Thursday, August 8, 2024
C Street Advisory Group is providing strategic communications counsel to California’s SunPower Corp., which filed for Chapter 11 on August 5.
At the same time, SunPower has ironed out a $45M stalking horse asset purchase agreement with Complete Solaria for its Blue Raven Solar business, new home operations, and non-installing dealer network.
Tom Werner, executive chairman at SunPower, said Complete Solaria “will carry forward our vision to shape the future of residential solar as a pioneer in this space.”
SunPower has asked the US Bankruptcy Court (District of Delaware) to approve the assets deal by mid- to late September.
Werner is working to line up “long-term solutions for the remaining areas of our business, while maintaining our focus on supporting our valued employees, customers, dealers, builders and partners.”
Founded nearly 40 years ago, SunPower registered $1.7B in 2023 revenues and posted a $247M net loss.