Global sustainable energy company SunPower Corp. (SPWR:NASDAQ) today announced the introduction of its Equinox Storage, which the firm claims is the next major advancement in the company's Equinox energy platform, giving homeowners more freedom from utility outages, grid uncertainty and peak energy rates. The company indicated that homeowners with Equinox Storage can choose to store energy for full-home or partial-home backup during blackouts, reduce daily peak electricity consumption or any combination that best fits their needs.
SunPower reports that it offers energy independence with Equinox Storage and states that its leading solar technology paired with powerful battery, proprietary software and new mobile app gives homeowners control of their energy. The firm advises that it is combining high-efficiency solar with high-impact storage, and that Equinox Storage is made specifically for the company's Equinox Solar solution, which it claims is the only fully-integrated residential solar system designed, engineered and warranted by one company.
Norm Taffe, EVP of SunPower's North America residential solar, commented, "We're entering a new solar decade as storage adoption increases with the advancement of battery technologies, and with accompanying services becoming standard...For homeowners, Equinox Storage provides energy certainty and the power to make electricity allocation decisions, easing concerns with scheduled power outages, prolonged wildfire seasons, and unpredictable energy rates that are becoming more common...With up to 12 kilowatt hours of storage capacity, Equinox Storage gives homeowners the ability to keep lights on, essential appliances operating, internet connected, and more, which can be critical during an outage...Equinox Storage also automatically manages energy supply based on solar production, home electricity consumption, and utility rates to make the most efficient use of stored power every day."
The company states that with a low-profile design, Equinox Storage occupies less space than competing solutions, while leaving room for future storage capacity expansion. The firm says that it has matched hardware aesthetics with next-generation software capabilities to give homeowners direct control of how and when they use stored solar energy.
The firm indicates that Equinox Storage builds on SunPower's experience helping commercial customers like Whole Foods and Cabot Corporation lower peak energy demand from the grid with Helix Storage. The company has more than 15 megawatts of Helix Storage operating or under contract, and a pipeline of 136 megawatts.
Taffe elaborated further, "Helix Storage has helped our commercial customers reduce demand charges and save on electricity costs, while supporting the grid by reducing strain on distribution and transmission networks for operational efficiencies...We've used the same industrial-strength software and data platform to create our residential storage solution for homeowners".
SunPower plans to showcase its Equinox Storage at next week's Solar Power International (SPI), part of North America Smart Energy Week in Salt Lake City, Utah, and the company expects to expand availability nationwide throughout 2020. The firm advised that eligible SunPower Equinox Solar customers in California can pre-order Equinox Storage beginning in November with installation expected in the first half of next year. Qualified customers will also be able to finance Equinox Storage through its lending partners.
SunPower is based in San Jose, Calif., and identifies itself as one of the world's most innovative and sustainable global energy companies. The company delivers complete solar solutions to residential, commercial, and power plant customers. The company offers solar module technology and solar power systems designed to generate electricity; integrated smart energy software solutions that enable customers to manage and optimize the cooperation center of excellence measurement; installation, construction and ongoing maintenance and monitoring services; and financing solutions.
SunPower has a market capitalization of $2.1 billion. The firm has around 142.5 million shares outstanding and started the day with a short interest of about 13.5%. The stock price is up 208.85% year-to-date and 102.12% over the past one year. SPWR shares opened today at $14.39 (-$0.02, -0.14%) from yesterday's closing price of $14.41. Since the open today, the stock has traded up between $14.37 and $15.57/share and is currently trading at $15.25 (+0.84, +5.83%).[NLINSERT]
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