Market Overview

Sunpower clinches top prize at prestigious SINOPEC Science and Technology Progress Award

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- Successfully established a platform to test various combustion parameters for the petrochemical industry
- Testament to the Group's technical excellence and rich experience in the flare field
- Strengthens ability to serve existing customers while growing the Group's scope of services


SINGAPORE, Aug 13, 2018 - (ACN Newswire) - Mainboard-listed Sunpower Group Ltd. ("Sunpower", SGX: 5GD.SI), an environmental protection solutions specialist with a strong focus on expanding into anti-pollution investment projects ("Green Investments" or "GI") which generates long-term intrinsic value in the form of recurring income and cash flows, today announced that Jiangsu Sunpower Hi-tech Industry Co. Ltd. ("Jiangsu Sunpower"), a wholly-owned subsidiary of the Company, has clinched the top prize for the 2017 SINOPEC Science and Technology Progress Award.

In collaboration with two subsidiaries of China Petrochemical Corporation ("SINOPEC"), the team emerged victorious in the "Safe, Efficient and Environmentally-Friendly Flare Combustion Technology and Equipment" category. Flares are important safety devices used in refineries and petrochemical facilities to safely burn excess waste gases. The team established a mega flare burn-up test platform for the effective testing of combustion parameters such as burn-out rate, flame temperature and shape, heat radiation and combustion noise. In addition, it developed an energy-saving ignition system that is more stable and reliable than existing systems.

The newly-developed technologies have been successfully applied by leading petrochemical industry players, such as BASF and Royal Dutch Shell. The results affirmed the technologies' reliability and stability as well as their positive impact on the environment, highlighting their potential for widespread application. This is testament to the Group's commitment to promote greater environmental protection, and its leading position in providing environmental solutions to its many reputable petrochemical industry customers.

Mr. Guo Hong Xin, Executive Chairman of Sunpower, said, "We are pleased to receive this prestigious award, which marks the third time the Group has been recognised by SINOPEC for our technological excellence. Over the last 20 years, Sunpower has developed a full suite of advanced technologies that forms an integral part of our product range and service offerings in the M&S segment. This gives us an unrivalled competitive advantage in the market."

"We are proud to play a significant part in pushing forward the frontier of China's technological excellence in this field. We will continue to leverage our strong R&D capabilities to expand our ability to serve our customers across multiple industries and support the development of our M&S business."

Forward-looking Statement
This press release includes forward-looking statements and financial information provided with respect to the anticipated future performance and involve assumptions and uncertainties based on the Group's view of future events. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Accordingly, there can be no assurance that such projections and forward-looking statements can be realized. The actual results may vary from the anticipated results and such variations may be material. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Group undertakes no obligation to update forward-looking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance of the Group is not necessarily indicative of the future performance of the Group.

About Sunpower Group Limited
Founded in 1997, Sunpower Group Ltd. (SGX:5GD.SI) is an environmental protection solutions specialist in proprietary energy saving and clean power technologies, with a strong focus on expanding into anti-pollution investment projects ("Green Investments") which generates intrinsic value in the form of long-term, recurring and high quality cash flows.

With proven capabilities in technology innovation and proprietary clean energy solutions, Sunpower is shaping a green future for itself by continuously developing its business segments of Green Investments (GI) and Manufacturing & Services (M&S).

Sunpower has rapidly expanded its GI business in recent years by leveraging on its existing core technologies of high-efficiency heat transfer, long distance heat insulated steam distribution, energy-saving and ultra-low emission clean power generation. The GI segment is mainly focused on the investment and operation of centralised steam and electricity supply business, which is expected to bring in additional stream of recurring income to the Company.

For M&S segments, Sunpower has delivered superior quality products and services to approximately 1,500 customers in over 30 countries across the globe to date. Its reputable customer base includes BASF, BP, Shell, SABIC, DowDuPont, Alcoa and Mobil, China Petrochemical Corporation (SINOPEC), China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Shenhua. For more information, please refer to: http://en.sunpower.com.cn

Winnie Lyu
Email: ir@sunpower.com.cn
Phone: +86 25 5216 9718

Gregory Yap
Email: ir@sunpower.com.cn
Phone: +65 9889 5054

August Consulting (Singapore)
Karen Ting
Email: karenting@august.com.sg
Phone: +65 6733 8873

Jeremy Sing
Email: jeremysing@august.com.sg
Phone: +65 6733 8873

Source: Sunpower Group Ltd.

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