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.
There really are threats to human civilization that seem to be mounting in intensity:
• World fascism. (If it can happen in the U.S., it could conceivably happen anywhere.)
• Environmental collapse.
• Malicious use of AI.
• Pandemics, as misinformation on vaccinations spread and the frozen tundra melts, releasing pathogens never seen by humans.
• Nuclear war.
Addressing the point made at left, is there any scenario in which world governments agree to cooperate so as to stave off the end of an organized society here on Earth? One supposes so, though it sounds far-fetched in today’s world in which the leaders of most of the 200+ sovereign nations are trying so desperately to cling to power.
Obviously, James Carville has been wrong before, but it appears that he’s onto something here.
An ever-increasing number of Americans are realizing that Trump is criminally insane, and is leading this nation to destruction.
It’s a pleasure to see that Dr. Brian Cox has people so popular, having joined the ranks for Neil DeGrasse Tyson, Bill Nye, and a few others. This phenomenon of celebrity physicists if one of very few bright spots in our modern world.
I would qualify what he says at left as follows: the only people who hate the economics here are those invested in fossil fuels. Clean energy and transportation are already huge industries, and they’re growing at an amazing pace–even in the face of heavy suppression by Big Oil and Donald Trump.
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