As Renewable Electricity Generated by Photovoltaic Solar Projects in America Doubles from 2016 to 2018, SunPower Positions Itself for Future Growth During Capital Markets Day
SAN JOSE, Calif., March 26, 2019 /PRNewswire/ -- While solar adoption in the U.S. ticks upward according to the U.S. Energy Information Administration, SunPower (NASDAQ:SPWR) continues to capture a large share of the distributed generation solar market. In Wood Mackenzie's latest U.S. PV Leaderboard report made available this month, SunPower remained the No. 1 provider of commercial solar solutions for a second year running. And as an essential partner to its nationwide residential dealer network, the company also maintained a leadership position as one of the top residential solar panel manufacturers for the second consecutive year.
"As a leading solar technology and energy services provider in a market that we expect will continue to grow, we pride ourselves on helping SunPower's residential and commercial customers meet their energy needs with the industry's most efficient solar panels available today," said Tom Werner, SunPower CEO and chairman of the board. "Our 34 years of experience, innovative technology, and complete solar and storage solutions have helped SunPower become a longstanding leader in solar."
Commercial Solar Business
An innovator in the space, SunPower is focused on being the top distributed energy company in North America. SunPower focuses on integrating its high performance solar systems with storage and intelligent software to deliver maximum value to customers, including demand charge savings, monitoring, data analytics and optimization, energy management and over time wholesale grid services.
As a result, SunPower has a commercial solar installed base of 1.6 gigawatts across its unique go-to-market platform of direct and indirect channels, with a number of Fortune 500 customers. Eight of the top 10 corporate solar buyers in America identified by the Solar Energy Industries Association are SunPower customers - including Ikea, Macy's, and Target - contributing to SunPower's position as the market share leader. To date, the company has installed 9 megawatt hours of storage at over 20 customer sites.
Residential Solar Business
Last year, SunPower's U.S. residential business saw annual deployment growth of more than 15 percent bringing the total number of American homes with SunPower® solar to over 236,000. The company has recognized an increased demand for its Equinox™ platform - the only fully integrated residential solution designed, engineered and warranted by one manufacturer; expanded its leadership position in the new homes channel, partnering with 18 of the top 20 California new-home builders; and earlier this month, once again raised the bar by launching the most powerful residential solar panel in the world. Called A-Series - and built using the company's Next Generation Technology - the panel delivers up to 415 watts for U.S. homeowners.
"This year, SunPower is focused on maintaining our leadership positions by continuing to invest in our Next Generation Technology, solar-plus-storage solutions, digital platforms, and energy services offerings, which we believe offer the best opportunities for growth in the U.S. solar market," Werner concluded.
SunPower will further discuss its strategic outlook at its Capital Markets Day to be held on March 27, 2019 in New York City starting at 9:00 a.m. Eastern Time. The event will be webcast and relevant materials will be posted to the company's website prior to the event. To register for and listen to the webcast, visit the company's Events and Presentations section of the SunPower Investor Relations page at http://investors.sunpower.com/events.cfm prior to the start time.
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.
SunPower's 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 our expectations for strategy, including market and product focus; energy output; future product performance; and cost savings. 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: regulatory changes and the availability of economic incentives promoting use of solar energy; competition in the solar and general energy industry; our ability to commercialize new products and services; and fluctuations or declines in the performance of our solar panels and other products and solutions. 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 report on Form 10-K, 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.sunpowercorp.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.
© 2019 SunPower Corporation. All Rights Reserved. SUNPOWER and the SUNPOWER logo are registered trademarks of SunPower Corporation in the U.S. and other countries as well.
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