IKEA U.S. joins forces with SunPower to offer home solar solutions in the United States

Rhea-AI Summary

IKEA U.S. has partnered with SunPower (NASDAQ:SPWR) to launch Home Solar with IKEA in select California locations for IKEA Family members starting Fall 2022. This initiative aims to provide solar energy solutions that empower customers to generate and store renewable energy, reflecting IKEA's commitment to sustainability. SunPower, known for quality solar products, supports this project with its Complete Confidence Warranty. This collaboration aligns with IKEA's broader goal of becoming circular and climate positive by 2030, enhancing its existing renewable energy portfolio.

Positive

• Launch of Home Solar with IKEA expanding renewable energy access.
• Collaboration expected to attract IKEA Family loyalty members.
• SunPower's strong market reputation enhances the initiative.

Negative

• None.

Home Solar with IKEA set to launch in Fall 2022 in select California locations for IKEA Family loyalty members

CONSHOHOCKEN, Pa., May 12, 2022 /PRNewswire/ -- IKEA U.S. and SunPower Corp. (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced that they are teaming up to make solar energy easier to access. Through this collaboration, members of the IKEA Family customer loyalty program will be able to purchase home solar solutions, available through SunPower, to generate and store their own renewable energy and live more sustainably. Home Solar with IKEA is expected to launch in select California markets in Fall 2022.

"At IKEA, we're passionate about helping our customers live a more sustainable life at home. We're proud to collaborate with SunPower to bring this service to the U.S. and enable our customers to make individual choices aimed at reducing their overall climate footprint," said Javier Quiñones, CEO & Chief Sustainability Officer, IKEA U.S. "The launch of Home Solar with IKEA will allow more people to take greater control of their energy needs, and our goal is to offer the clean energy service at additional IKEA locations in the future."   

Home Solar with IKEA combines the strengths of IKEA retail and knowledge of life at home with the expertise of SunPower, a trusted brand with more than 35 years in the solar industry. SunPower is known for delivering high quality, innovative solar products and making it simple for its customers to switch to renewable energy.  SunPower's systems are backed by the company's industry-leading Complete Confidence Warranty, which covers everything from panels and racking to monitoring hardware and storage^¹.

"We are thrilled to deliver exceptional solar products to IKEA customers through a unique and simplified buying experience," said Peter Faricy, SunPower CEO. "Together with IKEA, we can help introduce the incredible benefits of solar to more people and deliver on our shared value of making a positive impact on the planet."

Home Solar with IKEA is just one of the many ways IKEA is working to become circular and climate positive by 2030. In the U.S., IKEA has a robust renewable energy portfolio — including 2 wind farms, 2 solar farms, 2geothermal systems, seven biogas-fuel cells and rooftop solar arrays on 90% of IKEA locations.

IKEA U.S. also recently launched the Buy Back & Resell service nationally in 37 store locations. The service gives IKEA Family members the opportunity to sell back their gently used IKEA furniture in exchange for IKEA store credit. Participants will be able to give their furniture a second life through resale in the store's As-Is section, providing an even more sustainable and affordable option for many people.

About IKEA  
At IKEA, the vision is to create a better everyday life for the many people by offering well-designed, functional and affordable, high-quality home furnishing, produced with care for people and the environment. Ingka Group (Ingka Holding B.V. and its controlled entities) is one of 12 different groups of companies that own and operate IKEA retail under franchise agreements with Inter IKEA Systems B.V. Ingka Group has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Ingka Group is a strategic partner in the IKEA franchise system, operating 389 IKEA stores in 32 countries – including 51 retail locations in the U.S.  

For more information on IKEA U.S., see  IKEA-USA.com, @IKEAUSANews, @IKEAUSA or IKEAUSA on Facebook, YouTube, Instagram and Pinterest. 

About SunPower
SunPower (NASDAQ:SPWR) is a leading solar, storage and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com.

SunPower Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding anticipated cost savings, expected launch plans and timelines, and resiliency. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy, fluctuations or declines in the performance of our solar panels and other products and solutions, and challenges managing our strategic relationships and partnerships, including our ability to successfully manage collaboration and supplier relationships. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

¹ For more information about SunPower's warranty, visit https://us.sunpower.com/home-solar-system-warranty.

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SOURCE SunPower Corp.; IKEA

FAQ

What is the partnership between IKEA and SunPower about?

IKEA has partnered with SunPower to offer home solar solutions to IKEA Family members, launching in select California locations in Fall 2022.

When will Home Solar with IKEA be available?

Home Solar with IKEA is expected to launch in Fall 2022.

What benefits does Home Solar with IKEA provide?

This initiative allows customers to generate and store their own renewable energy, contributing to sustainability.

What is SunPower's involvement in the Home Solar with IKEA program?

SunPower is providing high-quality solar products and services to support IKEA's solar energy initiative.

How does the partnership align with IKEA's sustainability goals?

The partnership supports IKEA's aim to become circular and climate positive by 2030, expanding their renewable energy offerings.