May 31, 2002 – San Jose, CA – Cypress Semiconductor Corp. has signed an agreement to invest in SunPower Corp., Athens, OH, a manufacturer of ultra-high-efficiency silicon solar cells.
Under the terms of the agreement, Cypress will invest $8.8 million for an initial 44% stake in SunPower, with an option to increase its stake.
SunPower makes a range of products, including concentrator solar cells, which use a lens or mirror to concentrate sunlight; one-sun solar cells and arrays for specialty applications such as solar-powered aircraft and racecars; and silicon-based optoelectronic devices for telecommunications and industrial applications.
The retail solar cell module market is projected to double from its current level to more than $3 billion in 2006, according to solar industry analyst firm Strategies Unlimited. Solar power and other renewable forms of energy are projected to capture an increasing share of the global energy market in the decades to follow.