Friday, November 4, 2011

SunPower Reports Third-Quarter Losses of $370 Million

By Nate Seltenrich
Fri, Nov 4, 2011 at 10:42 AM

San Jose-based solar energy company SunPower, which has offices and a plant in Richmond, has announced third-quarter losses of more than $370 million, reported Bloomburg Businessweek this morning. This is more than double its second-quarter 2011 losses of $147.9 million. The company, which on September 30 was awarded a $1.2 billion loan guarantee similar to the $535 million federal loan awarded to now-bankrupt Fremont company Solyndra, also announced that it will restructure the company to adapt to changes in the market and position itself for better results in 2012. Unlike Solyndra, however, SunPower uses standard polysilicon for the majority of its products.

Increased competition from China has resulted in oversupply, reduced demand, and dropping prices, challenging more than just SunPower. Thin-film panel manufacturer FirstSolar, based in Tempe, Arizona, but with a large office in downtown Oakland, also announced yesterday that it will reorganize in response to market changes.

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