TJ Rodgers at heart of US solar panel consolidation
The founder of Cypress Semiconductor, TJ Rodgers, has emerged as the key figure in the takeover of a US solar panel firm.
TJ Rodgers took over as CEO of Complete Solaria in April, and is looking to acquire the assets of competitor SunPower for $45m in cash. This comes as the US government is offering $7bn in grants for ‘solar for all’ installation of panels across the country through 60 state organisations.
“I became CEO of Complete Solaria for arguably humanitarian reasons, I’m 76 years old and the world left a crying, CEO-less baby on my doorstep,” said Rodgers. “Now, I’m hooked on Complete Solaria. While my silicon world was more complex and technical, my solar world has technological components – intriguingly combined with bare-knuckle, cash-flow, live-or-die economics.”
Complete Solaria was formed from the merger of Complete Solar with a digital power management system and solar panel maker Solaria in 2022 which developed a ‘pure black’ 400W solar panels that avoids power bus bars to eliminate dead spots and failure points and have enhanced shade performance. These panels are made at a semiconductor plant in Lehi, Utah, where there are also two Texas Instruments chip fabs after the company bought a fab from Micron.
In July the company acquired Utah solar panel installer Core Energy after cancelling $67.6m in debt from two private equity (PE) providers, Carlyle and Kline Hill Partners. Rodgers provided the $18m investment to make this happen.
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SunPower spun out its panel manufacturing business as Maxeon Solar Technologies, originally set up as part of Cypress, separate from the installation business that Complete Solaria is the lead to acquire after a Chapter 11 filing. Solaria also sold its panel assets to Maxeon in 2022, providing a common source for both companies.
“For nearly 40 years, SunPower has made solar energy more accessible to Americans, driven by our mission to change the way our world is powered. We are confident Complete Solaria’s CEO, T.J. Rodgers, will carry forward our vision to shape the future of residential solar as a pioneer in this space,” said Tom Werner, Executive Chairman at SunPower.
“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.”
“We look to welcome Blue Raven Solar, the SunPower New Homes Division, and a portion of SunPower’s Dealer network into the Complete Solaria portfolio,” said Rodgers. “This acquisition will strengthen our position in the market and put more muscle behind our commitment to driving the future of clean, reliable energy.”
“I am a Silicon Valley entrepreneur whose first company, Cypress Semiconductor, was funded by iconic Sand Hill Road firms: Kleiner Perkins, Sequoia, and Mayfield – all storied and ethical venture funds that exist to build companies not only with funding but also with their direct involvement, just as I am now doing at Complete Solaria,” said Rodgers, who was previously worked with Enphase Energy and silicon battery developer Enovix.
Selected applicants for the $7bn Solar for All programme will be finalized this summer and selected applicants will begin funding projects through existing programs and begin expansive community outreach programs to launch new programs in the fall and winter of this year.
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