 | |
| Company type | Public |
|---|---|
|
| |
| Industry | Renewable energy |
| Founded | 1985; 39 years ago (1985) |
| Founder | Richard Swanson |
| Headquarters |
,
United States
|
Area served | United States and Canada |
Key people | Tom Werner (Principal Executive Officer) |
| Revenue |  US$1,741 million (2022) |
 US$(0.49) million (2022) | |
| US$60.463 million (2022) | |
| Total assets | US$1,780 million (2022) |
| Total equity | US$575 million (2022) |
| Owner | TotalEnergies (50.6%) |
Number of employees | 4,710 (2022) |
| Website | sunpower |
| Footnotes / references Financials as of December 31, 2022[update]. References:[1] | |
SunPower Corporation is an American provider of photovoltaic solar energy generation systems and battery energy storage products, primarily for residential customers. The company, headquartered in San Jose, California, was founded in 1985 by Richard Swanson, an electrical engineering professor from Stanford University. Cypress Semiconductor bought a majority interest in the company in 2002, growing it quickly until SunPower went public in 2005. TotalEnergies, a French energy and oil company purchased a controlling interest in SunPower for US$1.37 billion in 2011.
The company previously developed and manufactured photovoltaic panels, before spinning off that part of its business in 2020 as Maxeon Solar Technologies. The company had also previously marketed its products to commercial and industrial customers before agreeing to sell that business line to TotalEnergies in February 2022.
SunPower was founded on April 24, 1985, by Richard Swanson,[2] who was a Stanford University professor focused on electrical engineering.[3] Swanson studied solar power efficiency in the Stanford Electronics Laboratory with funding from research grants.[4]: 468 After breaking a record for solar power efficiency in lab conditions, he took a sabbatical to start SunPower and commercialize the technology.[3][5] Initially, the company was called Eos and was funded with $2,000 in savings between Swanson and his friend Richard Crane.[4]: 468 In 1989, Robert Lorenzini invested in the company, became its chairman, and changed the name to SunPower.[4]: 468
Some of SunPower's early revenues were from research grants[2] and using its manufacturing facilities to create silicon wafers for semiconductor companies.[4]: 468 Interest grew as SunPower completed prototype installations[3] and portable electronics that use solar power became more popular.[4]: 468 Swanson resigned from his academic position at Stanford in 1991, in order to focus on SunPower full-time.[5] The company's revenues grew from $600,000 in 1989 to $1.4 million in 1995, and $6 million in 1996.[4]: 468 However, by 2001 the company was anticipating having to lay off half of its employees.[6]
SunPower founder Richard Swanson's former classmate, T.J. Rodgers, was the CEO of Cypress Semiconductor and took an interest in investing in the company.[6] At first, the Cypress board wasn't willing to invest, so Rodgers invested $750,000 of his own money.[7] Starting with an investment of $8 million, Cypress eventually invested about $150 million,[7] acquiring a controlling interest in SunPower in 2002.[6] Cypress appointed Tom Werner as the new CEO the following year.[4]: 469
Demand for SunPower's products increased in the early 2000s, due to rising utility costs, government subsidies, and its new A-300 solar cell.[4]: 469 [8] In particular, SunPower grew in Germany and California, where new government subsidies were being introduced.[8] By 2005, SunPower was not yet profitable,[4]: 469 but had $200 million in backlogged orders.[8] Revenues increased from $5 million in 2003 to $78.7 million in 2005.[4]: 469
As the company was getting closer to profitability, it filed an initial public offering.[4]: 469 The 2005 offering raised $138.6 million in funding.[6] The following year, SunPower was profitable for the first time with $236.5 million in revenues.[4]: 469 SunPower moved into a larger corporate headquarters location in San Jose, California and secured several contracts with major retailers for solar panel installations.[4]: 469–70 In 2007, SunPower announced plans to expand its manufacturing facility five-fold[9] and build a second factory.[10]
SunPower collaborated with PowerLight to develop its roofing-tile solar product called SunTile.[4]: 469 [11] In order to combine their R&D efforts, SunPower acquired PowerLight for $265 million, in January 2007.[4]: 469–70 Analysts estimated the acquisition doubled SunPower's size.[11] Shortly afterwards, PowerLight secured a $330 million contract, the largest SunPower had ever done.[12] By 2007, half of Cypress' revenues, or $775 million, was coming from its investment in SunPower.[13] SunPower was spun-off as a separate business from Cypress in 2008.[13]
SunPower acquired Sunray Renewable Energy, a solar panel company based in Italy, for $277 million in 2010, in order to expand in Europe.[14][15] The following year, SunPower cut back production due to an overall market decline in solar power purchases.[16] SunPower also announced the French oil and gas company Total was acquiring a majority interest in SunPower for $1.37 billion.[17] In 2012, SunPower founder Richard Swanson retired, though he continued to serve on the SunPower advisory board.[5]
By 2013, SunPower's revenues rebounded and it started expanding its manufacturing facilities again.[16] That same year, it acquired Greenbotics, which developed automated cleaning systems for solar panels, and Dragonfly, which developed solar micro-inverters.[18][19] This was followed by SunPower's 2014 acquisition of SolarBridge, which developed microinverters used to improve the efficiency of solar panels.[19] In 2018, SunPower sold its microinverter business to Enphase Energy and since that time Sunpower has used Enphase microinverters in all AC module products.[20][21]
In 2014, SunPower raised $220 million from Bank of America and Merrill Lynch, in order to fund customer financing options.[22] That same year, SunPower invested $20 million in a home energy app company called Tendril.[23] As part of the deal, the two companies began integrating their products, so the home automation software from Tendril could time heavy energy use for when the solar panels are generating the most power.[23]
In 2019, SunPower announced it was going to spin-off its manufacturing division into a separate business in Singapore named Maxeon Solar Technologies.[24] As part of the deal, Tianjin Zhonghuan Semiconductor Co invested $298 million for a 29% interest in Maxeon.[24][25] The remaining SunPower business became focused on services, installation, batteries, and other products.[25] In 2021, former CEO Tom Werner retired and Peter Faricy took his place as CEO of SunPower.[26]
In February 2022, SunPower spun-off its commercial and industrial installation divisions, which were purchased by SunPower investor TotalEnergies for $250 million. SunPower said the transaction would allow it to focus on residential installations.[27]
The company announced on December 18, 2023, that there's a question it will be a "going concern," indicating that leadership is uncertain if the company can continue operations given their current financial position. The company also announced that it previously incorrectly accounted for inventory, causing a technical default, however creditors gave the company time to shore up its finances before calling those debts.[28]
He founded SunPower on April 24, 1985, and the small company lived on research grants and small projects until...
Richard Swanson, a professor of electrical engineering at Stanford University, created cells that hold the efficiency record for single-element photovoltaics in the laboratory. Now, he has taken a sabbatical to start a solar energy company in Mountain View... His company, called SunPower, has installed prototypes in Atlanta and elsewhere and plans to have commercial plants producing power at competitive prices by the middle of this decade.
where his group developed the point-contact solar cell. Lab versions set a record...In 1991, Dr. Swanson resigned from the faculty
In his first attempt at interesting the Cypress board in an investment, Rodgers got nowhere, so he cut SunPower a personal check for $750,000 to keep the company going until he could sway his board. Cypress later invested $150 million in SunPower, beginning with an initial $8 million investment.
SunPower Philippines will expand by fivefold its solar-cell-manufacturing business in the country due to strong demand abroad.
SunPower and PowerLight have collaborated on a roofing-tile product, called SunTile
It's the largest ever supply contract for SunPower, which went public Nov. 15.
last year accounting for some $775 million – or about half – of Cypress' revenue
Renewable Energy
