SunPower Releases 2021 Environmental, Social, and Governance (ESG) Report

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Jun 09, 2022, 09:05 ET

Makes new commitments to decarbonize operations by converting its U.S. Fleet to Hybrid and Electric Vehicles

SAN JOSE, Calif. , June 9, 2022 /PRNewswire/ -- Today, SunPower Corp. (NASDAQ:SPWR) released its 2021 Environmental, Social and Governance (ESG) report. The report provides an update on its ESG programs and defined its ESG goals and commitments that set a new standard for the solar industry.

"A focus on ESG is built into our mission and fundamental to the impact we have on our customers, communities, and the planet," said Peter Faricy, SunPower CEO. "As leaders in the clean energy transition, we are committed to ensure that the benefits of solar are accessible to all and are going further to raise the bar for sustainable business operations."

Accomplishments highlighted in the 2021 report include:

Enabled clean energy deployments across the country. By deploying 528MW in 2021, SunPower enabled 14 million metric tons of carbon avoidance for our customers.
Established 25X25 commitments. Set measurable, category-leading goals to increase workforce diversity, expand access for customers in disadvantaged communities and ensure industry equity among women and people of color.
Introduced SunPower Financial^™. Introduced its financial services institution which helps expand solar access to underserved populations with no down payment, low monthly payments, higher credit limits and expanded eligibility options.
Supported its communities. Contributed 27,000 cumulative employee volunteer hours in 2021, aiming to reach a target of 40,000 by 2025.
Increased board and leadership diversity. At the close of 2021, 27% of board directors were women and 36% reported as race, gender, or ethnically diverse.

SunPower deploys electric vehicle fleet to help decarbonize supply chain, reduce fuel costs

In its 2021 ESG Report, SunPower also revealed its commitment to achieve net zero carbon emissions for U.S. downstream freight — from warehouse shipment to home delivery — by 2030. This initiative is expected to prevent more than 50 million pounds of carbon pollution, building on SunPower's heritage of sustainability.

In collaboration with fleet solutions provider Revolv, SunPower is introducing Volvo's VNR Electric Class 8 trucks at its distribution facility in Rialto, Calif., dispatched by global transport and logistics company Kuehne & Nagel. SunPower plans to convert 90% of its fleet to electric, utilizing more than 1,000 EV and hybrid vehicles, by 2030. SunPower's shift toward electric vehicles will reduce its greenhouse gas emissions by an estimated two percent in the first year alone and it anticipates saving more than $50,000 in fuel costs over the next 12 months. The company is on track to complete its first end-to-end decarbonized delivery via EV in June 2022.

The company also recently joined the Environmental Protection Agency's SmartWay Shipper program to help track and reduce emissions from goods movement. By becoming a SmartWay^® Transport Partner, SunPower will collaborate with other shippers and carriers on best practices for low carbon transportation solutions and further its environmental leadership and corporate responsibility.

"It's not enough to deliver a sustainable product to our customers. A true commitment to ESG means considering the impact of every part of our business," said Faricy. "By reducing the carbon footprint of our supply chain, we can make the environmental benefits of solar even greater."

For more information on SunPower's commitment to ESG, or to read the full report, visit: https://us.sunpower.com/why-sunpower/sustainability.

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 our initiatives to achieve net zero carbon admissions, including timelines, plans regarding our vehicle fleet, and anticipated impacts, including reductions in greenhouse gas emissions and expected cost savings; and our plans and expectations regarding our 25X25 initiative to help promote diversity, equity, and inclusion in our company and the solar industry and on expanding solar accessibility for historically underserved populations. 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, potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including impacts of the Covid-19 pandemic, and other factors, and challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage supplier relationships. 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 report on Form 10-K, 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.

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SOURCE SunPower Corp.