $50,468 Fair value adjustment to deferred revenue - - - 1,142 - Amortization of intangible assets 6,185 5,911 1,164 24,852 4,690 Stock-based compensation expense 3,364 3,588 218 12,400 846 Non-GAAP gross margin $56,731 $47,904 $19,527 $186,198 $56,004
GAAP operating income $11,210 $6,795 $9,476 $2,342 $19,107 Fair value adjustment to deferred revenue - - - 1,142 - Amortization of intangible assets 7,132 6,858 1,164 28,540 4,690 Stock-based compensation expense 14,015 13,364 1,158 51,212 4,864 Purchased in-process research and development - - - 9,575 - Impairment of acquisition- related intangibles - - - 14,068 - Non-GAAP operating income $32,357 $27,017 $11,798 $106,879 $28,661

NET INCOME PER SHARE: THREE MONTHS ENDED TWELVE MONTHS ENDED Dec. 30, Sept. 30, Dec. 31, Dec. 30, Dec. 31, 2007 2007 2006 2007 2006
Basic: GAAP net income per share $0.06 $0.11 $0.16 $0.12 $0.40 Reconciling items: Stock-based compensation expense 0.18 0.17 0.02 0.67 0.08 Purchase accounting: Fair value adjustment to deferred revenue - - - 0.01 - Amortization of intangible assets 0.09 0.09 0.02 0.37 0.07 Purchased in-process research and development - - - 0.13 - Impairment of acquisition-related intangibles - - - 0.18 - Write-off of unamortized debt issuance costs 0.10 - - 0.11 - Tax effect (0.01) (0.02) - (0.24) -
Non-GAAP net income per share $0.42 $0.35 $0.20 $1.35 $0.55
Diluted: GAAP net income per share $0.06 $0.10 $0.15 $0.11 $0.37 Reconciling items: Stock-based compensation expenses 0.16 0.16 0.01 0.63 0.07 Purchase accounting: Fair value adjustment to deferred revenue - - - 0.01 - Amortization of intangible assets 0.08 0.09 0.02 0.35 0.07 Purchased in-process research and development - - - 0.12 - Impairment of acquisition-related intangibles - - - 0.17 - Write-off of unamortized debt issuance costs 0.10 - - 0.10 - Tax effect (0.01) (0.02) - (0.23) -
Non-GAAP net income per share $0.39 $0.33 $0.18 $1.26 $0.51
Shares used in calculation of GAAP net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087
Shares used in calculation of non-GAAP net income per share: - Basic 79,023 77,693 69,339 76,393 65,864 - Diluted 85,796 82,610 74,108 81,769 71,087
The following supplemental data represents the individual charges andcredits that are excluded from SunPower's non-GAAP financial measures for eachperiod presented in the Condensed Consolidated Statements of Operationscontained herein.
SUPPLEMENTAL DATA (In thousands)
THREE MONTHS ENDED
December 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $4,788 $1,397 $- $947 $- $- $- Stock-based compensation expense 1,952 1,412 564 10,087 - - - Write-off of unamortized debt issuance costs - - - - - 8,260 Tax effect - - - - - - (993) $6,740 $2,809 $564 $11,034 $- $8,260 $(993)
September 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $4,788 $1,123 $- $947 $- $- $- Stock-based compensation expense 2,049 1,539 404 9,372 - - - Tax effect - - - - - - (1,786) $6,837 $2,662 $404 $10,319 $- $- $(1,786)
December 31, 2006
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $- $1,164 $- $- $- $- $- Stock-based compensation expense - 218 178 762 - - - Tax effect - - - - - - (33) $- $1,382 $178 $762 $- $- $(33)
TWELVE MONTHS ENDED
December 30, 2007
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Fair value adjustment to deferred revenue $1,142 $- $- $- $- $- $- Amortization of intangible assets 20,085 4,767 - 3,688 - - - Stock-based compensation expense 8,187 4,213 1,817 36,995 - - - Purchased in-process research and development - - - - 9,575 - - Impairment of acquisition -related intangibles - - - - 14,068 - - Write-off of unamortized debt issuance costs - - - - - 8,260 - Tax effect - - - - - - (18,754) $29,414 $8,980 $1,817 $40,683 $23,643 $8,260 $(18,754)
December 31, 2006
Selling Other Interest Research general Aqui- and Income Gross Margin and and sition other tax Compo- develo- admini- Related income, provision Systems nents pment strative Charges net (benefit)
Amortization of intangible assets $- $4,690 $- $- $- $- $- Stock-based compensation expense - 846 1,197 2,821 - - - Tax effect - - - - - - - $- $5,536 $1,197 $2,821 $- $- $-


Source: SunPower Corporation

Wednesday, January 23, 2008

online greentech investor conference - speaker additions

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Neil D. BerlantFund Manager of the PFW Water FundSince 1968, Neil has been continuously involved in the investment banking industry, either as a principal, officer, or founder of several firms. He has supervised and initiated the publication of numerous investment research reports on the water industry and conducted conferences directed towards top corporate management, the investment community, and venture capitalists. He has been a speaker at conferences on topics ranging from financing, to business and investment opportunities in the water industry. In addition, he has consulted to Fortune 500 companies and participated in negotiations concerning mergers, acquisitions, and venture capital investments. He is quoted frequently in newspapers including the Wall Street Journal, The New York Times, Los Angeles Times, Investor's Business Daily, and is a frequent water expert on CNBC.
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Neal M DikemanJane Capital Partners LLCNeal is one of the founding partners of Jane Capital Partners LLC, an energy and technology merchant bank whose clients have included the technology arms of multinational energy companies. He has launched several startups, including Carbonflow in carbon credit IT. He previously cofounded SC Power Systems, Inc. and its successor Zenergy Power plc (AIM:ZEN) in superconductor technology, helped launch WaiterPad POS Systems, Inc. in wireless hospitality POS solutions, and led the spin-out of Fideris, Inc. in fuel cell test & measurement. He has served as a director of several technology companies, edits the Cleantech Blog, named one of the 50 Best Business Blogs by London Times, and chairs Cleantech.org. Before entering private equity, he began his career in energy investment banking at Bankers Trust, and has a B.A. from Texas A&M University.
Peter C. FusaroChairman, Global Change AssociatesPeter C. Fusaro is Chairman of Global Change Associates in New York and is the best selling author of What Went Wrong at Enron and 12 other books on energy and the environment. Peter is an energy industry thought leader noted for his keen insights in emerging energy and environmental financial markets. He has been on the forefront of energy and environmental change for over 30 years focusing on oil, gas, power, coal, emissions, carbon trading and renewable energy markets. Peter is currently advising on carbon trading and clean energy technology arena to financial services companies. Peter was selected for Who’s Who in America for 2007 and 2008. He coined the term “Green Trading” and holds the Wall Street Green Trading Summit with Reuters in New York each spring. He is also a well known expert on Asia Pacific energy and environmental markets. He co-founded the Energy Hedge Fund Center LLC (www.energyhedgefunds.com) in 2004. Peter graduated with an MA in international relations from Tufts University and a BA from Carnegie-Mellon University.
Joshua LevineEditor, ChangeWave Investing and ChangeWave MicroCap InvestorMr. Levine has more than 20 years of experience researching technology trends and analyzing and investing in micro- and small-cap stocks. In 2002 he joined ChangeWave Research -- an independent investment research firm -- as a technology analyst. As the editor of two ChangeWave advisory services, he guides investors through the analytical process of stock selection and managing a high-performance growth portfolio. He also works closely with the ChangeWave Alliance, an intelligence network of 13,000 credentialed professionals, including CIOs, IT managers, executive management, scientists and engineers, from a broad cross section of 20 markets. Alternative Energy and Cleantech are two primary industries targeted by the Alliance's research activities. www.Changewave.com
J. Peter LynchSolar ExpertMr. J. Peter Lynch has worked, for 31 years as a Wall Street security analyst, an independent investment/merchant banker and private investor in small emerging technology companies. He has been actively involved in following developments in the renewable energy area since 1977 and is regarded as a leading expert in this field.He is one of the few people with a through understand of each of the critical areas involved: finance, the equity markets and the renewable energy industry. He was the contributing editor for 17 years to the Photovoltaic Insider Report, the leading publication in PV that was directed at industrial subscribers, such as major energy companies, utilities and governments around the world.He has been a speaker and presenter at numerous financial conferences on a variety of topics, including solar energy and solar energy related stocks. He is currently a private investor and financial/technology consultant to a number of companies. He can be reached via e-mail at: solarjpl@aol.com.
Yeves PerezCEO & CGO, Eco Investment ClubEco Investment Network International, Inc. (EINI) was founded in 2007 in order to achieve our mission, which is to support the progression of the Green Movement. It is evident that there has been an inevitable shift in social consciousness towards things that are Eco-friendly, Sustainable, or "Green". This new market has emerged in the business world, both nationally and internationally, and corresponding technological, economical, and political trends have indicated that this market will continue to grow at an unprecedented rate. This global shift in social consciousness has created a worldwide demand for "Green". http://www.ecoinvestmentclub.com
Matthew SantPartner, Irell & Manella LLPMatthew Sant is a partner at Irell & Manella LLP, and practices in the firm's Newport Beach, California office. Mr. Sant represents some of the most exciting and innovative companies in the global economy. Matthew Sant's practice focuses on the structure and negotiation of complex licensing, development and commercial transactions involving intellectual property assets and emerging technologies. His experience also includes debt and equity financing, mergers and acquisitions, and public and private corporate securities. Among his clients are several companies and funds exploring "green" technologies, including the developer of hybrid and electric vehicles, the developer of proprietary "waste to energy" technologies for producing biofuels, and a fund that has invested in solar and other renewable energy technologies. www.Irell.com.
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Robert Wilder, J.D., Ph.D.WilderHill Clean Energy IndexDr. Rob Wilder is Founder and the Manager of the WilderHill Clean Energy Index (ECO), the first and leading Index on Wall Street for renewables & clean solutions. The Index is tracked by a PowerShares WilderHill Clean Energy Portfolio (symbol PBW) which has grown to over $1.75 billion in assets within its first three years. www.wildershares.com
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Jamie Wimberly, CEODistributed Energy Financial Group (DEFG)Jamie Wimberly founded and currently serves as CEO of the Distributed Energy Financial Group (DEFG, www.defgllc.com), a holding company with three branded entities, including: DEFG LLC, EcoAlign, DEFG Ventures.
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Participating Public Companies
Clear Skies Holdings(OTCBB: CSKH)Clear Skies Holdings ("CSG") delivers turnkey Solar Electricity Installations and Renewable Energy Technology Solutions to commercial and residential customers across the United States. Since its launch, Clear Skies Group has installed solar power systems for municipalities, real estate developers, agricultural locations, office and residential complexes, storage facilities, manufacturing plants, schools, and more. www.ClearSkiesGroup.com
XsunX, Inc.(OTCBB: XSNX)Based in Aliso Viejo, Calif., XsunX is developing amorphous silicon thin film photovoltaic (TFPV) solar cell manufacturing processes to produce TFPV solar modules. To deliver its products the Company has begun to build a multi-megawatt TFPV solar module production facility in the United States to meet the growing demand for solar cell products used in large scale commercial projects, utility power fields, and other on-grid applications. Employing a phased roll out of production capacity, it plans to grow manufacturing capacities to over 100 megawatts by 2010. www.XsunX.com
ZAP(OTCBB: ZAAP)ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP has a joint venture to manufacture electric and hybrid vehicles with Youngman Automotive Group, one of China's leading manufacturers of buses and trucks. ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. www.ZapWorld.com

New Energy and Climate Package for Europe: The European Commission Leads the Way

New Energy and Climate Package for Europe: The European Commission Leads the Way


Towards a Massive Expansion of Wind PowerBRUSSELS, January 23 2008 -- Today's Commission proposal for 20% renewable energy by 2020 paves the way for a massive expansion of wind energy in the 27 Member States and a new energy future for Europe. It proposes a stable and flexible EU framework in which Member States keep control of their renewable energy policies through successful national support systems. In addition, cross-border transfer of guarantees of origin can only take place where Member States have met or exceeded their interim targets. For the European Wind Energy Association (EWEA), these two elements are crucial for maintaining investor confidence and encouraging substantial investments in green electricity.

"The European Commission has today provided a powerful response to the imminent energy and climate crisis. By introducing a voluntary trading mechanism, controlled by Member States, the proposal maintains market stability, increases investor confidence and will help Member States to reach their ambitious, yet achievable, targets" said Christian Kjaer, EWEA Chief Executive.

"The target implies that renewable energy's share of electricity will increase from 15% today to more than a third of Europe's demand in 2020. Wind energy will be the biggest contributor to that massive increase in clean electricity production", Kjaer added.

If the 27 Member States swiftly commit to the national targets, Europe has a real opportunity to change its energy supply structure towards a much larger share of indigenous renewable energy, reduced import dependence and less exposure to high and unpredictable fuel prices, while maintaining its global industrial leadership in wind power technology and other renewables.

EWEA welcomes the Commission's proposal that Member States and companies will only be able to sell their guarantees of origin if that country is meeting its interim targets, and not before. Such trade must be additional to investment in, and development of, domestic renewable energy sources, planning procedures and grid infrastructures.

In the proposed legislation, the voluntary cross-border trading mechanism is accompanied by measures which positively address obstacles that wind energy is currently facing, such as heavy administrative procedures and grid access issues. EWEA welcomes the proposal to introduce priority access to the grid for renewables and the necessary conditions to streamline burdensome administrative procedures.

Today's decision is only the beginning of a legislative process that could deliver significant results if designed and implemented both rapidly and successfully: the entire climate and energy debate is at stake. Wind energy has a major role to play in meeting climate objectives as it can be installed quickly in the critical period between now and 2020 when greenhouse gas emissions must peak and begin to decline if we are to avoid the worst impacts of climate change.

Another crucial element concerns the rules that will govern the future EU ETS for reducing greenhouse gas emissions in the EU, which need to be rapidly agreed by the Council of Ministers and European Parliament. EWEA welcomes the Commission's decision to establish full auctioning for the power sector from the start of the new regime in 2013.

Note to editors:

- To access the Commission's proposal:

http://ec.europa.eu/energy/climate_actions/doc/2008_res_directive_en.pdf

For more information:

http://www.ewea.be

- EWEA is the voice of the wind industry, actively promoting the utilisation of wind power in Europe and worldwide. It now has 400 members from 40 countries, including manufacturers with a 98% share of the world wind power market, plus component suppliers, research institutes, national wind and renewables associations, developers, contractors, electricity providers, finance and insurance companies and consultants. This combined strength makes EWEA the world's largest and most powerful wind energy network.

Source: EWEA European Wind Energy Association

Clear Skies Group Attracts Discovery Home Channel's Environmentally Friendly Spotlight

Clear Skies Group Attracts Discovery Home Channel's Environmentally Friendly Spotlight

Company to Appear on Network's New Green Show

NEW YORK, Consider it renovation with an eco-twist. Clear Skies Group, Inc. (OTCBB: CSKH), a leading provider of turnkey solar electricity installations and renewable energy solutions, recently completed filming for an episode of the Discovery Home Channel’s new series, Greenovate. The documentary-style show follows homeowners – or “greenovators” – as they make their homes more environmentally friendly by implementing “green” designs and features on both large and small scales.

For the episode, Clear Skies Group (CSG) installed a residential solar system for the featured homeowner in Claremont, California. In fewer than four hours, CSG completed installation, which included upgrading the existing service panel from 100 amps to 200 amps in order to accommodate the new system.
“This was an incredibly rewarding project to be a part of,” said Ezra Green, Chief Executive Officer and Chairman of Clear Skies Group. “It’s no secret that renewable energy solutions have become more and more popular on the commercial level in recent years. But we’re seeing a growing movement among individual homeowners who want to play a part in protecting our environment while at the same time saving costs to themselves.”
Not only is the Claremont sunlight-capturing system “green” itself, but it will also help keep some significant green in the homeowner’s pockets. By increasing the home’s energy efficiency, the homeowner will save approximately 40% on energy bills.
“Greenovate is putting the national spotlight on the efforts of environmentally responsible homeowners,” Green added, “and we were thrilled to help one such homeowner complete her ‘greenovation.’”
Greenovate pairs homeowners with a “green consultant” in order to measure improvements in the home’s environmental impact. The show premiered on the Discovery Home Channel on December 3, 2007. For upcoming show times, please visit http://home.discovery.com.
About Clear Skies Group
Clear Skies Holdings, Inc. through its wholly owned subsidiary, Clear Skies Group, Inc. ("CSG"), provides full-service renewable energy solutions to commercial, industrial, and agricultural clients across the country. CSG was incorporated in 2003 and launched formal operations in 2005. During that time period, CSG developed its proprietary systems, obtained licenses and certifications, and acquired technologies that could maximize the impact of its construction expertise on the renewable energy sector. CSG has become one of the premier solar electric installation companies in the country. For more information about CSG, visit www.clearskiesgroup.com.
Forward-Looking Statement Disclaimer
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.
Clear Skies Holdings, Inc. is a featured Company on Investorideas.com Green portals. For full details, click here: http://www.renewableenergystocks.com/CO/CSG/Default.asp
Contact: Avalanche Strategic Communications Media Inquiries: Laura Finlayson, 201-488-0049 laura@avalanchepr.com or PR Financial Marketing Investor Relations: Jim Blackman, 713-256-0369 jim@prfmonline.com
Source: Clear Skies Holdings, Inc.

Tuesday, January 22, 2008

Invenergy Agreement of More Than $1 Billion Highlights Record Growth in 2007 for GE Energy’s Wind Business

Invenergy Agreement of More Than $1 Billion Highlights Record Growth in 2007 for GE Energy’s Wind Business

SCHENECTADY, N.Y.-- January 22 2008 --Capping a year of record growth in 2007 for GE Energy’s wind business, the company’s agreement with Invenergy LLC of more than $1 billion marks one of the largest commitments for wind turbines to be delivered in a single year in the history of the global wind industry.

GE will supply Invenergy with 600 megawatts of its 1.5-megawatt wind turbines for projects in North America, and 200 megawatts of its 2.5xl wind turbines for European applications, marking the first time a U.S.-based developer has selected GE’s 2.5-megawatt technology for projects in Europe. All of the wind turbines are slated for shipment during 2009. The 800 megawatts of wind turbines will provide enough wind power capacity to meet the requirements of 275,000 households.

“With this milestone agreement, Invenergy will have secured more than two gigawatts of GE wind turbines for the 2007-2009 time frame,” said Victor Abate, Vice President-Renewables for GE Energy. “The use of our proven technology by an experienced developer and fleet operator will help individual states, provinces and countries meet their Renewable Energy Standards.”

The latest Invenergy agreement reinforces GE’s leadership role in the rapidly growing wind industry. Since 2004, GE has achieved a 500% increase in wind turbine production, with its wind business revenues exceeding $4 billion in 2007. According to the American Wind Energy Association, over the past two years, GE has supplied wind turbines representing nearly half of the new wind capacity across the U.S.

“As a developer and operator of wind energy projects worldwide, Invenergy relies on GE’s on-time delivery of wind turbines,” said Michael Polsky, CEO of Invenergy. “The high availability and reliability and grid-integration features offered by GE wind turbines help to position our installed fleet as an industry leader for grid performance.”

Based in Chicago, Invenergy has approximately 2,700 megawatts of natural gas fueled power plants and more than 1,200 megawatts of wind power projects in construction or operation in North America and Europe. Invenergy’s development of wind energy facilities is carried out through its wholly owned affiliate, Invenergy Wind LLC.

GE’s 1.5-megawatt wind turbine is among the most widely used machines in the global wind industry, with more than 7,700 installed around the world. The GE 2.5xl wind turbine is the next evolution of the company’s wind turbine fleet, and builds on the success of the 1.5-megawatt technology. The 2.5xl is the largest GE wind turbine available for onshore applications, and is specifically designed to meet the immediate requirements of the European Union, where lack of available land constrains the size of projects.

In addition to the Invenergy order, other highlights for GE Energy’s wind business in 2007 included:

Agreements to supply Noble Environmental Power with 633 wind turbines for 2007 and 2008 projects that will increase New York State’s wind power capacity by 950 megawatts GE’s 2.5xl wind turbine technology selected for a wind project in Turkey that will more than double the country’s wind capacity Expansion of GE’s Renewables Global Headquarters in Schenectady, NY to include a new Wind Product Management and Customer Support Center A $400 million agreement with SkyPower Corp. with 200 wind turbines for projects across Canada and the United States Receipt of the 2007 Frost & Sullivan North American Wind Power Growth Strategy Award A $350 million agreement with Third Planet Windpower to supply 167 wind turbines for new wind farms under development in Texas, New Mexico, Nebraska and Wyoming A $730 million agreement to supply EDP of Portugal with wind turbines totaling more than 500 megawatts for projects to be developed during 2008 and 2009 in Europe and the United States GE’s wind turbine technology is a key element of ecomagination, the GE corporate-wide initiative to address challenges such as the need for cleaner, more efficient sources of energy, reduced emissions and abundant sources of clean water.

About GE Energy

GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2007 revenue of $22 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE’s corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.

With wind turbine design, manufacturing and assembly facilities in Germany, Spain, China, Canada and the United States, GE Energy is among the leading providers of wind energy products and support services ranging from commercial wind turbines and grid integration products to project development assistance and operation and maintenance. The company's knowledge base includes the development and/or installation of more than 8,400 wind turbines with a total rated output of more than 11,300 megawatts.

Contacts GE EnergyKristin Schwarz+1 518 385 7343kristin.schwarz@ge.comorMasto Public RelationsKen Darling or Howard Masto+1 518 786 6488kenneth.darling@ge.comhoward.masto@ge.com