SunPower Corp Poised to Receive $24 Million Over Three Years

San Jose, CA, based SunPower Corp. (Nasdaq: SPWR), a manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has been awarded a cost-shared, three-year cooperative agreement by the U.S. Department of Energy (DOE) for the "Grid-Competitive Residential and Commercial Fully Automated PV Systems Technology" Project. Under the cooperative agreement, SunPower is expected to receive $8,469,998 in federal funding through the completion of its first project budget period, which will be implemented through August 31, 2008. Upon successful completion of key project milestones and sustained execution of a viable business strategy, as much as $16,230,002 in additional funding will be made available for continued project implementation through June 30, 2010. The total potential funding from the DOE under the Solar American Initiative (SAI) is up to $24.7 million for this three-year project, subject to availability of funds appropriated by the U.S. Congress.