AstroPower Announces Agreement with The Home Depot®

FOR RELEASE September 4, 2001 – 11:00 AM EST Contact Information: Michael Wright Director, Marketing Communications AstroPower, Inc. (302) 366-0400 Ext. 195 Chuck Sifuentes Public Relations Manager The Home Depot (714) 940-3699 ASTROPOWER ANNOUNCES AGREEMENT WITH THE HOME DEPOT® World’s Largest Home Improvement Retailer to Offer AstroPower Solar Electric Home Power Systems NEWARK, DE – September 4, 2001 – AstroPower, Inc. (NASDAQ: APWR) today announced an agreement with The Home Depot® (NYSE: HD) to sell residential solar electric power systems, beginning in the greater San Diego area. The Home Depot agreement is a key element of a broad AstroPower initiative aimed at moving solar electric power technology into the mainstream market. AstroPower’s SunUPS® and SunLine™ solar electric home power systems are currently featured at The Home Depot’s Escondido, Carmel Mountain, and Sports Arena stores. Customers visiting these stores can learn about AstroPower systems through interactive displays that show how easy it is to generate their own electricity with clean home solar electric power systems. The systems are being sold and installed under The Home Depot’s “Installed Products” initiative, a full service program which provides product sales, financing, installation, and service. The Home Depot offers consumers two convenient financing options – The Home Depot Consumer Credit Card and The Home Depot Home Improvement Loan. Both programs provide customers an easy application process, same day purchase power and competitive interest rates. “We are excited to be working with The Home Depot to bring solar electric power to the mainstream consumer market,” said Howard Wenger, AstroPower’s Vice President, Premium Power Business. “Our pilot program with The Home Depot makes getting solar power easy in an area that has been hit hard by electricity rate increases. Now, San Diego residents can take direct control of their energy future.” Added Wenger: “The Home Depot is committed to providing viable energy solutions to its customers. We are thrilled that this forward-thinking, environmentally responsible retailer is marketing our complete solar electric home power systems in its stores.” AstroPower’s SunUPS and SunLine solar electric home power systems are complete packaged systems that enable homeowners to produce their own clean electricity. Installed by AstroPower’s fully trained and licensed installer network, these systems produce electricity without any fuel, moving parts, noise, or emissions. Both the SunUPS and SunLine systems operate in conjunction with the utility grid, feeding power to appliances in the home and back into the utility grid when the system produces more electricity than the home requires. Homeowners can watch their utility meter spin backward as they drive their utility bill toward zero. In addition, AstroPower’s SunUPS systems include batteries to provide uninterrupted power 24 hours a day even during utility outages. Bill Patterson, Divisional Install Merchant at The Home Depot, said: “The Home Depot is very pleased to be partnering with AstroPower in this exciting new product category. The Home Depot is committed to bringing energy solutions to our customers, and we believe that solar electric home power is the ultimate energy technology.” Continued Patterson: “AstroPower’s SunUPS and SunLine systems fit well into The Home Depot‘s Installed Products initiative, and we look forward to being able to offer these systems through a larger number of our stores. Following a successful pilot program in San Diego, we expect the program to expand to as many as 70 Home Depot stores in California during the next year.” Dr. Allen Barnett, President and CEO of AstroPower, remarked: “The residential solar electric power business has always needed two critical elements to enable it to take off in the US: A large brand name retailer and easily accessible consumer financing. Our partnership with The Home Depot delivers both of these elements for the first time in our industry’s history, and with the best possible partner. Coupled with the rapidly growing adoption of solar power as a standard feature by major home builders, this entry by The Home Depot can revolutionize the speed of adoption of solar electric power in the United States.” About AstroPower 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. In February 2001, AstroPower was ranked 39th on Business Week’s Top 50 S&P Small Cap Company list for one- and three-year performance. For more information, please visit www.astropower.com. About The Home Depot Founded in 1978, The Home Depot is the world’s largest home improvement retailer, operating 1,255 stores in the United States, Puerto Rico, Canada, Mexico, Chile and Argentina. In February 2001, Fortune magazine named Home Depot the sixth Most Admired Company in America. The company’s stock is publicly traded (NYSE: HD) and is included in the Dow Jones Industrial Average and the Standard & Poor’s 500 Index. 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. Members of the media can access photography via www.astropower.com/homedepot_photos.htm.
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