SunPower has entered into an asset purchase agreement, with Complete Solaria serving as stalking horse buyer for the assets associated with SunPower’s Blue Raven Solar business, new homes business and non-installing dealer network.
The company and certain subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
Subject to court approval, Complete Solaria will acquire the assets and assume certain related liabilities in exchange for $45 million.
“For nearly 40 years, SunPower has made solar energy more accessible to Americans, driven by our mission to change the way our world is powered. We are confident Complete Solaria’s CEO, T.J. Rodgers, will carry forward our vision to shape the future of residential solar as a pioneer in this space,” says Tom Werner, executive chairman at SunPower.
“In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership. We are working to secure long-term solutions for the remaining areas of our business, while maintaining our focus on supporting our valued employees, customers, dealers, builders and partners.”
Kirkland & Ellis and Richards, Layton & Finger serve as legal counsel to SunPower. Alvarez & Marsal North America is serving as transition officer and financial advisor to the company. Moelis & Company is serving as the investment banker and C Street Advisory Group serves as its strategic communications advisor.
DLA Piper and Arnold & Porter Kaye Scholer are serving as legal counsel to Complete Solaria, with Ayna.AI serving as its advisor.
The post SunPower Files for Bankruptcy appeared first on Solar Industry.
Renewable Energy
Bravery Meets Tragedy: An Unending Story
Here’s a story:
He had 3 days left until graduation.
Kendrick Castillo was 18. A robotics student. College bound. Accepted into an engineering program. The final week of school felt like countdown, not crisis.
Then a weapon appeared inside a classroom.
Students froze.
Kendrick did not.
Witnesses say he moved instantly. He lunged toward the attacker. No hesitation. No calculation.
Two other students followed his lead.
Gunfire erupted.
Kendrick was fatally sh*t.
But his movement changed the room.
Classmates were able to tackle and restrain the attacker until authorities arrived. Investigators later stated that the confrontation disrupted the attack and likely prevented additional casualties.
In seconds, an 18-year-old made a decision most adults pray they never face.
Afterward, the silence was heavier than the noise.
At graduation, his name was called.
His diploma was awarded posthumously. The arena stood in collective applause. An empty seat. A cap and gown without the student inside it.
His robotics teammates remembered him as curious. Competitive. Kind. Someone who solved problems instead of avoiding them.
He had planned to build machines.
Instead, he built a moment.
A moment that classmates say gave them time.
Time to escape.
Two points:
If you can read this without tears welling up in your eyes, you’re a far more stoic person than I.
Since Big Money has made it impossible for the United States to implement the same common-sense gun laws that exist in the rest of the planet, this story will reduplicate itself into perpetuity.
Renewable Energy
Forced Transgendering of America’s Little Kids
How often does this happen? How about never?
Trump loves to say that little boys go to school and come back home little girls.
He’s the most powerful person in the world for exactly one reason: We’re a nation of morons.
Renewable Energy
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Two comments:
That the United States has homeless veterans is a national (and international) disgrace.
By definition, no one has the legal right to enter the U.S. illegally, but according to our constitution, everyone in America is entitled to due process.
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