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Complete Solaria acquired parts of SunPower’s business late last year following the latter’s declaration of Chapter 11 bankruptcy. Image: SunPower.
US residential solar company Complete Solaria will change its name to SunPower, resurrecting the name of one of the longest-running US solar companies, which folded last year.
Complete Solaria acquired parts of SunPower’s business late last year following the latter’s declaration of Chapter 11 bankruptcy.
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“We are going to use our SunPower brand name, so our shareholders can benefit from the name of the oldest and most famous Silicon Valley solar company founded 40 years ago in 1985,” said Complete Solaria chairman and CEO T.J Rodgers. “We are in the process of formally changing our name to SunPower and our stock market ticker symbol to SPWR.”
SunPower fell apart over the course of 2024. After reporting net financial losses in 2023, its CEO stepped down in February last year. PV Tech Premium then heard that investors were “feeling uneasy” about the company’s shift to the residential solar sector, and in April the company announced 1,000 job cuts and admitted to misstatements in its financial reporting.
By August, it had filed for bankruptcy and Complete Solaria was awarded a bid on its assets by September.
Complete Solaria also announced that it will present its 2024 financial results next week.
Rodgers said: “The audited financials for Q4’24 and as-yet unaudited Q1’25 financials will be presented to fully detail [Complete Solaria]’s first two complete US$80 million-plus quarters after the SunPower asset acquisition. These results establish the ‘New’ CSLR as a US$300 million-plus annualised residential solar installer, ranked fifth in that market, in which only two companies have over US$1 billion in revenue, SunRun and Freedom Forever.”
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