Shea Homes and AstroPower Announce Premium Power Partnership
January 3, 2001 - PrNewswire
Leading US Home Builder to Adopt Solar Electric Technology As a Standard Feature, Increasing Performance, Home Efficiency and Value
NEWARK, Del. - Shea Homes, Inc. of San Diego, CA and AstroPower, Inc. (Nasdaq: APWR) jointly announced today that they have signed an agreement to make solar power a standard feature in new Shea communities. The partnership kicks off with the construction of 100 solar powered homes in San Diego, CA this year. The companies have a goal to build a total of 200 solar powered homes in the next 18 months, as new development phases roll out.
"It's been a long-term goal of our industry in the U.S. to have solar electric home power systems become a standard feature in new home construction," said Howard Wenger, North American Business Director for AstroPower. "That's what makes our partnership with Shea Homes so significant. Shea Homes has recognized the value of solar technology as a standard feature."
As the 10th largest builder in the U.S., Shea Homes constructed 5000 homes in 1999, generating $1.6 billion in gross revenues. The San Diego division of Shea Homes will feature solar technology in their newest community, located in Scripps Highlands. Fifteen miles north of downtown San Diego, these new homes will incorporate the latest in solar power and energy efficiency technology, enabling homeowners to reduce their utility bills by 50 percent or more over a conventionally-built home.
"We're doing this to enable our customers to take control of their energy bills. We want to build a more efficient home, allow our customers to generate their own electricity, and deliver it for an affordable price," said Ryan Green, Community Development Manager for Shea. "The homes in Scripps Highlands are 40% more efficient than the strict California energy efficiency standards. This delivers added comfort and value for new Shea homebuyers."
AstroPower's Howard Wenger noted that "San Diego is the epicenter of California's power crisis, where electric rates and bills have doubled and threats of power outages have become common. Our SunChoice solar home power systems produce pollution-free electricity, spin the utility meter backward to lower bills, and can also provide power to the home during power outages. It's a perfect match."
"Our systems are designed to integrate seamlessly with a builder's construction schedule. That's what is so exciting about working with Shea Homes. Together, we're able to realize terrific cost economies by integrating solar technology into their day-to-day operations with existing trade partners," said Bob Ruggio, Residential Sales Manager for AstroPower. "That translates to excellent pricing for the consumer, made especially affordable by wrapping the system cost right into the home mortgage. The end result is the highest quality installation at the lowest possible delivered price."
AstroPower's SunChoice(TM) program is a national effort to make solar power affordable and easy to obtain. The company maintains a network of authorized resellers and installers, offering solar technology to the residential new home market, as well as to existing homeowners and businesses.
Headquartered in Newark, Delaware, AstroPower is the world's largest independent manufacturer of solar electric power products, and one of the world's fastest growing solar electric power companies. AstroPower develops, manufactures, markets and sells PV solar cells, modules, panels and systems for generating solar electric power. Solar electric power systems provide a clean, renewable source of electricity in both off-grid and on-grid applications. In December, 2000 AstroPower was added to the S&P SmallCap 600. For more information, please visit www.AstroPower.com.
Shea Homes -- a subsidiary of J.F. Shea Co., Inc. -- is one of the nation's largest builders and developers of homes, neighborhoods and master planned communities. The company anticipates building over 6000 residential homes with estimated revenues of $2 billion throughout California, Arizona, Colorado and North Carolina in 2001. J.F. Shea Co. is privately owned and has been in business over 120 years. Further information may be obtained by visiting J.F. Shea's web site at www.JFShea.com or the Shea Homes web site at www.SheaHomes.com.
This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, as described in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The projections contained herein speak only of the Company's expectations as of the date of this press release. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based.
SOURCE AstroPower, Inc.
CONTACT: Michael Wright, Director, Marketing Communications of AstroPower, 302-366-0400 Ext. 195, or Ryan Green, Community Development Manager of Shea Homes, 858-653-4116
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