1. SunPower announces layoffs and division closures, reducing workforce by approximately 1,000 people.
2. SunPower plans to transition operations to Blue Raven Solar and focus on Dealer Network and installation partners.
3. SunPower has faced challenges including diversification efforts, misstatements in financial results, and loss of exclusive supply agreement with Maxeon.
Tom Werner, the principal executive officer of SunPower, has announced layoffs and division closures in a letter to employees. The company plans to shift to a low fixed-cost model in order to better respond to market fluctuations. SunPower will be winding down its SunPower Residential Installation locations and closing SunPower Direct sales, resulting in an estimated reduction of approximately 1,000 employees, which is around 20-25% of the company’s staff.
After a short transition period, Blue Raven Solar, full-service installation partners, and SunPower-certified dealers will take over pipeline operations from pre-installation through system activation. SunPower intends to maintain the highest levels of customer care and minimal impact on timelines during this transition.
Moving forward, SunPower will concentrate on its Dealer Network and installation partners, as well as continue work with new home-build construction. The company has faced challenges since diversifying its business earlier in the decade, including recent misstatements in its fiscal year 2022 results and the loss of an exclusive solar panel supply agreement with Maxeon.
Despite these setbacks, SunPower remains committed to providing quality service to its customers and adapting to the evolving solar industry landscape.