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New investments and strategic alliances support the economic and resiliency benefits of solar and storage across the nation teams up with McKinsey & Company, National Association of Women Business Owners, Grid Alternatives and Solar Energy International to help attract, retain, and train women for careers in solar
RICHMOND, Calif., September 20, 2022 — SunPower (NASDAQ: SPWR), a leading residential solar technology and energy services provider, unveiled progress toward the Company’s diversity, equity, and inclusion (DE&I) commitments aimed at providing families, jobseekers and businesses that have been historically marginalized, increased access to the many benefits of solar and energy storage. In its first year working towards the 25X25 commitments, SunPower invested in economic opportunities for women in energy, fostered new strategic alliances to increase equitable job opportunities, and expanded SunPower Financial’s suite of solutions to help reduce barriers to solar adoption.
“At a time when demand for better, cleaner energy is stronger than ever before, we need to be proactive in our efforts to ensure the availability of the latest products and technologies — as well as the jobs and economic impact that come with them — are equitable,” said Maribelle Bostic, head of diversity, equity, and inclusion at SunPower. “Our 25×25 commitments are a catalyst for action and the progress we have made in our first year is promising.”
SunPower 25×25 widens the impact of solar and storage with ambitious targets to increase workforce diversity, expand access to disadvantaged communities, and create industry equity. Notable achievements within each of the 25X25 categories since establishing the initiative in September 2021 include:
Prioritizing workforce diversity to advance equity and innovation
Across the solar industry, women make up roughly 30% of the workforce compared to 47% of the overall U.S. workforce according to the United States Energy & Employment Report 2022. To support its goal of achieving a 40% women employee base by 2025, SunPower Foundation awarded $100,000 to Grid Alternatives and Solar Energy International (SEI) to enhance their solar training programs for women. This aims to provide more women access to careers out in the field from solar installers to electricians. The Company also plans to pilot a leadership development program with McKinsey & Company for women and minorities in management positions, set to launch this October.
Expanding solar access across disadvantaged communities
SunPower introduced financing solutions to make solar panels affordable for more U.S. homeowners with SunPower Financial, an in-house financial services institution. SunPower Financial offers loans with higher credit limits and expanded loan eligibility to borrowers with a wider range of credit scores. It also offers products for shared roofs and manufactured homes to better meet the needs of communities that have been disproportionately impacted by climate change.
Spreading economic benefits of solar more equally across the U.S.
To promote equity in solar, SunPower is targeting 25% growth in dealers and subcontractors by certified minority- and women-owned businesses by 2025. To meet this goal, the Company hosted regional job fairs and solar workforce training programs with Latin Business Association and National Association of Women Business Owners – providing diverse-owned companies better opportunities to do business with SunPower as dealers, suppliers, and contractors. SunPower is also working with Black Owners of Solar Services (BOSS) to co-develop a mentoring and sponsorship program to connect Black-owned solar businesses to opportunities within SunPower’s dealer program.
The company is developing a supplier diversity program in partnership with the National Minority Supplier Development Council, focused on growing direct and indirect spending with diverse businesses.
To see all SunPower’s progress against its 25X25 goals, visit sunpower.com/25×25.
About SunPower
SunPower is a leading solar and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding business plans and timelines and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
