Posted on 08/06/2024 1:37:59 PM PDT by george76
A major solar company has just filed for bankruptcy as its business model is no longer viable in America’s current climate.
SunPower announced that it filed for Chapter 11 bankruptcy on Monday.
SunPower filed for bankruptcy in Delaware after a string of corporate struggles...
changes to California’s rooftop solar subsidy programs and high interest rates in Democrat President Joe Biden’s economy have weighed down its business.
Before it collapsed, SunPower was among America’s leading solar companies.
SunPower will look to sell some of its assets to rival solar company Complete Solaria.
Meanwhile, the company and some of its other subsidiaries filed for bankruptcy, SunPower said in its Monday announcement.
Tom Werner, SunPower’s executive chairman, said he hopes the bankruptcy and the Complete Solaria transaction will save some jobs.
“In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership.
“We are working to secure long-term solutions for the remaining areas of our business while maintaining our focus on supporting our valued employees, customers, dealers, builders, and partners.”
In 2023, state policymakers changed California’s rooftop solar subsidy programs, according to CalMatters.
The changes weakened the incentive for companies to push rooftop solar by reducing payments to homeowners who sell back excess power the panels generate.
those changes negatively affected SunPower’s business, culminating in its bankruptcy filing.
Prior to its bankruptcy, SunPower showed signs of distress.
In 2023, the firm defaulted on a credit deal and restated its earnings before getting a new CEO and restructuring.
The company also stopped all new solar shipments and installations in 2024...
Meanwhile, regulators in California are pushing drastic new proposals to keep the green agenda on track...
regulators are proposing plans for the California government to take control of oil refineries to manage energy price hikes as the state pushes to advance green agenda policies.
State officials have proposed a variety of government intrusions into the petroleum industry to combat future energy price surges.
The proposals were revealed in a new report released by the taxpayer-funded California Energy Commission (CEC).
The CEC expects some of California’s nine oil refineries to be shuttered due to falling demand as the Golden State continues to pursue its green agenda.
After they begin shutting down, the remaining refineries will have increased pricing power.
As such, it would raise the possibility of a surge in gas prices, the study concluded.
To solve this problem, the commission proposed a variety of government interventions.
Those interventions include expanded regulation on private refineries, the establishment of taxpayer-funded state-owned refineries, and an increase in imports.
When we had capitalism, people rewarded needed and good items with sales. 8 track cartridges and rotary dial phones were left behind.
Today, the socialist Dems reward companies selling unwanted EVs and solar panels, with taxpayer money and incentives.
Why it's almost as if all these rainbow and unicorn fart companies cannot operate without sucking money out of the taxpayers!
Imagine that....You do good raking in the government payload.
How do you like that? A solar company that cannot survive without on-going generous government hand-outs and corporate welfare.
Whoever would have thought that? Let me go find my shocked face.
So... Like all of these ‘green’ initiatives... No taxpayer money, no company.
It’s time to stop throwing money away and start investing it in real energy companies that make real money... Not phony companies that wouldn’t even exist without taxpayer handouts.
“Why it’s almost as if all these rainbow and unicorn fart companies cannot operate without sucking money out of the taxpayers!”
Assets were sold and expect to continue operation.
History repeats itself in ever fewer years cycles.
As long as it's government money and not costing California ratepayes or taxpayers anything - yeah, spend away.
If you can’t make it without Government subsidies why should the rest of us pay for it?
“unexpected”
Remember Obama Solyndra?
“changes to California’s rooftop solar subsidy program”
A subsidy program is no way to build a business plan, even with Demonrats in the Whitehouse and the California State Capital.
Just another welfare queen 👸
“…regulators are proposing plans for the California government to take control of oil refineries to manage energy price hikes as the state pushes to advance green agenda policies.“
Wow. I had no idea you could do that. Maybe I’ll take control of a few refineries too…
You do like to throw cold water on my rants.
:)
Shocking! Not.
“You do like to throw cold water on my rants.”
Nothing personal! :)
:)
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