OVERLAND PARK, KS / ACCESSWIRE / August 8, 2024 / Tortoise Capital today announced that SunPower Corp (NASDAQ:SPWR) will be removed from the Tortoise Decarbonization Infrastructure IndexSM (DCRBN) as a result of its announced bankruptcy and asset purchase agreement with Complete Solaria, Inc. SPWR will be removed from the index when the market opens on Aug. 9, 2024.
LEHI, Utah, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. (“Complete Solaria” or the “Company”) (Nasdaq: CSLR), a leading solar technology, services, and installation company, today announced that it had received a coveted “Stalking Horse” position in the SunPower (Nasdaq: SPWR) Chapter 11 bankruptcy (https://newsroom.sunpower.com/2024-08-05-SunPower-Announces-Stalking-Horse-Asset-Purchase-Agreement-with-Complete-Solaria-to-Sell-Blue-Raven-Solar,-New-Homes,-and-its-Non-Installing-Dealer-Network). As the stalking horse bidder, Complete Solaria enjoys some benefits in the Chapter 11 legal process, including setting the first bid, and, more importantly, the right to negotiate the Asset Purchase Agreement (APA) with the SunPower team. The third-generation plan of our jointly created APA describes a new company created with the top employees from three solar companies from Salt Lake’s “Solar Valley,” the home to over 20 solar companies. The three companies are Blue Raven (from Orem), Complete Solaria (from Lehi), and Core Energies (from Logan). These three companies would then combine with SunPower’s expensive but very competent organization to become a cost-competitive solar power-house. The plan lowers our current headcount from 2587 to 1273, while still retaining our key Silicon Valley brain trust.
