Business
Complete Solaria Agrees to Terms to Sell Certain North American Solar Panel Assets
FREMONT, Calif., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. (“Complete Solaria” or the “Company”) (Nasdaq: CSLR), a leading solar technology,
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[{"type":"text","content":"FREMONT, Calif., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. (“Complete Solaria” or the “Company”) (Nasdaq: CSLR), a leading solar technology, services, and installation company, today announced they have entered into a Non-Binding Letter of Intent to sell certain Complete Solaria’s North American solar panel assets to a global, tier-1 panel manufacturer. The agreement also includes a provision for the buyer to supply premium, high-power solar panels to Complete Solaria. Complete Solaria CEO, Will Anderson, said, “We are shifting our business away from manufacturing and toward our highest margin, most popular ‘total-service model’ in which we design, install, and warranty full solar systems. However, we will maintain access to our market-leading premium panels that support our end-to-end customer offering. Our Pro Partner installers will also benefit with access to a broader range of products. This is a great deal for us. It will supply valuable cash to the business, lower our operating costs, and help us achieve profitability sooner.” Further information about the transaction will be published in due course. Deal closing is expected by the end of September. There can be no assurance that the transaction will close. Key terms and closing schedule may be subject to change. About Complete SolariaComplete Solaria is a solar company with unique technology and an end-to-end customer offering, which includes financing, project fulfilment and customer service. Complete Solaria’s digital platform together with premium solar products enable one-stop service for clean energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. To learn more, visit: https://www.completesolaria.com. Forward Looking Statements This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and ...