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SunPower Corporation
TypePublic company
IndustrySolar Energy
Founded1985; 36 years ago (1985)
Key people
Peter Faricy (CEO)
ProductsSolar panels
RevenueIncrease US$1.864 billion (2019)
Increase US$1.726 billion (2018)
Decrease US$-849 million (2018)
Decrease US$-900 million (2018)
Total assetsDecrease US$2,353 million (2018)
Total equityDecrease US$-209 million (2018)
Number of employees
2,200 (January 2021)
ParentTotalEnergies (66%)
Footnotes / references
Financials from SunPower Corporation [1]

SunPower Corporation is an American company specializing in solar power generation and energy storage.


The initial technology and ideas that led to the creation of SunPower started from solar power research projects in the lab of Richard Swanson, a professor of electrical engineering at Stanford University. On April 24, 1985, EOS Electric Power was officially incorporated by co-founders, Richard Swanson and Richard (Dick) Crane, an engineer in Swanson's lab.[2] Robert Lorenzini later joined and the company's name was changed to SunPower in 1988. The original plan was to develop and market solar concentrator systems and the next couple years were spent securing funding.

In August 1990 the company received a research and development contract from EPRI and the US Dept. of Energy. Along with the financial support from two venture capital firms, SunPower now had the funding to begin manufacturing. Two years later, SunPower began shipping concentrator cells to customers. In 1993 SunPower's back-side contact solar cells powered Honda's Dream solar car to victory in the annual Darwin to Adelaide race across Australia (World Solar Challenge) beating the second-place winner by one full day. In 2001, the company's solar cells were solely used on the NASA Helios high altitude aircraft which set an altitude record of 96,800 feet (29,500 m), a world record for sustained horizontal flight by a winged aircraft.

In 2002, Cypress Semiconductor invested $8 million in SunPower. The following year Tom Werner joined as CEO. In 2004, SunPower opened manufacturing facilities in the Philippines and Bavaria. The company held an IPO in 2005.[3]

In January 2007, SunPower acquired PowerLight Corporation, a large-scale solar power systems company.[4][5] In February 2010, it acquired Europe's SunRay Renewable Energy for $277 million.[6]

In April 2011, Total S.A. agreed to buy 60% of SunPower for US$1.38 billion.[7] In December 2011, the company announced an agreement to acquire Tenesol SA.[8] In 2013 SunPower acquired Greenbotics, Inc., maker of robotic solar panel cleaning products and services for large-scale solar power plants.

In April 2018, SunPower announced it would acquire SolarWorld Americas to expand domestic manufacturing capabilities.[9] The sale was concluded in October 2018, and the company took over SolarWorld's large manufacturing facility in Hillsboro, Oregon, the same month.[10]

In March 2019, SunPower announced it would buy out membership interests in a number of leaseback holding companies with a number of financial organizations, including Wells Fargo Bank, PNC Bank, MetLife, Regions Bank and SunTrust.[11]

In September 2019, the company announced it would offer a residential solar battery storage product that integrates seamlessly with its SunPower Equinox system. The product has since been released under the name SunVault and is expected to be available nationally in 2021.

In November 2019, SunPower announced it would split into two independent publicly traded companies - SunPower and Maxeon Solar Technologies (NASDAQ:MAXN).[12] The transaction officially closed in August 2020 with SunPower’s global solar panel manufacturing capabilities and global sales operations transferring to Maxeon Solar Technologies. Maxeon continues to manufacture and sell solar panel technology under the SunPower brand outside of the US and Canada.[13] Jeff Waters, formerly the lead of SunPower’s technologies business, became the new CEO of Maxeon Solar Technologies and Tom Werner remained CEO of SunPower. Tianjin Zhonghuan Semiconductor Co invested $298 million in Maxeon Solar Technologies and holds a 29% stake in the company. SunPower shareholders hold the rest. [14]

SunPower and Maxeon Solar Technologies remain tightly tied financially. SunPower agreed to buy only Maxeon residential panels for two years after the split and commercial panels for one year. These agreements may be extended. In addition, Maxeon agreed to work exclusively with SunPower in the U.S. market.

The French oil group Total has increased its stake in SunPower by acquiring an additional 676,000 shares from the American solar panel producer, according to a regulatory document filed with the SEC, the gendarme of the American stock exchange. Total acquired these shares between February 13 and 14 at a price between $8.27 and $8.90 per share, according to the statement.

In addition, SunPower entered into an agreement with Total's solar energy subsidiary, Total Solar, to repurchase $56.4 million of its bonds due 2021. SunPower stock jumped 13.5% at the end of the session on Wall Street to $10.5. Total, which entered Sunpower's capital in 2011 to expand into renewable energies, holds directly with its subsidiaries more than 82 million shares of the company, according to the SEC document. Including the convertible bonds, Total holds more than 90.6 million SunPower shares with its subsidiaries, or 51.25% of the share capital.[15]

Peter Faricy replaced Tom Werner as CEO on April 19, 2021.[16]


The company's main product is a high-efficiency solar cell, trademarked "Maxeon", the same size and shape as conventional 6-inch/160 mm single-crystal silicon cells, packaged into conventional 60-cell solar panels. The cells have a conversion efficiency of 25.2%, and each panel produces up to 360 W; typical conventional panels produce up to 250 to 270 W.[17][18] The design features of Maxeon cells also facilitate their use in more efficient and technically challenging concentrator photovoltaics applications,[19] such as the company's C7 technology at the Fort Churchill Solar Array.[20]

Silicon solar cells typically consist of a thin layer of silicon chemically treated to produce an electrically active layer near the front that produces electricity when the sun shines on it. Collecting that energy is normally handled via a series of very fine wires embedded on the front. There is an inherent paradox in the wiring design; larger wires lower electrical resistance and improve energy collection but reflect light that would otherwise reach the cell and improve energy creation. The wires are normally made of silver for a variety of reasons, although less expensive copper and aluminum wiring has been attempted with no great market success. The circuit is completed by a thin layer of aluminum that is deposited on the back of the cell.

The Maxeon design starts with the same basic silicon cell, but changes the electrical connections. The silver wiring on the front is eliminated and both the positive and negative electrode fingers are deposited on the back of the cell, eliminating light blockage.[21] The back of the cell replaces the thin aluminum layer with a thicker copper one, which both improves electrical performance as well as offering a much more physically robust platform while eliminating corrosion that occurs in the aluminum over time.[22] On June 23, 2010, The company announced that it has produced a full-scale solar cell with a sunlight to electricity conversion efficiency of 24.2 percent, a world record confirmed by the U.S. Department of Energy's National Renewable Energy Lab (NREL).[23] However, EnergySage only rates SunPower photovoltaic cells as 22.2% efficiency at maximum, at the top of an 'efficiency range' of 16% to 22.2% - though at the top of its list of the best five solar cell production companies in America.[24]

After the cells are constructed, conventional assembly system uses a robot to place the cells into a grid of 6 columns of 10 cells - other arrangements are used, but rare outside commercial settings. As they are placed, wiring consisting of a strip of silver is woven between the cells and soldered to the connectors on the front and back. A small amount of space is required between the cells to allow the strips to pass over and under the cells. The layout takes place on top of a plastic sheet known as the backsheet, and the cells and wiring are glued to the sheet as the assembly advances. When the glue dries, the resulting laminate is ready for assembly into a panel, which consists of gluing the cell side of the laminate to a glass sheet, adding a junction box for electrical connections, and adding an aluminum frame around the outside for mechanical robustness. Different assembly systems may use different steps, but the end result is a glass sheet on top, cells and wiring in the middle, and the backsheet on the back.

The company's panels are similar in concept and layout, but include a number of additional changes to further improve the system. Instead of using silver strips to connect the cells together, which is no longer needed due to the lack of silver on the cells, its panels use a robust edge-connector that includes a built-in strain relief to reduce mechanical stress. According to the company, these changes eliminate 85% of the failures in conventional designs, which is due primarily to corrosion and electrical breaks. Only 14% of failures are due to cell or component failures.[22]

Development in stock exchange[edit]

The company's shares have been listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009.

See also[edit]


  1. ^ "SunPower Corporation" (PDF).
  2. ^ Richard M. Swanson (2014). "The Story of SunPower". In Palz, Wolfgang (ed.). Solar Power for the World. Singapore: Pan Stanford Publishing Pte. Ltd. pp. 227–256. ISBN 978-981-4411-87-5.
  3. ^ "SunPower IPO Jumps 41 Percent". Retrieved 2018-04-18.
  4. ^ "The company History". 2012. Retrieved 2012-12-28.[self-published source]
  5. ^ Lacy, Stephan (15 November 2006). "SunPower to Acquire PowerLight".
  6. ^ "UPDATE 2-SunPower to acquire Europe's SunRay for $277 mln". Reuters. 11 February 2010.
  7. ^ Herndon, Andrew; Martin, Christopher; Goossen, Ehren (2011-04-29). "Total Agrees to Buy SunPower for $1.38 Billion in Renewable-Energy Push". Bloomberg. Retrieved 2011-04-30.
  8. ^ Williamson, Kari (29 December 2011). "Total and SunPower bring solar business under one roof". Renewable Energy Focus.
  9. ^ Groom, Nichola. "SunPower buys U.S. rival SolarWorld to head off Trump tariffs". U.S. Retrieved 2018-04-18.
  10. ^ Pursinger, Geoff (October 16, 2018) [online date October 15]. "SunPower takes over SolarWorld plant". Portland Tribune. p. A6. Retrieved 2018-10-18.
  11. ^ "SunPower 8K Filing". 27 March 2019.
  12. ^ "Home | Maxeon Solar Technologies, Ltd".
  13. ^ "SunPower Completes Spinoff of Manufacturing Assets to Newly Formed Company Maxeon".
  14. ^ "Industry-Leading Companies | SunPower Global".
  15. ^ "Total se renforce dans le capital de SunPower". Tecsol blog.
  16. ^ "SunPower Taps Amazon Veteran as CEO to Sell Solar to The Masses". 2021-03-25. Retrieved 2021-08-18.
  17. ^ "X-Series Solar Panels" (PDF).[self-published source]
  18. ^ "X-Series Solar Panels". SunPower - United States. 2014-07-25. Retrieved 2020-11-30.[self-published source]
  19. ^ "The State of LCPV Commercialization". SunPower. October 18, 2012.
  20. ^ "SunPower Concentrated Photovoltaic C7 Tracker Delivers Lowest Cost for Utility-Scale Solar Power Plants". SunPower. October 18, 2011.
  21. ^ "Maxeon Gen II Solar Cells" (PDF). March 25, 2019. Archived from the original (PDF) on 2019-03-25.
  22. ^ a b "Performance Beyond Compare". SunPower USA. 24 July 2014.[self-published source]
  23. ^ "SunPower Sets Solar Cell Efficiency Record at 24.2%". Renewable Energy World. 24 June 2010.
  24. ^ "Best Solar Panels in 2020 [Complete List] | EnergySage". July 13, 2020.

External links[edit]