SAN JOSE, Calif., April 18, 2018 /PRNewswire/ -- A new chapter in
American solar panel manufacturing is set to unfold with SunPower
and SolarWorld Americas announcing SunPower's agreement to acquire
100 percent of the Hillsboro,
Oregon-based SolarWorld Americas. A long-time solar
industry pioneer, SolarWorld Americas is the leading American
manufacturer of solar panels. Consistent with the desire to
revitalize the U.S. high-technology manufacturing sector, SunPower
(NASDAQ:SPWR) plans to inject fresh capital into the SolarWorld
Americas facility and implement leading-edge, high-efficiency
P-Series solar panel manufacturing technology.
"We are thrilled to announce this agreement to acquire
SolarWorld Americas, one of the most respected manufacturers of
high-quality solar panels for more than 40 years," said
Tom Werner, SunPower CEO and
chairman of the board. "The time is right for SunPower to invest in
U.S. manufacturing, and SolarWorld Americas provides a great
platform for us to implement our advanced P-Series solar panel
manufacturing technology right here in our home market. P-Series
technology was invented and perfected in Silicon Valley, and will
now be built in SolarWorld Americas' factory, helping to reshape
solar manufacturing in America."
"SunPower is the solar industry technology leader," said Jürgen
Stein, CEO of SolarWorld Americas. "We are delighted that SunPower
has agreed to inject fresh capital and their industry leading
P-Series technology into SolarWorld Americas operations here in
Hillsboro. Our hundreds of long-time employees are excited to
be part of this next chapter in SolarWorld Americas' long history.
We are thrilled about this acquisition as it means quite simply,
that our company can look forward to redoubled strength as it
continues to innovate and expand into the future. This outcome is
ideal for SolarWorld Americas and its employees."
SunPower plans to ramp SolarWorld Americas operations to
capitalize on strong U.S. market demand. The company will invest in
factory improvements and increased working capital, while
retrofitting a portion of the facility to produce P-Series solar
panels, in addition to continuing to produce and ship SolarWorld
Americas' legacy products. Like SolarWorld Americas, SunPower
has spent decades perfecting its technology and manufacturing
processes, and this announcement marks the company's return to U.S.
manufacturing. The agreement is subject to necessary U.S. and
German regulatory approvals and other closing conditions. At
closing, which is expected in the next several months, SunPower
will become the largest U.S. solar panel manufacturer.
The purchase price was not disclosed.
About SunPower
As one of the world's most innovative and sustainable energy
companies, SunPower (NASDAQ:SPWR) provides a diverse group of
customers with complete solar solutions and services. Residential
customers, businesses, governments, schools and utilities around
the globe rely on SunPower's more than 30 years of proven
experience. From the first flip of the switch, SunPower delivers
maximum value and superb performance throughout the long life of
every solar system. Headquartered in Silicon Valley, SunPower has
dedicated, customer-focused employees in Africa, Asia,
Australia, Europe, and North and South America. For more information about how
SunPower is changing the way our world is powered,
visit www.sunpower.com.
About SolarWorld Americas
SolarWorld Americas Inc., the largest U.S. crystalline-silicon
solar manufacturer for more than 42 years, produces and sells
high-tech solar power solutions and, in doing so, contributes to a
cleaner energy supply throughout the Americas. The company
maintains 430 megawatts of annual capacity to produce solar cells
and 550 MW of capacity to manufacture solar modules. The
company's brand stands for a proven track record of quality and
reliability, and SolarWorld is the only producer whose industrial
lineage has outlived its products' 25- and 30-year performance
guarantees. SolarWorld upholds high social standards and commits
itself to resource- and energy-efficient production. Connect with
SolarWorld
on Facebook, Twitter, LinkedIn, Instagram and www.solarworld-usa.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
likelihood and timing of the planned closing of the transaction,
our expectations and plans regarding growth and market share, our
plans for capital injection and manufacturing expansion, our
strategic goals and plans for the acquisition and our ability to
achieve them, our projections of market demand, and our plans for
SWA following the completion of the acquisition. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to: (1)
competition in the solar and general energy industry and downward
pressure on selling prices and wholesale energy pricing; (2) our
liquidity, substantial indebtedness, and ability to obtain
additional financing for our projects and customers; (3) regulatory
changes and the availability of economic incentives promoting use
of solar energy; and (4) appropriately sizing our manufacturing
capacity and containing manufacturing and logistics difficulties
that could arise. A detailed discussion of these factors and other
risks that affect our business is included in filings we make with
the Securities and Exchange Commission (SEC) from time to time,
including our most recent reports on Form 10-K and Form 10-Q,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
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SOURCE SunPower Corp.