Complete Solaria discusses SunPower acquisition opportunity

Complete Solaria (CSLR) had received a coveted “Stalking Horse” position in the SunPower (SPWR) Chapter 11 bankruptcy. 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 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, Complete Solaria and Core Energies. 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. T.J. Rodgers, Complete Solaria CEO, said, “I became CEO of Complete Solaria for arguably humanitarian reasons, I’m 76 years old and the world left a crying CEO-less baby on my doorstep. Now, I’m hooked on Complete Solaria. While my silicon world was more complex and technical, my solar world has technological components – intriguingly combined with bare-knuckle, cash-flow, live-or-die economics. I’m in.”