Solar Stocks; SunPower (Nasdaq: SPWRA, SPWRB) Solar Technology Selected for Multiple U.S. Federal Government Facilities
SAN JOSE, Calif., Aug. 30 ( Investorideas.com renewable energy/green newswire ) -- SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that SunPower world-leading solar technology has been selected for installation at several U.S. government properties, including for the Department of Energy's National Renewable Energy Lab (NREL), the General Services Administration (GSA), the Navy and the Air Force. SunPower expects to create more than 1000 local jobs during the construction of these projects. These contracts represent a minimum of 20 megawatts (MW) of new solar projects for SunPower.
"SunPower has worked with federal agencies since 1999, resulting in the installation of more than 20 MW of solar power systems at government facilities," said Karen Butterfield, SunPower's director of federal accounts. "As a result, SunPower has the experience and credibility to successfully navigate the federal procurement process and deliver reliable, high performance solar systems that meet agency requirements. With the addition of a U.S.-based panel manufacturing facility this year, we have also bolstered our ability to serve this growing demand."
Recent government contracts won by SunPower include the following:
•SunPower was selected by NREL to design and construct a 2-megawatt solar power system at the Department of Energy's new Research Support Facility on the NREL campus in Golden, Colo. The project will be installed at three sites, including a new ultra-low energy office complex, an outdoor parking area, and a parking garage. Colorado-based SunPower Premier Dealer Namaste Solar is partnering with SunPower to install the systems. This project is being financed through the American Recovery and Reinvestment Act (ARRA) of 2009, and is expected to be complete by the end of 2011.•The General Services Administration (GSA) and general contractor Shiel Sexton selected SunPower solar technology for the 1.8-MW solar system that is under construction at the General Emmett Bean Federal Building in Indianapolis, Ind. The project uses the SunPower T5 Solar Roof Tile system, which integrates a high-efficiency solar panel, frame and roof-mounting system into a single pre-engineered unit. The T5 Solar Roof Tiles position the solar panels at a 5-degree tilt, for greatest energy production. Scheduled for completion in January 2011, the system will be the largest rooftop solar power system on a GSA facility. This project is being financed through ARRA.•SunPower was one of five solar providers awarded an indefinite delivery-indefinite quantity contract by Naval Facilities Command to deliver solar power systems to Navy and Marine Corps installations throughout the southwestern United States. Under the contract, SunPower will design, build, operate and maintain the systems, and sell the power to the Navy and Marine Corps under power purchase agreements. Projects may range in size from one to 15 MW. The Navy will have up to five years to award up to 40 MW of solar projects under this $200 million contract.•Earlier this month, SunPower announced an agreement with Arizona Public Service (APS) to design and construct a 15-MWac solar photovoltaic power system at Luke Air Force Base in Glendale, Arizona. The system will use SunPower solar panels with the SunPower Tracker® system, which follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements. Scheduled for completion in the summer of 2011, it is expected to be the largest solar power installation at a U.S. government facility and generate the equivalent of 50 percent of the annual energy requirements for Luke Air Force Base.
About SunPower
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia, and Asia. For more information, visit www.sunpowercorp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "expected," "scheduled," and "will" to identify forward-looking statements in this press release, including forward-looking statements regarding the expected completion of the construction of solar power systems for NREL, the General Emmett Bean Federal Building in Indianapolis, Ind. and Luke Air Force Base; and the company's construction of solar projects for sale of energy under power purchase agreements to Naval Facilities Command. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) construction difficulties or potential delays in the project implementation process; (ii) unanticipated delays or difficulties securing necessary permits, licenses or other governmental approvals; (iii) the risk of continuation of supply of products and components from suppliers; (iv) unanticipated problems with deploying the systems on the sites; (v) the timing and quantity of contracts awarded to the company by Naval Facilities Command; (vi) the availability of financing; and (vii) other risks described in the company's Annual Report on Form 10-K for the year ended January 3, 2010 and Quarterly Report on Form 10-Q for the quarter ended July 4, 2010, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company 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.
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Showing posts with label SPWRB). Show all posts
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Monday, August 30, 2010
Wednesday, August 11, 2010
Solar Stocks Commentary; Developments at XsunX (OTCBB: XSNX), Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX)
Solar Stocks Commentary; Developments at XsunX (OTCBB: XSNX), Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX)
Hybrid Manufacturing Solution May Lower Solar Costs
August 11, 2010 (Investorideas.com renewable energy/green newswire) Investorideas.com and its green investor portals release commentary on solar trends from Lisa Springer, CFA, Equity research analyst and financial writer. Featured within the report is solar stock, XsunX, Inc. (OTCBB: XSNX), a solar company developing CIGSolar™ Technology.
Hybrid Manufacturing Solution May Lower Solar Costs
Public Companies within this article include: XsunX (OTCBB: XSNX), Intevac (NASDAQ:IVAC), Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX)
Lisa Springer, CFA
Equity research analyst and financial writer
The US solar module market grew 36% in 2009, according to market research firm Solarbuzz, fueled by lower cost photovoltaic (PV) cell modules, government incentives and increased use of solar energy by the utilities sector. Solar energy incentives at the state level supported approximately 30% of PV installations, but experts expect federal government incentives to be the primary driver of demand over the next two years. Solarbuzz forecasts 10-fold growth in the solar market growth by 2015, which is equivalent to 30% annual growth.
Market leaders in solar installations include Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX) and SPG Solar. In addition, REC Solar and Solar City are big beneficiaries of rising residential demand.
The main obstacle to wider-scale adoption of solar energy is cost. While sunlight is free, solar panels are expensive and not especially efficient. Regionally-based coal and natural gas utilities produce electricity, deliver it to customers and require little or no infrastructure investment from the customer, but solar requires large up-front investments from the user. Even with declining costs and financing that allows installations costs to be amortized over many years, solar power costs can be nearly twice coal or natural gas costs in certain areas. Depending on location and the type of solar technology used, a kilowatt hour of solar electricity can cost more than 20 cents, far more than electricity from coal or natural gas, which costs between 2 and 10 cents a kilowatt-hour, according to the U.S. Energy Information Administration. The silver lining for solar, however, is that per kilowatt hour costs are calculated by dividing the amount of power produced over a multi-year period into the cost of the solar system. This means that at some point the original cost of the system is fully amortized and future operating costs are minimal, while coal and natural gas continue to consume valuable resources at ever increasing costs.
Solar panels are expensive because of high silicon, assembly materials, and labor costs. Manufacturers compete with the semiconductor industry for silicon supplies and the result has been periodic silicon shortages and volatile prices. To reduce manufacturing costs, solar companies are investing in alternative technologies and assembly methods such as thin films that require less silicon and can be produced on highly automated assembly lines. Thin film is a process where material is coated onto a substrate via a plasma field or some form of vapor deposition. A much smaller amount of material is used to achieve the required solar absorber thickness. As a result, thin film cells are just a few micrometers thick, unlike conventional silicon cells, which exceed 100 micrometers in thickness. However, a drawback of most thin film devices is lower electrical power production efficiencies than silicon. This is because red and near-infrared photons don't stay trapped inside some thin film absorbers long enough to be fully absorbed.
One thin film technology called CIGS-(Copper, Indium, Gallium, and Selenium) has the potential to reduce solar cell manufacturing costs significantly and improve production yields. CIGS has several characteristics that make it a valuable PV material. It is highly absorbent, capturing 99% of sunlight energy in the first micrometer of the solar device, thus enabling even thinner films. In addition, CIGS retains its performance characteristics and degrades more slowly than other thin films over the 20 to 30 year life span of installed solar systems, is amendable to automated production and potentially offers much higher conversion efficiencies. CIGS holds the world record for thin film energy conversion at nearly 20%, making it a top contender to replace more costly silicon.
Investors are making big bets on CIGS solar cell manufacturing and companies such as MiaSole, Global Solar, NanoSolar, Solyndra and others have received significant funding. Solar Frontier, which is part of Showa Shell, is building a 900 megawatt factory in Japan, Stion just raised $70 million to expand manufacturing capacity and Solyndra is using a $535 million federal loan to build a factory.
Solar companies are investing tens of millions of dollars in the development of manufacturing technologies and related equipment, and will likely wait several years to realize a return on investment. Solar technology company XsunX (OTCBB: XSNX) is taking a different approach. Instead of building infrastructure, XsunX is working on an innovative CIGS manufacturing solution (CIGSolar™), which combines reliable manufacturing techniques from the hard disc (HD) industry with small area co-evaporation deposition processes that produce high efficiency CIGS thin films. XsunX believes its hybrid technology may improve manufacturing output, boost cell efficiency and production yields, and reduce overall costs significantly. This would allow CIGS produced electricity to compete more favorably with conventional coal and natural gas produced electricity.
The Company is working with Intevac (NASDAQ:IVAC), a world leader in HD manufacturing equipment, under a joint business development agreement to develop its equipment and processes. XsunX plans to license its technology through joint ventures with larger companies and generate revenues from licensing fees and manufacturing royalties. With this approach, XsunX capitalizes on growth in the solar market while minimizing investment in infrastructure and accelerating its path to profitability.
XsunX began full scale development efforts last year and completed a fully functional CIGS thin film solar device in early 2010. The Company is working to complete its hybrid manufacturing approach and recently applied for a grant from the Department of Energy, which is helping to fund breakthrough products or processes in the PV industry.
IBIS Associates, a technology consulting firm hired to assess the potential of XsunX’s CIGSolar™ technology, estimates solar module manufacturers who currently use multi-crystalline solar cells in their products could reduce costs by more than $646 million over the next five years by replacing a portion of the silicon solar cells used with products based on CIGSolar™ technology.
At present, the Company is assembling co-evaporation chambers that will allow it to develop full-size CIGS cells and proof the interoperability of the Company’s hybrid approach. The Company’s work plan was temporarily delayed by an industry-wide component shortage, but XsunX received the necessary parts in mid-July and is on track to complete assembly and begin calibration of a system for full-sized CIGS cells in the next few weeks. In the second half of 2010, XsunX plans to complete the design of its production equipment, lay the groundwork for JV manufacturing partnerships, build and install a pilot line and develop relationships with other recognized third parties who can validate the benefits of its technology.
Lisa Springer, CFA
Bio and disclaimer: http://www.investorideas.com/About/Lisa-Springer-CFA/
The author, Lisa Springer, was compensated for writing this article and doesn't own shares of any of the companies mentioned in this article.
About XsunX, Inc. - Solar Products for Life on Earth
XsunX, Inc. (OTCBB:XSNX) is working to provide a clean and capital efficient solution for the mass production of the highest efficiency, lowest cost CIGS thin-film solar cells using our new CIGSolar™ technology.
Website: http://www.xsunx.com/’
Twitter: http://twitter.com/XsunXINC
See the XsunX, Inc. Flash Video - The CIGSolar Difference
View Video here
Visit the Company Profile page for XsunX, Inc. (OTCBB: XSNX)
http://www.investorideas.com/CO/XSNX/
Visit our showcase green stocks and research green stocks at: www.renewableenergystocks.com and http://www.investorideas.com/GI/
Research other solar with the renewable energy stocks directory; a global stock directory featuring over 1100 green stocks.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content that currently features an additional 10 stock directories, including the water stocks directory and all cleantech stock directories. http://www.investorideas.com/membership/
About Our Green Investor content:
Investorideas.com was on the of the first investor sites covering investing in water and renewable energy stocks and has become a global go-to destination for investors researching the cleantech sector, with stock directories, company news, commentary from experts, research reports and industry resources and links. Investors can follow solar stocks commentary on our site with solar expert, J. Peter Lynch.
Disclaimer/ Disclosure: XsunX, Inc. (OTCBB: XSNX) is a paid advertising client on Investorideas.com – (twenty five hundred per month). 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. Learn more www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
Source – Investorideas.com, of XsunX, Inc. (OTCBB: XSNX),
Hybrid Manufacturing Solution May Lower Solar Costs
August 11, 2010 (Investorideas.com renewable energy/green newswire) Investorideas.com and its green investor portals release commentary on solar trends from Lisa Springer, CFA, Equity research analyst and financial writer. Featured within the report is solar stock, XsunX, Inc. (OTCBB: XSNX), a solar company developing CIGSolar™ Technology.
Hybrid Manufacturing Solution May Lower Solar Costs
Public Companies within this article include: XsunX (OTCBB: XSNX), Intevac (NASDAQ:IVAC), Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX)
Lisa Springer, CFA
Equity research analyst and financial writer
The US solar module market grew 36% in 2009, according to market research firm Solarbuzz, fueled by lower cost photovoltaic (PV) cell modules, government incentives and increased use of solar energy by the utilities sector. Solar energy incentives at the state level supported approximately 30% of PV installations, but experts expect federal government incentives to be the primary driver of demand over the next two years. Solarbuzz forecasts 10-fold growth in the solar market growth by 2015, which is equivalent to 30% annual growth.
Market leaders in solar installations include Sunpower (NASDAQ: SPWRA, SPWRB), Chevron Energy (NYSE: CVX) and SPG Solar. In addition, REC Solar and Solar City are big beneficiaries of rising residential demand.
The main obstacle to wider-scale adoption of solar energy is cost. While sunlight is free, solar panels are expensive and not especially efficient. Regionally-based coal and natural gas utilities produce electricity, deliver it to customers and require little or no infrastructure investment from the customer, but solar requires large up-front investments from the user. Even with declining costs and financing that allows installations costs to be amortized over many years, solar power costs can be nearly twice coal or natural gas costs in certain areas. Depending on location and the type of solar technology used, a kilowatt hour of solar electricity can cost more than 20 cents, far more than electricity from coal or natural gas, which costs between 2 and 10 cents a kilowatt-hour, according to the U.S. Energy Information Administration. The silver lining for solar, however, is that per kilowatt hour costs are calculated by dividing the amount of power produced over a multi-year period into the cost of the solar system. This means that at some point the original cost of the system is fully amortized and future operating costs are minimal, while coal and natural gas continue to consume valuable resources at ever increasing costs.
Solar panels are expensive because of high silicon, assembly materials, and labor costs. Manufacturers compete with the semiconductor industry for silicon supplies and the result has been periodic silicon shortages and volatile prices. To reduce manufacturing costs, solar companies are investing in alternative technologies and assembly methods such as thin films that require less silicon and can be produced on highly automated assembly lines. Thin film is a process where material is coated onto a substrate via a plasma field or some form of vapor deposition. A much smaller amount of material is used to achieve the required solar absorber thickness. As a result, thin film cells are just a few micrometers thick, unlike conventional silicon cells, which exceed 100 micrometers in thickness. However, a drawback of most thin film devices is lower electrical power production efficiencies than silicon. This is because red and near-infrared photons don't stay trapped inside some thin film absorbers long enough to be fully absorbed.
One thin film technology called CIGS-(Copper, Indium, Gallium, and Selenium) has the potential to reduce solar cell manufacturing costs significantly and improve production yields. CIGS has several characteristics that make it a valuable PV material. It is highly absorbent, capturing 99% of sunlight energy in the first micrometer of the solar device, thus enabling even thinner films. In addition, CIGS retains its performance characteristics and degrades more slowly than other thin films over the 20 to 30 year life span of installed solar systems, is amendable to automated production and potentially offers much higher conversion efficiencies. CIGS holds the world record for thin film energy conversion at nearly 20%, making it a top contender to replace more costly silicon.
Investors are making big bets on CIGS solar cell manufacturing and companies such as MiaSole, Global Solar, NanoSolar, Solyndra and others have received significant funding. Solar Frontier, which is part of Showa Shell, is building a 900 megawatt factory in Japan, Stion just raised $70 million to expand manufacturing capacity and Solyndra is using a $535 million federal loan to build a factory.
Solar companies are investing tens of millions of dollars in the development of manufacturing technologies and related equipment, and will likely wait several years to realize a return on investment. Solar technology company XsunX (OTCBB: XSNX) is taking a different approach. Instead of building infrastructure, XsunX is working on an innovative CIGS manufacturing solution (CIGSolar™), which combines reliable manufacturing techniques from the hard disc (HD) industry with small area co-evaporation deposition processes that produce high efficiency CIGS thin films. XsunX believes its hybrid technology may improve manufacturing output, boost cell efficiency and production yields, and reduce overall costs significantly. This would allow CIGS produced electricity to compete more favorably with conventional coal and natural gas produced electricity.
The Company is working with Intevac (NASDAQ:IVAC), a world leader in HD manufacturing equipment, under a joint business development agreement to develop its equipment and processes. XsunX plans to license its technology through joint ventures with larger companies and generate revenues from licensing fees and manufacturing royalties. With this approach, XsunX capitalizes on growth in the solar market while minimizing investment in infrastructure and accelerating its path to profitability.
XsunX began full scale development efforts last year and completed a fully functional CIGS thin film solar device in early 2010. The Company is working to complete its hybrid manufacturing approach and recently applied for a grant from the Department of Energy, which is helping to fund breakthrough products or processes in the PV industry.
IBIS Associates, a technology consulting firm hired to assess the potential of XsunX’s CIGSolar™ technology, estimates solar module manufacturers who currently use multi-crystalline solar cells in their products could reduce costs by more than $646 million over the next five years by replacing a portion of the silicon solar cells used with products based on CIGSolar™ technology.
At present, the Company is assembling co-evaporation chambers that will allow it to develop full-size CIGS cells and proof the interoperability of the Company’s hybrid approach. The Company’s work plan was temporarily delayed by an industry-wide component shortage, but XsunX received the necessary parts in mid-July and is on track to complete assembly and begin calibration of a system for full-sized CIGS cells in the next few weeks. In the second half of 2010, XsunX plans to complete the design of its production equipment, lay the groundwork for JV manufacturing partnerships, build and install a pilot line and develop relationships with other recognized third parties who can validate the benefits of its technology.
Lisa Springer, CFA
Bio and disclaimer: http://www.investorideas.com/About/Lisa-Springer-CFA/
The author, Lisa Springer, was compensated for writing this article and doesn't own shares of any of the companies mentioned in this article.
About XsunX, Inc. - Solar Products for Life on Earth
XsunX, Inc. (OTCBB:XSNX) is working to provide a clean and capital efficient solution for the mass production of the highest efficiency, lowest cost CIGS thin-film solar cells using our new CIGSolar™ technology.
Website: http://www.xsunx.com/’
Twitter: http://twitter.com/XsunXINC
See the XsunX, Inc. Flash Video - The CIGSolar Difference
View Video here
Visit the Company Profile page for XsunX, Inc. (OTCBB: XSNX)
http://www.investorideas.com/CO/XSNX/
Visit our showcase green stocks and research green stocks at: www.renewableenergystocks.com and http://www.investorideas.com/GI/
Research other solar with the renewable energy stocks directory; a global stock directory featuring over 1100 green stocks.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content that currently features an additional 10 stock directories, including the water stocks directory and all cleantech stock directories. http://www.investorideas.com/membership/
About Our Green Investor content:
Investorideas.com was on the of the first investor sites covering investing in water and renewable energy stocks and has become a global go-to destination for investors researching the cleantech sector, with stock directories, company news, commentary from experts, research reports and industry resources and links. Investors can follow solar stocks commentary on our site with solar expert, J. Peter Lynch.
Disclaimer/ Disclosure: XsunX, Inc. (OTCBB: XSNX) is a paid advertising client on Investorideas.com – (twenty five hundred per month). 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. Learn more www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
Source – Investorideas.com, of XsunX, Inc. (OTCBB: XSNX),
Thursday, March 18, 2010
Solar Stocks News ; SunPower ( SPWRA, SPWRB) Reports Fourth-Quarter, Year-End 2009 Results
Solar Stocks News ; SunPower ( SPWRA, SPWRB) Reports Fourth-Quarter, Year-End 2009 Results
-- Record Q4-2009 revenue of $548 million; fiscal-year 2009 revenue of $1.52 billion
-- Q4 GAAP EPS of $0.09 and non-GAAP EPS of $0.47 - includes $0.03 per share in accounting investigation expenses
-- Completed largest solar power plant in Italy, 24-megawatt (MW) project in Montalto
-- Completed construction of more than 100-MW rooftop and ground mount systems in 2009
-- More than doubled the number of SunPower dealers in 2009 to ~1,000 dealers in eight countries
-- Announced the acquisition of SunRay Renewable Energy - will add 1.2 gigawatt pipeline
-- Announced 200 MW, five year rooftop supply agreement with Southern California Edison
-- Financed 19-MW power plant for Xcel Energy in Colorado to be completed in 2010
-- Announced 32-MW supply agreement with Toshiba for 2010 delivery
-- Appointed Jim Pape to lead Residential and Commercial (R&C) business unit
SAN JOSE, Calif., March 18 ( Investorideas.com renewable energy/green newswire) -- SunPower Corp. ( SPWRA, SPWRB) today announced financial results for its 2009 fourth quarter and fiscal year 2009 which ended January 3, 2010. Revenue for the 2009 fourth quarter was $548 million which compares to $465 million in the third quarter of 2009 and $398 million in the fourth quarter of 2008. The company’s Components and Systems segments accounted for 62% and 38% of fourth-quarter 2009 revenue, respectively. The company also issued a press release reporting the results of its audit committee investigation concurrent with this release.
“Our 2009 year-end results reflect the continued success of our portfolio strategy to channels and geographic markets as we further expanded our global dealer presence and completed construction of more than 40 megawatts (MW) of large scale power plant projects during the fourth quarter,” said Tom Werner, SunPower’s CEO. “In the past four years, we have invested heavily in our long-term strategy of building our brand and channel, and this investment continues to pay off. In the residential channel, our strong brand enabled us to double the number of dealer partners in 2009 and we are selling our high-efficiency systems to approximately 1,000 dealer partners in eight countries. Additionally, as a result of our rapid growth and expanding customer base, we have started to re-align our business units into Residential and Commercial (R&C) and Utilities and Power Plants (UPP). As part of this strategy, we have appointed Jim Pape, former vice president of North America for Trane Commercial Systems, to lead our R&C business group. With more than 25 years of management experience, we are excited to have Jim join the team.
“In the systems segment, we added to our industry-leading installed base by delivering on our engineering, procurement and construction (EPC) commitments, installing more than 100 MW of rooftop and ground mounted systems in 2009. In the fourth quarter, we completed the largest Italian photovoltaic (PV) power plant to date at 24 MW, installed 10 MW for Florida Power & Light at the Kennedy Space Center, and substantially completed our 8-MW project for Exelon in Chicago. We are also encouraged by the continued improvement in credit conditions as evidenced by the recent financing of our 19-MW project with Xcel Energy in Colorado.
“Additionally, our global UPP pipeline continues to grow as customers are choosing SunPower for our industry-leading technology, bankability, significant EPC experience, and ability to offer a competitive levelized cost of energy. With the acquisition of SunRay Renewable Energy, we will significantly increase our demand visibility by adding more than 1,200 MW of Europe, Middle East and Africa (EMEA) power plant opportunities to our pipeline with more than 80 MW planned for delivery in Italy in 2010. This acquisition of the premiere European developer and financing team complements our established European team, enabling us to offer our customers a world-class utility power plant development expertise in both the United States and Europe. Looking forward, we see demand remaining strong for 2010 across all segments. Our recent wins with Toshiba and Southern California Edison position us well for multi-year supply agreements in our UPP business on top of our continued success in R&C,” Werner concluded.
On a Generally Accepted Accounting Principles (GAAP) basis for the 2009 fourth quarter, SunPower reported gross margin of 20.3%, operating income of $43.0 million and net income per diluted share of $0.09. This compares to gross margin of 21.5%, operating income of $46.2 million and net income per diluted share of $0.20 in the third quarter of 2009. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. The company’s fourth-quarter GAAP results include $3.6 million, or $0.03 per diluted share, in expenses related to its recently completed accounting investigation.
On a non-GAAP basis for the fourth quarter of 2009, SunPower reported a total gross margin of 21.7%. Operating income for the quarter was $60.3 million and net income per share was $0.47. The company’s fourth-quarter non-GAAP results include $3.6M million, or $0.03 per diluted share, in expenses related to the completed accounting investigation. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. In the third quarter 2009, the company reported non-GAAP gross margin of 23.1%, operating income of $63.8 million and $0.46 net income per share. For the 2009 fourth quarter, the Components segment non-GAAP gross margin was 21.5% and Systems segment gross margin was 21.9%. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.
“We improved our working capital efficiency during the fourth quarter reducing inventories by 12%, generating positive operating cash flow and ending the year with more than $925 million in cash and investments,” said Dennis Arriola, SunPower’s CFO. “Despite the difficult industry conditions in the first half of 2009, we grew revenue by 6% versus 2008. With the completion of the audit committee investigation, our efforts will focus on strengthening the trust with our stakeholders, customers and employees while driving increased shareholder value.
“Looking forward, our acquisition of SunRay positions us for more predictable growth in the second half of 2010 and into 2011. By extending into the development business, we expect to expand our gross profits as we monetize these power plants. We will strategically use our balance sheet to accelerate the development of these projects. This strategy will significantly shift the timing of revenue of these projects from the first half of the year to the second half of 2010,” concluded Arriola.
2010 Guidance
For fiscal year 2010, the company’s non-GAAP guidance is as follows: revenue of $2.0 billion to $2.25 billion, net income per diluted share of $1.25 to $1.65, capital expenditures of $375 million to $475 million, and solar cell production of approximately 550 MW. For fiscal year 2010, the company’s GAAP guidance is as follows: revenue of $2.00 billion to $2.25 billion and net income per diluted share of $0.05 to $0.35.
For the first quarter of 2010, the company’s non-GAAP guidance is as follows: revenue of $330 million to $350 million and net income per diluted share of approximately $0.05. Guidance for the first quarter of 2010 includes the negative impact of $3.3 million or $0.03 per diluted share in SunRay acquisition costs and $5.3 million or $0.04 per diluted share in costs associated with the company’s accounting investigation.
For the first quarter of 2010, the company’s GAAP guidance is as follows: revenue of $330 million to $350 million and net income per diluted share of approximately breakeven. Guidance includes the negative impact from the company’s accounting investigation and SunRay acquisition referenced above.
This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release. Please note that the company has posted supplemental information and slides related to its fourth quarter 2009 performance on the Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpowercorp.com/events.cfm. The capacity of power plants in this release is described in approximate MW on an alternating current (ac) basis while supply agreements are expressed in direct current (dc).
About SunPower
Founded in 1985, SunPower Corp. ( SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "pipeline," "to be completed," "rapid," "growth," "expanding," "continues," "grow," "opportunities," "planed," "looking forward," "see," "demand," "remaining," "position," "continued," "predictable," "will," "guidance," and "expects" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) acquisition of SunRay and increase in business pipeline of 1.2 gigawatt pipeline of opportunities in Europe, Middle East and Africa, including including more than 80 MW planned for delivery in Italy in 2010; (b) 200 MW, 5-year supply agreement with Southern California Edison; (c) construction schedule for 19-MW power plant for Xcel Energy; (d) rapid growth, expanding customer base, growing global UPP pipeline, and strong demand for 2010 across all segments; (e) improving credit conditions and bankability of SunPower projects; (f) the company's ability to offer competitive levelized cost of energy; (g) possible multi-year supply agreements in the company's UPP business and continued success in R&C; (h) increasing shareholder value; (i) predictable growth and expanding gross margins when the company monetizes power plants; (j) using the company's balance sheet to accelerate project development; (k) shifting revenue from first half of 2010 to second half of 2010; (l) GAAP and non-GAAP fiscal year 2010 revenue and net income per diluted share; (m) 2010 capital expenditures and solar cell production; (n) GAAP and non-GAAP first quarter 2010 revenue and net income per diluted share; and (o) estimated SunRay acquisition costs and accounting investigation costs. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials and components, as well as the price it pays for such items; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power, particularly in Europe, Middle East, and Africa within the acquired pipeline; (v) the improved availability of third-party financing arrangements for the company's customers; (vi) construction difficulties or potential delays, including permitting and transmission access and upgrades; (vii) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the success of the company's ongoing research and development efforts to compete with other companies and competing technologies; (x) the company's ability to sell or otherwise monetize power plants; (xi) SCE's exercising early termination rights to purchase less than 200 megawatts during the term of the agreement; (xii) the satisfaction of closing conditions and the possibility that SunRay acquisition may not be completed; (xiii) potential difficulties associated with integrating the combined businesses; and (xiv) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, its Quarterly Report on Form 10-Q for the quarter ended September 27, 2009, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company 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.
Segment Reporting Information
For fourth quarter 2009 reporting purposes, the Systems segment generally represents products and services sold directly to the system owner. Additionally, both SunPower and third-party solar panels sold through the Systems segment channels are recorded as Systems segment revenue. The Components segment primarily represents products sold to installers and resellers.
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 non-cash charges related to amortization of intangible assets, stock-based compensation, impairment of long-lived assets and interest expense, non-cash gain on purchased options related to the company’s convertible debt offering, and its 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
The Company reports on a fiscal-year basis and ends its quarters on the Sunday closest to the end of the applicable calendar quarter, except in a 53-week fiscal year, in which case the additional week falls into the fourth quarter of that fiscal year. Fiscal year 2009 consists of 53 weeks while fiscal year 2008 consists of 52 weeks. The third quarter of fiscal 2009 ended on September 27, 2009 and the third quarter of fiscal 2008 ended on September 29, 2008.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
Finanancial tables see Investor relations - http://investors.sunpowercorp.com
_________________________________________________
The renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM, Hong Kong and China markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
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-- Record Q4-2009 revenue of $548 million; fiscal-year 2009 revenue of $1.52 billion
-- Q4 GAAP EPS of $0.09 and non-GAAP EPS of $0.47 - includes $0.03 per share in accounting investigation expenses
-- Completed largest solar power plant in Italy, 24-megawatt (MW) project in Montalto
-- Completed construction of more than 100-MW rooftop and ground mount systems in 2009
-- More than doubled the number of SunPower dealers in 2009 to ~1,000 dealers in eight countries
-- Announced the acquisition of SunRay Renewable Energy - will add 1.2 gigawatt pipeline
-- Announced 200 MW, five year rooftop supply agreement with Southern California Edison
-- Financed 19-MW power plant for Xcel Energy in Colorado to be completed in 2010
-- Announced 32-MW supply agreement with Toshiba for 2010 delivery
-- Appointed Jim Pape to lead Residential and Commercial (R&C) business unit
SAN JOSE, Calif., March 18 ( Investorideas.com renewable energy/green newswire) -- SunPower Corp. ( SPWRA, SPWRB) today announced financial results for its 2009 fourth quarter and fiscal year 2009 which ended January 3, 2010. Revenue for the 2009 fourth quarter was $548 million which compares to $465 million in the third quarter of 2009 and $398 million in the fourth quarter of 2008. The company’s Components and Systems segments accounted for 62% and 38% of fourth-quarter 2009 revenue, respectively. The company also issued a press release reporting the results of its audit committee investigation concurrent with this release.
“Our 2009 year-end results reflect the continued success of our portfolio strategy to channels and geographic markets as we further expanded our global dealer presence and completed construction of more than 40 megawatts (MW) of large scale power plant projects during the fourth quarter,” said Tom Werner, SunPower’s CEO. “In the past four years, we have invested heavily in our long-term strategy of building our brand and channel, and this investment continues to pay off. In the residential channel, our strong brand enabled us to double the number of dealer partners in 2009 and we are selling our high-efficiency systems to approximately 1,000 dealer partners in eight countries. Additionally, as a result of our rapid growth and expanding customer base, we have started to re-align our business units into Residential and Commercial (R&C) and Utilities and Power Plants (UPP). As part of this strategy, we have appointed Jim Pape, former vice president of North America for Trane Commercial Systems, to lead our R&C business group. With more than 25 years of management experience, we are excited to have Jim join the team.
“In the systems segment, we added to our industry-leading installed base by delivering on our engineering, procurement and construction (EPC) commitments, installing more than 100 MW of rooftop and ground mounted systems in 2009. In the fourth quarter, we completed the largest Italian photovoltaic (PV) power plant to date at 24 MW, installed 10 MW for Florida Power & Light at the Kennedy Space Center, and substantially completed our 8-MW project for Exelon in Chicago. We are also encouraged by the continued improvement in credit conditions as evidenced by the recent financing of our 19-MW project with Xcel Energy in Colorado.
“Additionally, our global UPP pipeline continues to grow as customers are choosing SunPower for our industry-leading technology, bankability, significant EPC experience, and ability to offer a competitive levelized cost of energy. With the acquisition of SunRay Renewable Energy, we will significantly increase our demand visibility by adding more than 1,200 MW of Europe, Middle East and Africa (EMEA) power plant opportunities to our pipeline with more than 80 MW planned for delivery in Italy in 2010. This acquisition of the premiere European developer and financing team complements our established European team, enabling us to offer our customers a world-class utility power plant development expertise in both the United States and Europe. Looking forward, we see demand remaining strong for 2010 across all segments. Our recent wins with Toshiba and Southern California Edison position us well for multi-year supply agreements in our UPP business on top of our continued success in R&C,” Werner concluded.
On a Generally Accepted Accounting Principles (GAAP) basis for the 2009 fourth quarter, SunPower reported gross margin of 20.3%, operating income of $43.0 million and net income per diluted share of $0.09. This compares to gross margin of 21.5%, operating income of $46.2 million and net income per diluted share of $0.20 in the third quarter of 2009. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. The company’s fourth-quarter GAAP results include $3.6 million, or $0.03 per diluted share, in expenses related to its recently completed accounting investigation.
On a non-GAAP basis for the fourth quarter of 2009, SunPower reported a total gross margin of 21.7%. Operating income for the quarter was $60.3 million and net income per share was $0.47. The company’s fourth-quarter non-GAAP results include $3.6M million, or $0.03 per diluted share, in expenses related to the completed accounting investigation. As a result of the restatement, the fourth quarter of 2009 includes a $2.6 million benefit, or $0.02 earnings per share. In the third quarter 2009, the company reported non-GAAP gross margin of 23.1%, operating income of $63.8 million and $0.46 net income per share. For the 2009 fourth quarter, the Components segment non-GAAP gross margin was 21.5% and Systems segment gross margin was 21.9%. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.
“We improved our working capital efficiency during the fourth quarter reducing inventories by 12%, generating positive operating cash flow and ending the year with more than $925 million in cash and investments,” said Dennis Arriola, SunPower’s CFO. “Despite the difficult industry conditions in the first half of 2009, we grew revenue by 6% versus 2008. With the completion of the audit committee investigation, our efforts will focus on strengthening the trust with our stakeholders, customers and employees while driving increased shareholder value.
“Looking forward, our acquisition of SunRay positions us for more predictable growth in the second half of 2010 and into 2011. By extending into the development business, we expect to expand our gross profits as we monetize these power plants. We will strategically use our balance sheet to accelerate the development of these projects. This strategy will significantly shift the timing of revenue of these projects from the first half of the year to the second half of 2010,” concluded Arriola.
2010 Guidance
For fiscal year 2010, the company’s non-GAAP guidance is as follows: revenue of $2.0 billion to $2.25 billion, net income per diluted share of $1.25 to $1.65, capital expenditures of $375 million to $475 million, and solar cell production of approximately 550 MW. For fiscal year 2010, the company’s GAAP guidance is as follows: revenue of $2.00 billion to $2.25 billion and net income per diluted share of $0.05 to $0.35.
For the first quarter of 2010, the company’s non-GAAP guidance is as follows: revenue of $330 million to $350 million and net income per diluted share of approximately $0.05. Guidance for the first quarter of 2010 includes the negative impact of $3.3 million or $0.03 per diluted share in SunRay acquisition costs and $5.3 million or $0.04 per diluted share in costs associated with the company’s accounting investigation.
For the first quarter of 2010, the company’s GAAP guidance is as follows: revenue of $330 million to $350 million and net income per diluted share of approximately breakeven. Guidance includes the negative impact from the company’s accounting investigation and SunRay acquisition referenced above.
This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release. Please note that the company has posted supplemental information and slides related to its fourth quarter 2009 performance on the Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpowercorp.com/events.cfm. The capacity of power plants in this release is described in approximate MW on an alternating current (ac) basis while supply agreements are expressed in direct current (dc).
About SunPower
Founded in 1985, SunPower Corp. ( SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "pipeline," "to be completed," "rapid," "growth," "expanding," "continues," "grow," "opportunities," "planed," "looking forward," "see," "demand," "remaining," "position," "continued," "predictable," "will," "guidance," and "expects" to identify forward-looking statements in this press release, including forward-looking statements regarding: (a) acquisition of SunRay and increase in business pipeline of 1.2 gigawatt pipeline of opportunities in Europe, Middle East and Africa, including including more than 80 MW planned for delivery in Italy in 2010; (b) 200 MW, 5-year supply agreement with Southern California Edison; (c) construction schedule for 19-MW power plant for Xcel Energy; (d) rapid growth, expanding customer base, growing global UPP pipeline, and strong demand for 2010 across all segments; (e) improving credit conditions and bankability of SunPower projects; (f) the company's ability to offer competitive levelized cost of energy; (g) possible multi-year supply agreements in the company's UPP business and continued success in R&C; (h) increasing shareholder value; (i) predictable growth and expanding gross margins when the company monetizes power plants; (j) using the company's balance sheet to accelerate project development; (k) shifting revenue from first half of 2010 to second half of 2010; (l) GAAP and non-GAAP fiscal year 2010 revenue and net income per diluted share; (m) 2010 capital expenditures and solar cell production; (n) GAAP and non-GAAP first quarter 2010 revenue and net income per diluted share; and (o) estimated SunRay acquisition costs and accounting investigation costs. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials and components, as well as the price it pays for such items; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power, particularly in Europe, Middle East, and Africa within the acquired pipeline; (v) the improved availability of third-party financing arrangements for the company's customers; (vi) construction difficulties or potential delays, including permitting and transmission access and upgrades; (vii) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the success of the company's ongoing research and development efforts to compete with other companies and competing technologies; (x) the company's ability to sell or otherwise monetize power plants; (xi) SCE's exercising early termination rights to purchase less than 200 megawatts during the term of the agreement; (xii) the satisfaction of closing conditions and the possibility that SunRay acquisition may not be completed; (xiii) potential difficulties associated with integrating the combined businesses; and (xiv) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, its Quarterly Report on Form 10-Q for the quarter ended September 27, 2009, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company 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.
Segment Reporting Information
For fourth quarter 2009 reporting purposes, the Systems segment generally represents products and services sold directly to the system owner. Additionally, both SunPower and third-party solar panels sold through the Systems segment channels are recorded as Systems segment revenue. The Components segment primarily represents products sold to installers and resellers.
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 non-cash charges related to amortization of intangible assets, stock-based compensation, impairment of long-lived assets and interest expense, non-cash gain on purchased options related to the company’s convertible debt offering, and its 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
The Company reports on a fiscal-year basis and ends its quarters on the Sunday closest to the end of the applicable calendar quarter, except in a 53-week fiscal year, in which case the additional week falls into the fourth quarter of that fiscal year. Fiscal year 2009 consists of 53 weeks while fiscal year 2008 consists of 52 weeks. The third quarter of fiscal 2009 ended on September 27, 2009 and the third quarter of fiscal 2008 ended on September 29, 2008.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
Finanancial tables see Investor relations - http://investors.sunpowercorp.com
_________________________________________________
The renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM, Hong Kong and China markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Investor Ideas members can login to access all 4 cleantech stock directories.
http://www.investorideas.com/membership/.
Our goal - One Million More Investors Investing in Green Technology and Water Technology in 2010!
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