Marrying one of the most famous consumer brands in the world with
the most innovative name in solar power, Akeena Solar
(Nasdaq:AKNS), a leading installer and manufacturer of
high-performance solar panels, has entered into an exclusive
worldwide agreement to manufacture, distribute, market and install
its solar panels under the Westinghouse name.
The Westinghouse partnership is a validation of Akeena's
award-winning technology that integrates the brains of a solar
energy system into the solar panel itself, reducing the parts count
by 80 percent and improving performance and reliability. Akeena's
alternating-current (AC) systems are safer and produce up to 25
percent more energy than ordinary direct-current (DC) panels.
As solar purchasers move from early adopters to mainstream
consumers, a lack of brand recognition derails buyers. This
agreement directly addresses that issue, combining a trusted brand
name with the reliability, performance and safety that buyers
want.
"Partnering with Westinghouse moves us one giant step closer to
the goal we've had since I founded Akeena: installing solar panels
on every sunny rooftop," said Barry Cinnamon, CEO of Akeena
Solar.
Added Cinnamon, "Since the beginning, we've worked consistently
to make solar more mainstream. We began as a rooftop installer. We
then designed our own easy-to-install solar panels that gave
customers superior reliability and aesthetics. We improved our
design by manufacturing higher-performance AC panels, and built a
dealer network that has grown to more than 25 states and Canada. We
then partnered with Lowe's Home Improvement stores for installation
services, along with the first do-it-yourself solar panels stocked
on retail shelves.
"Now, with the exclusive rights to the Westinghouse Solar brand,
we look forward to accelerated growth without large up-front brand
investments," concluded Cinnamon.
"Since George Westinghouse founded the Westinghouse Electric
Corporation in 1886, the world's electric grid has operated on AC
power," said James F. Davis, vice president, Westinghouse Electric
Corp. "For more than 100 years, Westinghouse has literally set the
standard for reliable electric power and home appliances. We
approached Akeena when our research indicated their integrated
solar-panel technology could help make solar mainstream. Akeena's
safe and reliable AC solar panels are a perfect complement with
Westinghouse's heritage. We are pleased to introduce Westinghouse
Solar as the newest member of the exclusive Westinghouse
family."
As part of the Westinghouse transition, Akeena's wholly-owned
subsidiary Andalay Solar will be renamed Westinghouse Solar. This
Westinghouse Solar subsidiary will manage the design, manufacturing
and distribution of Akeena's award-winning AC solar panels. Akeena
Solar, the California-based parent company and its authorized
dealers, including Lowe's Home Improvement stores, will have the
exclusive rights to install Westinghouse Solar panels.
Westinghouse-branded solar panels will begin shipping to
customers in the U.S. and Canada later this summer. A preview of
the company's products and services, including the Westinghouse
Solar Dealer Program, is available at www.westinghousesolar.com.
For more information, please stop by the Westinghouse Solar booth
this week at the ASES National Solar Conference, booth #123.
AKNS-G
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar's philosophy is simple: We believe
producing clean electricity directly from the sun is the right
thing to do for our environment and economy. Akeena Solar has grown
to become one of the nation's leading installers and manufacturers
of solar power systems. Akeena Solar's revolutionary Andalay AC
solar panels produce safe household AC power and have built-in
racking, wiring, grounding and inverters. With 80% fewer parts and
5-25% better performance than ordinary DC panels, Andalay panels
are an ideal solution for solar installers, trades workers and
do-it-yourselfers. For more information on the company, visit
www.akeena.com. Installers can also visit www.andalaysolar.com to
learn more about the Andalay panels.
The Akeena Solar, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5143
About Westinghouse Solar, Inc.
For more than a century, the Westinghouse name has stood for
reliability and innovation. It began in 1886, when George
Westinghouse introduced the first alternating current (AC)
electrical system – which soon powered every American home and
business. Westinghouse Solar Power Systems are safer, more
powerful and more reliable than any others, while backed by the
proven quality of the Westinghouse name. Interested homeowners
and dealers can learn more about Westinghouse Solar Power Systems
at www.westinghousesolar.com.
Safe Harbor
Statements made in this release that are not historical in
nature, including those related to revenue and profitability and
product offerings in future periods, constitute forward-looking
statements within the meaning of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the use of words such as "expects,"
"projects," "plans," "will," "may," "anticipates," "believes,"
"should," "intends," "estimates," and other words of similar
meaning. These statements are subject to risks and uncertainties
that cannot be predicted or quantified, and our actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks associated with the uncertainty of future
financial results, additional financing requirements, development
of new products, the effectiveness, profitability, and
marketability of such products, the ability to protect proprietary
information, the impact of current, pending, or future legislation
and regulation on the industry, the impact of competitive products
or pricing, technological changes, the ability to identify and
successfully acquire, integrate and manage client accounts and
locations and deliver our services to customers of businesses and
accounts acquired from third parties, and the effect of general
economic and business conditions. All forward-looking statements
included in this release are made as of the date of this press
release, and Akeena Solar assumes no obligation to update any such
forward-looking statements.
CONTACT: Akeena Solar, Inc.
Jose Tengco
(408) 402-9422
jtengco@akeena.com
Antenna Group Public Relations
Public Relations Contact:
Caitlin Cieslik-Miskimen
(415) 977-1922
caitlin@antennagroup.com
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