SunPower Corporation - SPWR STOCK NEWS

On October 5, 2021, SunPower Corp. (SPWR) announced its acquisition of Blue Raven Solar for up to $165 million. This strategic move aims to enhance SunPower's presence in underserved markets, particularly in the Northwest and Mid-Atlantic regions. Blue Raven Solar, established in 2014, has achieved a remarkable 93% CAGR in revenue, primarily through a direct-to-consumer sales model. The acquisition is expected to strengthen SunPower's residential offerings and improve financial product availability, supporting its focus on growth in the Residential and Light Commercial sectors.

SunPower Corp. (NASDAQ: SPWR) has launched its 25X25 initiative, focusing on justice, diversity, equity, and inclusion (JDE&I) in solar energy access by 2025. The initiative aims to increase workforce diversity with 40% women and 25% Black and Hispanic employees, expand access for historically marginalized communities to 25% of U.S. residential customers, and ensure 25% of its dealers are women or minority-owned. This aligns with federal climate efforts and aims to enhance job opportunities and access to renewable energy.

Survey reveals rising interest in solar energy: A new survey by SunPower Corporation (NASDAQ:SPWR) shows that concerns over power outages and escalating electricity bills are prompting U.S. homeowners to consider solar energy solutions, particularly with attached storage. The findings highlight that 70% of prospective solar buyers now seek battery storage, a significant increase from less than 6% last year. Residential solar installations surged by 11% in 2020, indicating a growing trend towards renewable energy adoption across diverse income groups.

Wallbox, an EV charging solutions provider, reported remarkable first-half 2021 results with revenues exceeding $32 million, a year-over-year growth of over 300% and 15% above projections. Key highlights include the successful launch of the Pulsar Plus in the U.S., agreements with Iberdrola for 1,000 Supernova fast chargers, and a strategic partnership with SunPower for bundled EV charger and solar installations. Wallbox also expanded its workforce by 305 employees and is building a new factory in Barcelona, while a U.S. facility is in the works.

SunPower Corp. (NASDAQ:SPWR) reported strong financial results for Q2 2021, showcasing a 40% year-over-year increase in megawatts recognized and a gross margin per watt that doubled. The company's GAAP revenue reached $308.9 million, up from $217.7 million a year prior. The residential segment saw a gross margin of 23%, boosted by strategic initiatives and a 16% sequential increase in bookings. SunPower anticipates continued growth, projecting Q3 GAAP revenue between $325 million and $375 million. Additionally, a new alliance with Wallbox aims to enhance their market presence in solar and EV solutions.

SunPower Corp. (NASDAQ:SPWR) has partnered with Wallbox to integrate EV charging solutions with solar installations, enhancing convenience and sustainability for new customers. This collaboration allows SunPower customers to install Wallbox EV chargers alongside their solar systems. With EV sales projected to soar to over 31 million by 2030 and residential solar installations expected to grow 13% in 2021, the alliance aims to meet escalating demand. SunPower will assess homes for charger compatibility and expand installation services across North America, starting in Southern California this fall.

SunPower Corp. (NASDAQ:SPWR) has partnered with Woodside Homes to offer solar and battery storage solutions to Northern California homeowners, addressing the growing demand for sustainable energy amid grid shortages. Woodside Homes will include SunVault batteries as standard in their new Brady Vineyards subdivision, set to launch in spring 2022. The partnership aims to enhance energy resilience, with nearly one in three Woodside customers requesting energy storage, reflecting a significant trend in the residential market. SunPower's innovation in solar technology supports homeowners' electricity savings and grid independence.

SunPower Corp. (NASDAQ:SPWR) will announce its second-quarter 2021 financial results on a conference call scheduled for August 3 at 1:30 p.m. PT. Investors can join via phone at (877) 371-5747, using passcode: SunPower, or through a webcast available on its website.

The earnings press release and supplemental financial information will be accessible on the same site at 1:05 p.m. PT on the same day.

SunPower Corp. (NASDAQ:SPWR) announced the full retirement of its 2021 convertible bond, significantly improving its balance sheet and reducing recourse debt. CEO Peter Faricy highlighted that this financial maneuver enhances the company's flexibility to seize new growth opportunities, particularly in the residential market. He emphasized the untapped potential in the solar industry, noting that less than 3% of U.S. homes currently utilize solar energy. SunPower continues to focus on providing reliable and affordable solar and storage solutions.