SunPower’s Bankruptcy Shakes Up GM’s Ultium Energy Plans as EV and Solar Sectors Converge

Solar energy firm SunPower, previously selected to install General Motors' Ultium Energy domestic storage units, has initiated Chapter 11 bankruptcy proceedings in the United States.

According to Electrek, SunPower has officially declared bankruptcy with a submission to a court in Delaware on Monday evening. The documents revealed that the company has assets and liabilities ranging from $1 billion to $10 billion. Moreover, SunPower announced its intention to divest certain segments of its business to Complete Solaria, with the transaction valued at $45 million in cash.

The 2024 model of the Chevrolet Silverado EV will be equipped with GM's Ultium

Ten years back, SunPower was the favorite among large companies looking to install solar panels. However, lately, it appears to be falling behind its rivals when it comes to pricing. Moreover, Tesla's ongoing difficulties with its solar business highlight the challenges of making a mark in this industry.

SunPower positioned itself at the forefront of integrating electric vehicle charging with solar energy through a 2021 collaboration with Wallbox, securing its involvement in the blend of these industry sectors. Initially, General Motors selected SunPower to set up its Ultium Home units. However, a recent decision by GM has led to a shift, with installation responsibilities now handed over to Qmerit.

The 2024 model of the Chevrolet Silverado, which is an electric vehicle, comes equipped

General Motors and SunPower mutually agreed to cease their collaboration earlier in the year. GM Energy continues to be dedicated to providing its home energy solutions to consumers in partnership with its chosen installation provider, Qmerit, as stated by the car manufacturer.

In 2023, General Motors announced its intention to equip all electric vehicles built with its Ultium system with the capability for bidirectional charging. This feature, supported by the vehicle-to-home (V2H) equipment provided by GM's newly established GM Energy division, will enable these electric vehicles to act as emergency power supplies. The equipment in question is the Ultium Home V2H Bundle, which GM had previously outlined the previous year.

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