Cypress Announces Investment in SunPower Cells

June 02, 2002 by Jeff Shepard

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."