SunPower raises additional $5 million in convertible debt offering

SunPower Inc. (NASDAQ: SPWR) closed an additional $5 million private placement of senior convertible debenture notes, bringing total funding from its recent offering to $46 million, the company announced. The solar technology and installation company completed the incremental funding on top of its April 28 offering of $41 million.

The investment came from Fortis Capital, an entity associated with John Doerr, Chairman of venture firm Kleiner-Perkins, who participated in the original offering. SunPower stated the proceeds will provide increased liquidity for general corporate needs.

"The company has taken multiple steps to reduce the accumulated overhead costs from four acquisitions to create a steady-state cashflow breakeven in Q3'26," said CEO T.J. Rodgers in the announcement. Rodgers noted the company expects to reach cash flow breakeven in the third quarter and reported record bookings for that period.

The Orem, Utah-based company described itself as a residential solar services provider in North America, offering digital platform and installation services for customers transitioning to energy-efficient solutions.

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