Looks Like Suniva’s Finally Up For Sale (No, Really, We Mean It This Time)

Suniva

By Frank Andorka, Senior Correspondent

It appears Suniva may finally be ready to undergo the sale we’ve all been anticipating for more than a year.

SQN Capital Management, the company’s largest creditor and the one who once tried to get a $55 million payment from the Chinese Chamber of Commerce to make the trade case go away last May, announced that the bankruptcy court has finally awarded it full title to “the cutting edge technology, licenses, and manufacturing capacity” of the company. Which, most solar observers assume, means all that will soon be up for sale.

It’s the only logical outcome for Suniva, which last April filed the trade complaint that would shake the industry to its core and end in January with President Donald J. Trump imposing 30% tariffs on all imported solar modules. It is, of course, a bittersweet outcome and one that stands in stark contrast to what happened to its co-complainant, SolarWorld. I

In its own Cinderella story, SolarWorld was recently purchased by SunPower, who has pledged to keep the Oregon factory open, keep the workers employed and perhaps even hire more. The executives are walking away with golden parachutes and a huge payout. It’s a win-win all around.

Not so with Suniva. There’s been no announced plan to reopen any plants or restart manufacturing in either Atlanta or Saginaw, Michigan. Hundreds of people lost their jobs when Suniva shut down virtually overnight last year, and there hasn’t been any plan that indicates they’ll get their jobs back.

As we’ve talked about before, the Suniva part of this power play has always been about getting SQN its money back come hell or high water. It appears the bankruptcy court has just given SQN what it needed to make that happen for themselves. SQN has been hinting for months that it had a couple of interested parties in what’s left of Suniva if only it could get its hands on all the property from the court. Now they have it.

Let the bidding begin.

Will We All End Up Working For SunPower?: Module Company Launches Battery Partnership With sonnen

SunPower

By Frank Andorka, Senior Correspondent

SunPower is proving that you can be everything to everybody without trying to be the expert in everything yourself – a business model that could bode well for the company’s future as the U.S. solar industry continues to grow.

First, it purchased mid-tier module maker SolarWorld and announced plans to take over its Oregon manufacturing facility to broaden the scope of its module products. Tuesday, it announced it was selling its microinverter line to industry powerhouse Enphase and converting its AC module line to Enphase inverters instead of continuing to manufacture the products themselves. Which brings us to yesterday and the partnership with energy storage giant sonnen.

“SunPower is the solar industry’s gold standard for superior solar products and services which fits perfectly with sonnen’s leadership in developing intelligent and high performing residential energy storage systems,” said Blake Richetta, Senior Vice President and head of sonnen’s U.S. division, in a press release. “This new program is an ideal marriage between two innovative companies who possess a similar vision to provide premium technology that leads us to a clean and reliable energy future. We are eager to integrate our products and systems with Equinox and offer a premier and comprehensive solution for the growing solar + storage marketplace.”

As with the Enphase partnership, the new sonnen program centers around pairing the company’s energy storage offering with SunPower’s Equinox home solar energy systems. And, much like the deal with Enphase, it’s a partnership that benefits both parties.

SunPower dealers can now offer their customers a full system, from modules to inverters to storage, with no fuss and no muss. sonnen gets U.S. exposure and a built-in distribution system through SunPower’s integrated solar installers’ list.

Quietly, without much fanfare and almost in the background, SunPower is assembling a team that could position it to be the country’s leading solar company before long.

Somewhere, SunPower CEO Tom Werner is smiling.

Welcome Back, Enphase, To The Realm Of The Possibly Profitable

By Frank Andorka, Senior Correspondent

What Happened:Reviews of Enphase’s Q1 2018 continue to be unusually positive, signaling that maybe its financial struggles may be receding in the rearview mirror.

  • Roth Capital continued to cheerlead from the sidelines after switching the company’s stock to a “buy” in February.
  • And the North Bay Business Journal breathlessly reported that Enphase may finally be on the brink of profitability.

Enphase

SolarWakeup’s View:  For me, this is a nice-time story.

[wds id=”3″]

Enphase was one of the first companies with whom I met when I first joined the solar industry in 2011. Their microinverter was creating quite the buzz, and they looked like a company that would make it so big in solar microinverters that they would be printing money for the foreseeable future.

But in recent years, it had struggled to maintain its marketshare in the face of stiff competition from SolarEdge. most famous within the trade media for their jugglers and unicyclists at trade shows. The fact is Enphase had lost a step, and as recently as last year some worried it would fade away entirely.

Not so any more.

After narrowing its losses and naming a new CEO from the semiconductor industry, the company seems to have found its footing. It continues to cut costs out of its business model aggressively and appears to be on the verge of making a full comeback.

I’ll admit that I have a soft spot in my heart for Enphase because of their position as one of my first contacts in this industry I’ve come to love, so I’m glad to see them make a comeback, and I’ll be rooting for them in this corner.

And I’m always in favor of more competition than less – so I’m also hoping this forces SolarEdge to up their game even further as this competition returns to health.

This article was edited on 4/17/2018 to remove a reference to Enphase avoiding the tariff web, as it has not done so – and neither has anyone else because the comment period just ended. The editor regrets the error and thanks Rob Grimaldi (@cosmosrob1) on Twitter for catching that mistake.

More:

After a dozen years, Enphase Energy could be on the brink of making money (North Bay Business Journal)

Enphase Energy should be bought on any weakness, says Roth Capital

Enphase CEO Paul Nahi steps down during second-quarter earnings call

Wait, Enphase Did What Now?