SunPower layoffs will impact 1,000 employees as part of a restructuring plan that will lean heavily on installation partners and a solar dealer network. The moves will trigger $14 million in restructuring costs and $14 million in early contract terminations.
SunPower's business plan involves:
- Winding down SunPower Residential Installation (SPRI) locations and closing SunPower Direct sales.
- After a transition period, pipeline operations from pre-installation through system activation will be handled by Blue Raven Solar, full-service installation partners, and SunPower's dealer network.
SunPower Principal Executive Officer Tom Werner (pictured, top of page) disclosed the 1,000 job cuts on April 24, 2024. Details about the associated restructuring costs surfaced in an SEC filing on the same day. One day earlier, SunPower on April 23 disclosed plans to restate almost two years of financial results, Bloomberg reported.
Related: See all sustainability industry layoffs listed here.
SunPower: Extensive Business Turbulence
Recent months have been extremely difficult for the solar energy company. An earlier restructuring plan, hatched in January 2024, involved restructuring charges of $12.8 million. Then, former CEO Peter Faricy departed the company on Feb 26, 2024.
SunPower, founded in 1985, is based in Richmond, California. The company develops all-in-one residential solar and associated energy storage solutions.
Although global demand for solar energy continues to grow, the market faced multiple headwinds in 2023. Among the key challenges: High interest rates made renewable energy infrastructure projects especially costly to finance. As a result, multiple clean energy companies experienced layoffs in 2023.
SunPower's stock has fallen more than 85% during a 12-month period through April 24, 2024.
