Photo voltaic developer SunPower filed for Chapter 11 chapter safety within the US, however right here’s some excellent news for its prospects.
Photo voltaic panel producer Maxeon, a spin-off from SunPower, has introduced it’s going to 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 but it surely was terminated in 2023. Maxeon stopped transport photo voltaic panels to SunPower in Q1 2024.
So you probably have a SunPower photo voltaic system on your house, go to Maxeon’s web site right here to register your system utilizing a web based type 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 belongings and liabilities to be between $1 billion and $10 billion.
Regardless of submitting for Chapter 11, which generally permits an organization to restructure fairly than liquidate, SunPower’s state of affairs appears 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 belongings and has entered right into a “stalking horse” settlement with Full Solaria. This settlement includes promoting its Blue Raven Photo voltaic and New Properties companies, together with its non-installing Seller community, for $45 million in money. The time period “stalking horse” refers to an preliminary bid on a bankrupt firm’s belongings, setting a minimal value that different bidders need to exceed.
Tom Werner, government chairman at SunPower, mentioned, “In mild of the challenges SunPower has confronted, the proposed transaction affords a big alternative for key components of our enterprise to proceed our legacy underneath new possession. We’re working to safe long-term options for the remaining areas of our enterprise, whereas sustaining our deal with supporting our valued staff, prospects, sellers, builders, and companions.”
The corporate has confronted huge 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 as if a distant reminiscence as the corporate navigates its present monetary woes.
The sale of SunPower’s belongings is predicted to be accomplished by late 2024, marking the top of an organization that was based in 1985. Because the photo voltaic trade continues to evolve, the collapse of a significant 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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