Photo voltaic developer SunPower filed for Chapter 11 chapter safety within the US, however right here’s some excellent news for its clients.
Photo voltaic panel producer Maxeon, a spin-off from SunPower, has introduced it’ll present guarantee assist within the US for SunPower-branded photo voltaic panels that it’s manufactured.
Maxeon had a provide settlement to supply photo voltaic panels to SunPower nevertheless it was terminated in 2023. Maxeon stopped delivery photo voltaic panels to SunPower in Q1 2024.
So you probably have a SunPower photo voltaic system on your property, go to Maxeon’s web site right here to register your system utilizing a web-based kind by December 31, 2024. Maxeon merchandise usually have a 40-year guarantee.
August 6, 2024: In its chapter submitting with the Delaware court docket late Monday, SunPower reported its property and liabilities to be between $1 billion and $10 billion.
Regardless of submitting for Chapter 11, which usually permits an organization to restructure fairly than liquidate, SunPower’s scenario appears to be like like a liquidation. In July, the corporate paused a number of key operations, together with new product shipments and leasing and buying agreements. This pause signaled rising difficulties throughout the firm.
SunPower plans to promote its remaining property and has entered right into a “stalking horse” settlement with Full Solaria. This settlement entails promoting its Blue Raven Photo voltaic and New Houses companies, together with its non-installing Vendor community, for $45 million in money. The time period “stalking horse” refers to an preliminary bid on a bankrupt firm’s property, setting a minimal worth that different bidders need to exceed.
Tom Werner, government chairman at SunPower, mentioned, “In gentle of the challenges SunPower has confronted, the proposed transaction presents a big alternative for key elements of our enterprise to proceed our legacy beneath new possession. We’re working to safe long-term options for the remaining areas of our enterprise, whereas sustaining our concentrate on supporting our valued staff, clients, sellers, builders, and companions.”
The corporate has confronted massive challenges over the previous few quarters, starting with its CEO’s departure in February. Across the identical time, SunPower was issued a subpoena by the US securities regulator regarding its accounting practices. The acquisition of Blue Raven for $165 million in 2021 now looks like a distant reminiscence as the corporate navigates its present monetary woes.
The sale of SunPower’s property is anticipated to be accomplished by late 2024, marking the tip of an organization that was based in 1985. Because the photo voltaic business continues to evolve, the collapse of a serious participant like SunPower serves as a reminder of the volatility and aggressive pressures within the renewable vitality market.
Learn extra: SunPower ceases residential installations, lays off 1,000
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