Court Approves Complete Solar Purchase of SunPower Assets

Core Viewpoint - Complete Solar Holdings, Inc. has acquired substantially all assets of SunPower Corporation's Blue Raven, New Homes, and Dealer businesses for $45 million, with the transaction expected to close by September 30, 2024 [1][2]. Group 1: Acquisition Details - The acquisition includes the SunPower brand and approximately 1,000 employees, marking a significant expansion for Complete Solar [1]. - The U.S. Bankruptcy Court for the District of Delaware has approved the sale, indicating a legal endorsement of the transaction [1]. Group 2: Industry Context - T.J. Rodgers, CEO of Complete Solar, emphasized that the U.S. solar industry is facing challenges, but the acquisition positions the new SunPower to emerge as a competitive entity with a national presence [2]. - Only 3.7% of American homes currently utilize solar power, suggesting significant growth potential for the industry as solar energy becomes more cost-effective than fossil fuels [2]. Group 3: Financial Aspects - Complete Solar has raised an additional $40 million, bringing total proceeds to $80 million, which is expected to support the transition without the need for further cash [3]. - The financial struggles of Maxeon, a competitor, were highlighted, with its stock price dropping to $0.078 per share due to dilution from its Chinese investor, TCL Corporation [3].