RICHMOND — SunPower, a solar industry and one-time superstar in the green energy sector, has flamed out and filed for bankruptcy, a financial collapse punctuated by hundreds of Bay Area and California layoffs.
The solar energy company has filed a Chapter 11 bankruptcy petition in a quest to reorganize its finances that have melted down in the face of blistering shifts in the regulatory picture for the industry in California.
Richmond-based SunPower, which once had its headquarters in San Jose, is attempting to sell some assets as well as revamp the company’s finances.
SunPower has struck a deal to sell some of its assets to Complete Solaria, a recently created solar installation company that was formed by legendary Silicon Valley executives John Doerr and T.J. Rodgers, who have become influential players in the cleantech industry.
In recent weeks, has disclosed its decision to chop 637 California jobs as it proceeded with a massive companywide downsizing.
SunPower has revealed plans to slash 331 jobs in the Bay Area, primarily in Richmond, Berkeley and San Jose.
In other parts of California outside of the Bay Area, SunPower has revealed decisions to eliminate another 306 positions.
In 2023, SunPower lost $227.1 million from its ongoing operations, red ink which was a sharp setback compared to the company’s profit of $93.9 million in 2022, according to the Yahoo Finance site.
The picture for SunPower has darkened drastically over the last several months.
Problems for the installer and provider of solar energy systems and panels started to surface in December 2023, when the company warned that it might be unable to continue in business.
The company’s difficulties were complicated by changes in California regulations that made it less attractive for homeowners to install solar panels on their properties.
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