SunPower Corporation - SPWR STOCK NEWS

TotalEnergies has announced a definitive agreement to acquire SunPower's Commercial & Industrial Solutions (CIS) business for $250 million, including up to $60 million in earn-outs. This acquisition enhances TotalEnergies’ presence in the U.S. distributed generation market, aiming for an additional 100 MW of capacity per year. SunPower will redirect its focus towards residential solar services, streamlining its operations for growth. The transaction is expected to close by early Q2, subject to customary conditions.

TotalEnergies has announced a definitive agreement to acquire SunPower's Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million in earn-outs, subject to regulatory approval. This move aims to expand TotalEnergies' distributed generation business in the U.S., adding roughly 100 MW of capacity annually. The acquisition aligns with TotalEnergies' strategy to enhance its renewable energy portfolio while allowing SunPower to focus on its burgeoning residential market. Expected to close in early Q2, the deal won't affect TotalEnergies' majority stake in SunPower.

SunPower Corp (NASDAQ:SPWR) announced the appointment of Vinayak Hegde and Vincent Stoquart to its Board of Directors on January 25, 2022. These strategic appointments aim to enhance SunPower's leadership in the residential solar market. Hegde brings extensive experience from major tech brands, focusing on customer acquisition, while Stoquart offers over 23 years of experience in the energy sector, specifically from TotalEnergies. CEO Peter Faricy emphasized the need for diverse leadership to drive growth and improve the consumer experience in clean energy.

SunPower Corp (NASDAQ:SPWR) appointed June Sauvaget as the new Chief Marketing Officer to enhance its marketing strategies amid the growing solar adoption, projected to rise over 25% annually. With over 20 years of experience, including significant roles at Spotify, Sauvaget aims to make solar more accessible to diverse consumers. Furthermore, SunPower announced plans to sell its Commercial & Industrial Solutions (CIS) business, focusing on optimizing capital and enhancing its Residential and Light Commercial sectors. The sale discussions are advanced, targeting completion by Q1 2022.

On December 14, 2021, the California Public Utilities Commission proposed changes to the Net Energy Metering (NEM) policy, potentially hindering consumer access to solar energy. This proposed decision could impose higher fees for solar customers, risking California's leadership in clean energy and affecting over 1.3 million homes with solar. SunPower Corp (NASDAQ:SPWR) advocates for maintaining equitable access to clean energy resources, emphasizing the importance of reliable power for all Californians during challenging times. The company expresses hope that the final decision will support California's clean energy transition.

SunPower Corp (NASDAQ:SPWR) has launched SunPower Financial™, a new financial services institution aimed at making renewable energy more accessible for U.S. homeowners. This initiative includes expanded financial products with zero down payment options, up to $150,000 in credit limits, and a simplified application process for customers with credit scores of 600+. The program supports shared roofs and mobile homes, alongside a 0% APR offering for up to 25 years. This aligns with SunPower's 25x25 commitment to increase access for underserved communities by 25% by 2025.

SunPower Corp. (NASDAQ:SPWR) announced its new Virtual Power Plant (VPP) solution on November 16, 2021. This initiative allows SunVault™ energy storage customers to earn compensation by providing stored energy to utilities during peak demand periods, enhancing grid stability. The program is available to qualifying customers in Massachusetts, Rhode Island, and Connecticut via Eversource and National Grid. Participants can earn hundreds of dollars annually and maintain energy independence. SunVault storage is now available nationwide, designed for resilience and cost savings during outages.

SunPower Corp. (NASDAQ:SPWR) reported strong third-quarter results for 2021, with GAAP revenue of $323.6 million, up 18% year-over-year. The company added 14,200 new customers, a 29% increase, and achieved a gross margin of 18.4%. However, it faced a net loss of $84.4 million, primarily due to a non-cash mark-to-market adjustment on Enphase shares. SunPower anticipates fourth-quarter revenue between $330 million and $380 million and remains focused on expanding its residential solar market and storage solutions amid favorable clean energy incentives.

SunPower Corp. (NASDAQ:SPWR) announced a partnership with The New Home Company to include solar systems, battery storage, and EV chargers in every home at Eureka Grove, Granite Bay, California. Each of the 72 homes will feature a SunPower Equinox® solar system, a 13 kWh SunVault™ battery, and a Wallbox Pulsar Plus EV charger. This integration aims to enhance energy independence, enabling homeowners to manage energy use and save costs effectively. The project symbolizes a shift toward modern sustainable living and is expected to set a trend in new home communities across the nation.