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SunPower

From Alfawiki
SunPower Corporation
Company typePublic (formerly)
IndustryPhotovoltaic solar power systems, battery energy storage solutions
PredecessorEos
FoundedApril 24, 1985; 41 years ago (1985-04-24) in San Jose, California, United States
FounderRichard Swanson
DefunctAugust 2024 (filed for Chapter 11 bankruptcy)
FateFiled for Chapter 11 bankruptcy; assets sold to Complete Solaria; rebranded by Complete Solaria in 2025
SuccessorComplete Solaria (rebranded as SunPower in 2025)
Headquarters
San Jose
,
United States
Area served
Primarily residential market (United States)
Key people
Richard Swanson (founder), Tom Werner (former CEO), Peter Faricy (CEO since 2021)
ProductsPhotovoltaic solar power systems, battery energy storage solutions
ParentTotalEnergies (majority stake acquired in 2011, later reduced to 32.5%)

SunPower Corporation is a United States-based company specializing in the provision of photovoltaic solar power systems and battery energy storage solutions, primarily targeting the residential market. Founded in 1985 by Richard Swanson, an electrical engineering professor at Stanford University, the company is headquartered in San Jose, California. In 2002, Cypress Semiconductor acquired a controlling interest, which spurred rapid expansion leading up to SunPower’s initial public offering in 2005. The French energy giant TotalEnergies acquired a majority stake for billion in 2011 but later decreased its ownership to 32.5%.

Previously, SunPower was involved in the development and manufacture of photovoltaic panels until it spun off this division in 2020 as Maxeon Solar Technologies. Additionally, the firm divested its commercial and industrial product segments to TotalEnergies in February 2022.

In August 2024, SunPower filed for chapter 11 bankruptcy, resulting in the suspension of its Nasdaq trading as of August 16. Subsequently, the company sold multiple assets to Complete Solaria.[1]

By April 2025, Complete Solaria had rebranded itself as SunPower,[1] and announced its first profitable quarter in three years during its initial earnings report under the new branding.Cite error: The opening <ref> tag is malformed or has a bad name

Early history

SunPower was established on April 24, 1985, by Richard Swanson, a Stanford electrical engineering professor specializing in solar power efficiency. After achieving a record solar cell efficiency under laboratory conditions, Swanson took leave from academia to launch SunPower with the goal of commercializing this technology. Initially named Eos, the fledgling company was financed with $2,000 from savings contributed by Swanson and Richard Crane. In 1989, investor Robert Lorenzini assumed the role of chairman and rebranded the firm as SunPower.

Initial income sources included research grants and producing silicon wafers for semiconductor manufacturers. The company attracted market attention through prototype installations and the growing demand for portable solar-powered devices. Swanson resigned from Stanford in 1991 to dedicate himself fully to SunPower’s growth. Revenue increased from $600,000 in 1989 to $6 million by 1996; however, by 2001 financial difficulties emerged, leading to plans for workforce reductions by half.

Growth

SunPower’s founder Richard Swanson was aided by former classmate T.J. Rodgers, CEO of Cypress Semiconductor, who personally invested $750,000 before Cypress committed formally. Cypress Semiconductor ultimately invested approximately $150 million, acquiring a controlling interest in 2002 and appointing Tom Werner as CEO in 2003.[2]

The early 2000s saw a surge in demand for SunPower’s offerings due to rising electricity costs, government incentives, and the introduction of its A-300 solar cell. Major markets included Germany and California. By 2005, the company had accumulated $200 million worth of orders on backlog and increased revenues from $5 million in 2003 to $78.7 million.[3][2]

On the verge of profitability, SunPower went public in 2005 through an initial public offering, raising $138.6 million. The company reported profitability in 2006 with revenues reaching $236.5 million, relocated its headquarters to San Jose, California, and secured significant retail partnerships.[2] In 2007, plans were announced to quintuple manufacturing capacity and establish a second production facility.[4][5]

SunPower collaborated with PowerLight on developing the roofing-tile solar product SunTile and subsequently acquired PowerLight for $265 million in 2007 to consolidate research and development efforts. This acquisition nearly doubled SunPower’s scale and led to securing its largest contract at $330 million.[6][7] By that year, Cypress Semiconductor generated half of its revenue ($775 million) from investments related to SunPower.[8] In 2008, SunPower was spun off as an independent entity.[8]

In 2010, SunPower expanded its European footprint by acquiring Italy-based Sunray Renewable Energy for $277 million.[9][10] The following year saw production scaled back amid a downturn in the solar market alongside Total’s purchase of a majority stake for $1.37 billion.[11][12] Founder Richard Swanson retired in 2012 but continued serving on the advisory board.[13]

By 2013, revenues had recovered and manufacturing operations expanded once again. SunPower acquired Greenbotics (specializing in solar panel cleaning systems) and Dragonfly (solar micro-inverters), followed by purchasing SolarBridge Technologies in 2014 to improve panel efficiency.[14][15] In 2018, the company divested its microinverter business to Enphase Energy and adopted Enphase microinverters across all AC module products.[16][17]

In 2014, SunPower secured $220 million financing from Bank of America and Merrill Lynch aimed at supporting customer financing programs while investing $20 million into home energy application provider Tendril. This collaboration integrated solar solutions with home energy management software designed to optimize energy consumption.[18][19]

Spin-offs

In 2019, SunPower separated its manufacturing operations into an independent entity headquartered in Singapore, named Maxeon Solar Technologies. Tianjin Zhonghuan Semiconductor Co acquired a 29% ownership stake in Maxeon through a $298 million investment. Following this divestiture, SunPower redirected its efforts toward services, battery solutions, installations, and other related product lines. In 2021, CEO Tom Werner stepped down and was replaced by Peter Faricy.

In February 2022, SunPower divested its commercial and industrial installation businesses to TotalEnergies for $250 million, allowing the company to concentrate exclusively on residential installation projects.

Technical default and bankruptcy

On December 18, 2023, SunPower revealed doubts about its ability to maintain operations as a going concern amid financial difficulties and admitted to previous inventory misstatements that resulted in a technical default. Creditors granted additional time to resolve these challenges.

On August 5, 2024, SunPower initiated Chapter 11 bankruptcy proceedings and submitted a stalking horse bid to transfer assets to Complete Solaria, Inc. for $50 million. By April 2025, Complete Solaria had rebranded itself as SunPower and announced its first profitable quarter in three years during the debut earnings report under the new name.

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named :1
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  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named wsj
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  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named The Mercury News 2007
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Carlton 2006
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named :0
  8. ↑ 8.0 8.1 Cite error: Invalid <ref> tag; no text was provided for refs named goesalone
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Gupta 2010
  10. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Groom 2011
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Gigaom 2013
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Greentech Media 2012
  14. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Chernova 2014
  15. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named venture
  16. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
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  18. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Fehrenbacher 2014
  19. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Tweed 2014
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