CAMPBELL, Calif., Aug. 18, 2011 (GLOBE NEWSWIRE) -- Westinghouse Solar, Inc. (Nasdaq:WEST), a designer and manufacturer of solar power systems, today announced that the U.S. Patent and Trademark Office ("USPTO") issued the company its fourth U.S. patent covering key aspects of its easy-to-install solar panels. The company currently has over 30 patents either issued or pending approval, including related patents issued in Australia, India, Korea and Mexico.
This latest patent, U.S. #7,987,641, which was issued on August 2, 2011, relates to the company's Andalay technology, in which the racking and mounting components are integrated into the solar panel itself. Other related patents issued to Westinghouse Solar cover wiring and grounding for solar panels – features that are particularly important for "plug-and-play" AC panels. These patented features make Westinghouse Solar panels much more reliable and easy to install – thereby reducing costs for both installers and customers.
Since 2007, Westinghouse Solar has sold more than $100m worth of solar power systems using the Andalay technology. The Andalay technology is incorporated in the new 235 watt Westinghouse Solar AC panels – which are currently on the market at attractive price points. The Andalay technology is also at the core of Westinghouse Solar's Flat Roof Solar Power Systems, which are optimized for lightweight, non-penetrating installations on commercial rooftops.
"Our engineering team started developing this integrated solar panel technology in 2002, and we started filing for patents in 2004. At the time, solar panels were selling for $4 per watt and nobody really cared about reducing installation costs. Now with solar panel pricing down in the $1.50 per watt range, reducing installation costs are widely perceived as the biggest opportunity to reduce overall system costs and increase margins," said Barry Cinnamon, CEO of Westinghouse Solar. "We expect that our growing portfolio of intellectual property related to solar panels with built-in racking, wiring and grounding will become increasingly valuable both to us and our licensees."
About Westinghouse Solar (Nasdaq:WEST)
Westinghouse Solar is a designer and manufacturer of solar power systems. In 2007, Westinghouse Solar pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, originally branded "Andalay", quickly won industry acclaim. In 2009, the company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This first AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. Award-winning Westinghouse Solar Power Systems provide the best combination of safety, performance and reliability, while backed by the proven quality of the Westinghouse name. For more information on Westinghouse Solar, visit www.westinghousesolar.com.
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Statements made in this release that are not historical in nature, including those related to future revenue, revenue growth, operating expense rates, transition expenses, achievement of cashflow and EBITDAS breakeven and profitability, and product introductions and cost reductions 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 inherent uncertainty of future financial results, additional capital financing requirements, development of new products by us or our competitors, uncertainties in the timing of availability of new products from a new supplier, the effectiveness, profitability, and marketability of our new products, our ability to protect and defend proprietary rights and information, the impact of current, pending, or future legislation, regulation and incentive programs on the solar power industry, the impact of competitive products or pricing, technological changes, our ability to identify and successfully acquire and grow distribution customers, 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 Westinghouse Solar, Inc. assumes no obligation to update any such forward-looking statements.