Cypress Announces Investment in SunPower Cells
Cypress Semiconductor Corp. (San Jose, CA) announced that it has signed an agreement to invest in SunPower Corp. (Sunnyvale, CA), a leading manufacturer of ultra-high-efficiency silicon solar cells for solar-powered aircraft and racecars, and silicon-based devices for telecommunications and industrial applications. Under the terms of the deal, Cypress will invest $8.8 million for an initial 44-percent stake in SunPower, with an option to increase its stake.
"This is a natural partnership," said Dick Swanson, president and CEO of SunPower. "SunPower has a superior technology with high-cell efficiency and low cost-per-watt in a fast-growing market that depends upon silicon-based manufacturing expertise. Cypress is a company that has demonstrated its ability to provide continuous innovation in silicon manufacturing in high volumes and at very low cost."