SunPower Invests In American Solar Manufacturing
MAY 8, 2018
Agreement to Acquire SolarWorld Americas and Deploy SunPower's Performance Series (P-Series) Manufacturing Technology
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Apr 18, 2018, 08:30 ET
SAN JOSE, Calif., April 18, 2018 /PRNewswire/ -- A new chapter in American solar panel manufacturing is set to unfold with SunPower and SolarWorld Americas announcing SunPower's agreement to acquire 100 percent of the Hillsboro, Oregon-based SolarWorld Americas. A long-time solar industry pioneer, SolarWorld Americas is the leading American manufacturer of solar panels. Consistent with the desire to revitalize the U.S. high-technology manufacturing sector, SunPower (NASDAQ: SPWR) plans to inject fresh capital into the SolarWorld Americas facility and implement leading-edge, high-efficiency P-Series solar panel manufacturing technology.
"We are thrilled to announce this agreement to acquire SolarWorld Americas, one of the most respected manufacturers of high-quality solar panels for more than 40 years," said Tom Werner, SunPower CEO and chairman of the board. "The time is right for SunPower to invest in U.S. manufacturing, and SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market. P-Series technology was invented and perfected in Silicon Valley, and will now be built in SolarWorld Americas' factory, helping to reshape solar manufacturing in America."
"SunPower is the solar industry technology leader," said Jürgen Stein, CEO of SolarWorld Americas. "We are delighted that SunPower has agreed to inject fresh capital and their industry leading P-Series technology into SolarWorld Americas operations here in Hillsboro. Our hundreds of long-time employees are excited to be part of this next chapter in SolarWorld Americas' long history. We are thrilled about this acquisition as it means quite simply, that our company can look forward to redoubled strength as it continues to innovate and expand into the future. This outcome is ideal for SolarWorld Americas and its employees."
SunPower plans to ramp SolarWorld Americas operations to capitalize on strong U.S. market demand. The company will invest in factory improvements and increased working capital, while retrofitting a portion of the facility to produce P-Series solar panels, in addition to continuing to produce and ship SolarWorld Americas' legacy products. Like SolarWorld Americas, SunPower has spent decades perfecting its technology and manufacturing processes, and this announcement marks the company's return to U.S. manufacturing. The agreement is subject to necessary U.S. and German regulatory approvals and other closing conditions. At closing, which is expected in the next several months, SunPower will become the largest U.S. solar panel manufacturer.
The purchase price was not disclosed.
As one of the world's most innovative and sustainable energy companies, SunPower (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.