Over the course of less than two years, the once-darling of the industry was forced to fire workers to cut costs, restate earnings and it defaulted on a credit agreement. In 2024, the firm replaced its chief executive officer, restructured its operations and lost its accountant.
The rooftop solar company agreed to sell assets including its Blue Raven Solar installation unit and new homes businesses to Complete Solaria Inc. as a stalking horse buyer for $45 million, according to a statement late Monday. It asked the court to approve the deal by the end of September. SunPower, founded in 1985, long had a reputation for producing some of the best solar panels in the industry, but it spun off its manufacturing operations in 2020 to focus on then-surging demand for rooftop installations. That bet soon unraveled as inflation and high interest rates boosted costs for consumers. Meanwhile, the firm’s own corporate struggles stymied its operations.
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