- SunPower Corporation is a developer and operator in the renewable energy sector, known in over 100 countries.
- Once powerful, worth $10 billion. On August 5, 2024, the company filed for bankruptcy in a court in Delaware.
- At the end of 2023, SunPower had almost as much debt ($1.1 billion) as assets ($1.2 billion).
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SunPower – 40 years on the renewable energy market
SunPower Corporation is a developer and operator in the renewable energy sector, known in over 100 countries. The once powerful Richmond-based company filed for bankruptcy on August 5, 2024, in a court in Delaware. This means the end of operations in its current form for the 40-year-old company, which will try to find buyers for its assets, pay off creditors and neutralize customer uncertainty.
Founded in 1985 by a Stanford University professor, the company has been a leader in the photovoltaic industry for the past two decades. She helped build America's largest solar power plant, Solar Star, and installed solar panels in over 100,000 homes. houses.
Supermarkets are improving energy efficiency thanks to solar technology. Solar energy management systems are also used in energy-intensive wine production, ecotourism, ecological residential and commercial facilities and buildings with a positive energy balance.
In January 2021, SunPower's valuation reached USD 10 billion, which was helped by the expansion of the renewable energy program to include solar panels for home use. But the company's value has plummeted since then, and its situation has become particularly difficult this year. The company has not filed financial reports since December, reporting that operations were loss-making in the last quarter. The announcement said there were "significant doubts about its ability to continue as a going concern due to the accumulation of debts."
It was commented in specialized media that at a time when the American government and governments of other countries support investments in the production of solar panels, the company's achievements were thwarted by the strength of China's industrial policy in the race to reduce costs and its own strategic mistakes.
In July 2024, SunPower informed its dealers that it was completely suspending shipments of solar panel systems (photo: Shutterstock / Sherif M. Alyamany)
SunPower – almost as much debt as assets
The company's collapse was not without warning signs. In recent years, SunPower has been plagued by accounting errors and the need to restate several quarters of its financial results, numerous investor lawsuits and accusations of breach of credit agreement.
In April this year, CEO Tom Werner announced the layoff of 1,000 employees and the end of its direct sales and residential installation program. In July, management informed its dealers that it was completely suspending shipments of solar panel systems. A plan to reduce employment for another 290 people was also announced.
SunPower made a profit of $471.8 million in 2021, but lost $47.4 million the following year, according to a filing with the Securities and Exchange Commission. In 2023, the American company achieved a turnover of USD 1.7 billion, generating a loss of USD 247 million. High interest rates on loans and changes in subsidies have a negative impact on the entire sector, experts point out.
The bankruptcy application contains information about the bankrupt's dire financial situation. At the end of 2023, SunPower had almost as much debt ($1.1 billion) as assets ($1.2 billion). The debts include significant sums owed to various companies, including $15.4 million. for Zyxel Communications, $4 million. for Enphase Energy of Fremont, $3 million. for Google or $3 million. for Leonard Roofing.
SunPower Corporation is a United States company operating in the energy market. In 1985, it began designing and then producing photovoltaic cells from crystalline silicon, from which roof tiles and solar panels for residential and commercial buildings are made. In 2019, photovoltaic technology was separated into Maxeon Solar Technologies. This is a company established on the basis of a branch of the American corporation SunPower. It produces and distributes products in over 100 countries through a global sales network of over 1,100 partners.
