SunPower Launches 25X25 Initiative to Make Renewable Energy More Accessible for Historically Marginalized Communities

Rhea-AI Summary

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.

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• Launch of 25X25 initiative aimed at enhancing diversity and inclusion in solar energy.
• Targets include 40% workforce diversity and 25% dealer representation from minority communities by 2025.

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SAN JOSE, Calif., Sept. 30, 2021 /PRNewswire/ -- Today SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, launched SunPower 25X25, its new justice, diversity, equity and inclusion (JDE&I) commitments designed to ensure the resiliency and economic benefits of distributed solar and battery storage serve American families, job-seekers and businesses that have been historically marginalized. The commitments include ambitious targets with initiatives to achieve them by 2025 – spanning workforce diversity, solar access expansion and dealer diversity programs.  

"Distributed solar and battery storage offer tremendous benefit to our environment, are vital in building a resilient energy infrastructure, can provide lower-cost electricity, and create good, well-paying jobs," said Peter Faricy, CEO of SunPower. "We must use this moment-in-time to ensure the rapid deployment of this critical technology benefits all Americans."

SunPower's new commitments align with justice, diversity, equity and inclusion commitments made by the Biden administration, as well as the historic Justice40 Initiative, which commits 40 percent of the benefits of federal climate and clean energy investments to disadvantaged communities.   

SunPower is committed to achieving the following targets by 2025:

• Increasing workforce diversity: 40% of its workforce represented by women; 25% of its workforce represented by Black and Hispanic/Latinx people
• Emphasis will be placed on workforce development programs for the company's growing residential installation teams across the country  
• Expanding access for customers: 25% of its U.S. residential customers made up by people who live in historically marginalized communities
• Includes the development of a new program to provide low-income customers with no interest loans
• Ensuring industry equity: 25% of the dealers and subcontractors it works with will be owned by women and people of color
• Includes establishment of a new dealer diversity program and creation of new partnerships with minority-owned business organizations

These efforts build upon SunPower's diversity pledge and the company will report progress annually in its Environmental, Social and Governance report.

"Black professionals working in solar services have roots, relationships and experience in all communities, particularly those disproportionately impacted by climate change. If the solar industry is going to provide renewable energy access and equitable job opportunities, actively engaging black owned businesses is vital," said Walter McLeod, founding board member of Black Owners of Solar Services. "We commend SunPower for committing to creating an intentionally diverse dealer and subcontractor network and raising the bar for others in the industry to do the same." 

About SunPower
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation 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, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.   

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 business plans and timelines and cost savings. 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 and fluctuations or declines in the performance of our solar panels and other products and solutions. 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.

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SOURCE SunPower Corp.

FAQ

What is the purpose of SunPower's 25X25 initiative launched on Sept. 30, 2021?

The 25X25 initiative aims to enhance justice, diversity, equity, and inclusion in solar energy access for marginalized communities by 2025.

What are the diversity targets set by SunPower in its 25X25 initiative?

SunPower aims for 40% of its workforce to be women and 25% to be Black and Hispanic by 2025.

How does SunPower plan to increase access to solar energy for historically marginalized communities?

The initiative includes a target for 25% of U.S. residential customers to be from marginalized communities, supported by new loan programs.

What does SunPower's commitment to dealer diversity entail?

SunPower aims for 25% of its dealers to be women or minority-owned, promoting equitable opportunities in the solar industry.

How does the 25X25 initiative align with federal initiatives?

It aligns with the Biden administration's commitments and the Justice40 Initiative to allocate benefits of clean energy investments to disadvantaged communities.