- SunPower filed for bankruptcy on Monday.
- SunPower will initially be the installer of GM’s home energy storage system.
- A decade ago, SunPower was the most popular choice among solar system installers.
Solar company SunPower, once designated as the installer of General Motors’ home energy storage systems, has filed for Chapter 11 bankruptcy in the United States.
As reported by ElectronicSolar filed for bankruptcy in Delaware court late Monday. In the filing, SunPower reported assets and liabilities of between $1 billion and $10 billion and said it would sell some parts of its business to Complete Solaria for $45 million in cash.
2024 Chevrolet Silverado EV with GM Ultium Home Power System
A decade ago, SunPower was most popular choice among major corporations looking to add solar installations. But in recent years, they appear to have struggled to keep up with competitors on cost. And Tesla’s continuing struggles With the help of solar energy, this is not an easy market to penetrate.
SunPower is also at the forefront of convergence of EV charging and solarWith its partnership with Wallbox in 2021, the company is all but guaranteed to have a role in merging these market segments. GM originally chose SunPower as the installer for its Ultium Home system, but the automaker announced a few months ago that it would be switching to Qmerit.
2024 Chevrolet Silverado EV with GM Ultium Home Power System
“GM and SunPower reached a mutual decision to discontinue their partnership earlier this year. GM Energy remains committed to providing residential products to customers along with preferred installer, Qmerit,” the automaker said in a statement.
GM said in 2023 that it will Add two-way charging to all electric vehicles uses its Ultium component suite, with its vehicle-to-home (V2H) hardware provided in its new purchase GM Energy Business allows these EVs to act as backup power sources. That hardware comes in the form of the Ultium Home V2H Bundle GM last year details.
