SunPower

SunPower Corporation filed for Chapter 11 bankruptcy on August 5, 2024.¹²⁵⁷¹⁴ Complete Solaria, Inc. purchased certain SunPower assets, including the Blue Raven Solar division, New Homes division, and the SunPower brand, in a transaction that closed on September 30, 2024.¹⁵ Complete Solaria later rebranded as SunPower Inc. and continued operating under the SunPower name.¹⁵

Timeline

Money raised

SunPower has raised $175 million across disclosed rounds through growth.⁹ Complete Solaria agreed to purchase certain SunPower assets for roughly $45 million in cash.⁵ In 2026, SunPower Inc. raised $26.2 million in an equity private placement round.⁸ SunPower Inc. reported current annual revenue of about $300 million and planned to grow to $500 million the next year.⁸ SunPower Inc. was valued at $60 million in investor presentations.⁸ SunPower Inc. had a market capitalization of $65.56 million as of September 2026.¹³

Investors named in the sources: Foris Ventures⁸, John Doerr⁸, T.J. Rodgers⁷.

What happened

SunPower Corporation was founded in 1985 by Richard Swanson.⁵⁷ SunPower initially focused on high-efficiency photovoltaic cells for concentrated solar systems.⁷ SunPower completed its initial public offering in 2005.⁷ In 2020, SunPower spun off its manufacturing arm into Maxeon Solar Technologies.⁵ SunPower Corporation filed for Chapter 11 bankruptcy on August 5, 2024.¹²⁵⁷¹⁴

SunPower Corporation began the process of selling its assets after filing for bankruptcy.¹ Complete Solaria, Inc. purchased certain SunPower assets, including the Blue Raven Solar division, New Homes division, and the SunPower brand, in a transaction that closed on September 30, 2024.¹⁵ Complete Solaria did not take any interest in customer PPAs, leases, or solar systems installed before September 30, 2024.¹⁶ SunPower Corporation customers with systems installed before September 30, 2024 were directed to contact their lenders or SunStrong Management for service.¹⁶ Manufacturer warranties from companies such as Enphase, Maxeon, Qcells, Fronius, REC Solar, and Fimer were expected to remain valid for SunPower installations.²

Homeowners who purchased their systems with cash or a loan could seek service from any solar servicing company willing to do the work.² For leased or PPA systems, SunStrong Management was expected to facilitate repairs, but the timeline was unclear.² The SunVault battery system situation was complex because the batteries were SunPower branded and utilized components from multiple manufacturers.² Schneider Electric could not offer warranty coverage for the SunVault inverter because of SunPower's modifications.² Some SunPower customers reported paying thousands of dollars for solar systems that were not working properly, not fully installed, or caused damage to their homes.⁴

The Contractors State License Board filed an accusation against SunPower Corporate Systems that could result in revocation of its contractor license.⁴ The accusation included a complaint from a family in Piedmont who said SunPower left an access hole in their garage ceiling and damaged their roof.⁴ An industry expert found SunPower failed to meet accepted trade standards in that case.⁴ The accusation said it cost the family more than $22,000 to correct the roof.⁴ A hearing regarding the SunPower accusation was scheduled for April 14, 2025.⁴

Complete Solaria rebranded as SunPower Inc. in April 2025 and reclaimed the SPWR ticker on Nasdaq.⁵ SunPower Inc. is a new legal entity that did not assume the original corporation's debts or warranty obligations on a like-for-like basis.⁵ Maxeon Solar Technologies, the cell manufacturer spun off from SunPower, experienced financial collapse and was shut out of the U.S. market.⁵ Maxeon's revenue dropped from $371 million to about $39 million in a single half-year.⁵ Maxeon's largest shareholder, TCL Zhonghuan, moved to take a majority stake during the company's financial distress.⁵

SunPower Inc. raised $26.2 million in an equity private placement round in September 2026.⁸ The round was anchored by Foris Ventures, the family office of John Doerr.⁸ SunPower Inc. CEO T.J. Rodgers cited the loss of the Investment Tax Credit and Q2 2026 misexecution in the SunPower Direct division as reasons for the share price being under $1.⁸ SunPower Inc. reported current annual revenue of about $300 million and planned to grow profitably to $500 million the next year.⁸ SunPower Inc. described the U.S. residential solar market as a $7 billion market with only 6% of suitable homes using solar in 2026.⁸

SunPower Inc. presented potential ROI multiples of 4.0x to 11.4x based on several valuation scenarios.⁸ SunPower Inc. had a market capitalization of $65.56 million as of September 2026.¹³ SunPower Inc. had $5.21 million in cash and short-term investments, which was not sufficient to cover its annual cash burn of $60.30 million.¹³

Legal outcomes

• settledA class action lawsuit was filed on behalf of purchasers of SunPower securities between April 17, 2008 and November 16, 2009, alleging violations of federal securities laws.¹⁵
• settledThe 2008-2009 securities class action settled for $19.7 million in cash.¹⁵
• filedA class action lawsuit was filed on behalf of purchasers of SunPower securities between August 3, 2021 and January 20, 2022, alleging failure to disclose connector cracking issues.¹⁸
• settledThree former SunPower officers agreed to pay $11 million to settle a securities class action lawsuit alleging materially false statements.¹⁶
• pendingThe Contractors State License Board filed an accusation against SunPower Corporate Systems that could result in revocation of its contractor license.⁴

Where the founders are now

Richard Swanson founded SunPower in 1985.⁵⁷ T.J. Rodgers, who was a strategic investor and advisor to SunPower, later became CEO of Complete Solaria, which acquired SunPower assets.⁷

Sources

1. Acquisition Announcement & FAQ’s | SunPower®, us.sunpower.com
2. SunPower Bankruptcy: What Customers Need to Know, solarreviews.com
4. Bay Area SunPower solar customers claim they're out thousands amid company's bankruptcy, ABC7 San Francisco, 2024-10-12
5. SunPower in 2026: Status, Maxeon Split & Cell Sourcing, LinkSolar, Jul 13, 20
6. Warranty Information and Resources | SunPower®, us.sunpower.com
7. SunPower: The Rise and Fall of a Solar Icon, goodusefreewill.substack.com, 1 year ago
8. A solar company raises $26.2 million from Silicon Valley investors, Stock Titan, 2026-09-03
9. How Much Money Has Sunpower Raised?, startupfundraising.com
13. How to Buy Sunpower Stock: Invest in SPWR Shares Today (Sep 27, 2026) | WallStreetZen, wallstreetzen.com
14. Epiq 11, dm.epiq11.com, Aug 5, 202
15. SunPower Corporation | Bernstein Litowitz Berger & Grossmann LLP, blbglaw.com
16. Claim your share of the $11M SunPower securities class action settlement, Claim Depot, 2026-03-24
18. SunPower Corporation (SPWR) Securities Fraud Class Action | New Cases | Kessler Topaz, Kessler Topaz

How this case file was put together

Every statement on this page carries a numbered note, and every note points to a court record, a regulatory filing or a named publication in the list of sources. Each statement was checked against the text of the sources it cites before it was published: a figure, a date or a name the cited source does not contain was cut rather than kept. Allegations are shown as allegations, with their status at the time of the source (filed, charged, convicted, pleaded, settled, dismissed or pending). Quoted lessons are the words of the person or publication named with them, copied from the cited source; nothing here is our own opinion of why the company failed.

If a fact on this page is wrong, use "Report an error" below and attach the record that shows the correct fact. Every report is reviewed by a person before anything changes, and a corrected page says when it was last corrected.

All case files2024solar