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Solar Power, Inc. and Aerojet Launch Employee Solar Discount Program, Extending Gencorp’s Sustainability Initiative
Aerojet’s Sacramento employees will receive generous discounts on Yes! Solar SolutionsTM solar home energy systems
Roseville and Sacramento, CA – July 13, 2009—Aerojet, a GenCorp (NYSE:GY) company, and Solar Power, Inc. (“SPI”)(OTCBB:SOPW) announced jointly today that they have launched a discount program on photovoltaic (“PV”) solar home energy systems for employees of Aerojet’s operations in Sacramento. The Aerojet Solar Advantage Program will be serviced by Yes! Solar SolutionsTM, a wholly owned subsidiary of Solar Power, Inc. and will provide Aerojet employees with a special discount on SPI’s proprietary line of Yes! Solar Solutions integrated home energy systems. When coupled with the current Federal Investment Tax Credit and California Solar Initiative rebate, the discount reduces the total system cost by up to 60%, providing the 1,600 Sacramento Aerojet employees with cost-effective opportunities for reducing or eliminating home electricity costs.
In addition to helping employees mitigate rising electricity costs, the program also provides a way for Aerojet to indirectly extend the environmental benefits produced by its 3.5 megawatt solar system, currently under construction. During its first year of use, the Aerojet system is expected to offset approximately 4,200 tons of carbon dioxide, 16.7 tons of sulfur dioxide and approximately 6.5 tons of nitrogen oxide that would have otherwise been produced using fossil fuel power production. The first-year net clean energy benefits equate to offsetting approximately 8,270,000 car miles driven or the clean air benefits realized from planting 976,520 trees. With a system life expectancy of 25 years, the scope of this project will yield major cumulative life-cycle environmental offsets.
“The Aerojet Solar Advantage Program is a significant addition to both our sustainability initiative and our employee benefits offering,” said Scott Neish, President of Aerojet. “By providing our Sacramento employees with access to discounted solar systems for their homes, we are extending to them our company’s commitment to solar energy solutions, while also providing them with a deeply discounted hedge against rising electricity costs. This program is a win-win for all involved.” Under the sustainability initiative, Aerojet has decreased the Company’s carbon footprint by instituting initiatives to track and improve energy usage and transportation practices, and is implementing conservation measures and recycling programs at many of their facilities across the country. Aerojet has also established a sustainability council comprised of employees from all Aerojet locations to evolve the sustainability program.
“We are not aware of another employee program like this in the U.S.,” said Steve Kircher, CEO of Solar Power, Inc. “It is a pleasure to work with a forward thinking company like Aerojet to develop and launch this innovative program. As more businesses around the world follow their example and adopt sustainability initiatives, providing employees access to discounted renewable energy to power their homes will no doubt become a more widely implemented form of employee benefit.”
Installation of Aerojet’s 3.5 megawatt system is now underway and on track for completion in November of this year.
About Aerojet:
Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products
and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company's excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies' Web sites at http://www.Aerojet.com and http://www.GenCorp.com.
GenCorp Safe Harbor Statement:
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those related to market conditions and those detailed from time to time in GenCorp's filings with the Securities and Exchange Commission, may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine GenCorp's future results are beyond the ability of GenCorp to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. GenCorp undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar energy solution provider offering the North American commercial and public sector building markets a complete solution through a single brand. The company’s Yes! Solar SolutionsTM subsidiary provides the U.S. small- to mid-sized business and residential market segments with turnkey PV solar systems through a growing retail franchise network. Throughout Europe and Asia, the company sells its products direct to distributors and turnkey solutions providers. Solar Power, Inc. operates from its Roseville, California headquarters.
Solar Power, Inc. Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward looking terminology such as “believes, expects” or similar expressions. The forward looking statements contained in this press release include statements regarding the Company’s ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
For additional information contact:
Aerojet:
Linda Cutler, Vice President, Corporate Communications, GenCorp
(916) 351-8650
linda.cutler@gencorp.com
Glenn Mahone, Executive Director Strategic Communications
(202) 302-9941
c.glenn.mahone@aerojet.com
Solar Power, Inc.:
Mike Anderson, Vice President Marketing
Solar Power, Inc.
(916) 745-0916
Manderson@solarpowerinc.net
Ted Haberfield, Executive VP
HC International, Inc.
(760) 755-2716
thaberfield@hcinternational.net
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