Sunpower Inc. · NASDAQ:SPWR

Sunpower — Complete Solaria — SPAC Merger (February 2023)

45 slides from Sunpower's SPAC merger presentation, Feb 13, 2023

Slide 1: Analyst Day Presentation
Exhibit 99.1 Analyst Day Presentation February 13, 2023
Slide 2: Disclaimer
Disclaimer This presentation may not be retained by you, and neither this presentation nor the information contained herein may be reproduced, redistributed or provided to any other person or published, in whole or in part, for any purpose, without the express and prior written consent of Complete S
Slide 3: Disclaimer
Disclaimer NEITHER THE SEC NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. This presentation contains information concerning Complete Solaria’s products, services and industry, including mark
Slide 5: Today's Agenda
Today’s Agenda 1. Welcome Remarks Will Anderson, CEO 2. FACT Investment Thesis Tidjane Thiam, Executive Chairman, Freedom Acquisition I Corp. 3. Company Overview and Differentiators Will Anderson, CEO 4. Complete Solaria Growth Strategy Vikas Desai, President, Solaria Mark Swanson, COO, Solaria 5. F
Slide 6: Our Mission
Our Mission Provide innovative, end-to-end solar energy solutions and an exceptional customer experience. 6 ©2023 Complete Solaria 02/13/2023
Slide 7: Products, software, and model deliver better customer results
Complete Solaria’s products, software, and model deliver better customer results The Company controls every link in the value chain Premium Solar Modules Software Solutions Sales Partners Finance Products Customers End-to-End Fulfillment Platform Install Network Long Term Cust. Support 7 ©2023 Compl
Slide 8: Combining capabilities and capital to drive successful results
Combining capabilities and capital to drive successful results Merger and deSPAC Announcement Complete Solaria, FREEDOM Complete Solaria is ACQUISITION Inc. is born out of CORPORATION undergoing a the recent merger deSPAC transaction between Complete with Freedom Solar, Inc. and The Acquisition I Co
Slide 9: Bridge round ahead of deSPAC led by renowned investors
Bridge round ahead of deSPAC led by renowned investors Building a team of investors, directors, and operators to drive success ▪ World-class investors supporting Complete Solaria ▪ Validation of the company’s vision TJ Rodgers and market approach ▪ Exacting financial management and oversight John Do
Slide 11: FACT's thesis centered around an investment into a secular growth industry
FACT’s thesis centered around an investment into a secular growth industry… The market for solar is significant and growing rapidly; strong tailwinds support building momentum 637 1 Cumulative Capacity of Installed PV-Solar (GW) Market forces and policy continue to 558 propel the solar industry: 487
Slide 12: Where penetration rates are low
… where penetration rates are low … The US residential solar market is still untapped, and will likely remain so even after the next 10 years of growth 1 2 Jan 2023 Jan 2033 Single-family homes TAM: 96 Million Single-family homes TAM: 89 Million 19% Market Penetration 4% Market Penetration 18 Millio
Slide 13: Unit economics are attractive
… and unit economics are attractive … While the levelized cost of solar has decreased, utility retail rates are rising 1.00 17.0 1 2 Levelized Cost of Solar Energy ($/kWh) Recent Retail Electricity Price Trends (cents/kWh) 16.0 +111% 15.0 0.80 14.0 13.0 12.0 0.60 11.0 10.0 9.0 0.40 8.0 7.0 0.20 6.0
Slide 14: Significant opportunities to create value for consumers
… offering significant opportunities to create value for consumers Solar systems offer immediate savings vs utility bills and substantial value over the life of the system 1 Indicative Savings with Solar Displaced Utility Bill Solar System Payment 5,000 4,500 4,000 Substantial 3,500 consumer 3,000 s
Slide 15: Positioned to grow in a large and untapped market
Our investment in Complete Solaria positions the company to grow in a large and untapped market … Complete Solaria Solar Deployments (MW) 73 2023 Forecast implies 187% Y/Y EU, Modules & Systems US, Modules & Systems ~3.4% 194 15 1 U.S. residential solar market share 78 2022 2023 15 1- Bloomberg New
Slide 16: Expand the business into new geographies
… and expand the business into new geographies An existing network of Pro-Partners provides a foothold for further expansion into the attractive European market Cumulative PV-Residential Solar Installed Capacity in Europe European Footprint of Complete Solaria’s Pro-Partners 1 (GW) 201.2 +17% 100.6
Slide 17: Complete Solaria is an attractive growth equity investment
Complete Solaria is an attractive growth equity investment Simple P&L Rapid, Highly-Visible Scalable, Asset-Light Growth Model Network model with a cash-based Best-in-class fulfillment network Low capital intensity and contract P&L and high free cash flow and differentiated panels manufacturing conv
Slide 18: High-quality management team and distinguished Board
We are combining with a high-quality management team and distinguished Board Management Team Select Board Members & Investors Will Anderson Tony Alvarez CEO TJ Rodgers President • Co-Founder, Chairman of Board Board Member • CEO, Director Solaria Complete Solar • SunPower Chairman at IPO • C-Level p
Slide 20: Complete Solaria is a next-generation residential solar company
Complete Solaria is a next-generation residential solar company Mix of in-house and coordinated partner activities utilizes industry capabilities and creates a seamless offering Merge with Company Solaria First PPA 1 Founded offering HelioTrack: speed, HelioQuote: communication Design & optimized De
Slide 21: Manage the entire value chain at scale
Complete Solaria can manage the entire value chain at scale We are bringing a unique model to the residential solar market Upstream Value Chain Downstream Value Chain Manufacturing Phase Deployment Phase Product Project Manufacturing Distribution Sales Installation Financing Software Sample Companie
Slide 22: Complete Solaria Differentiators
COMPLETE SOLARIA DIFFERENTIATORS Section IV 22 ©2023 Complete Solaria 02/13/2023 22
Slide 23: Beautiful, powerful solar panels differentiate Complete Solaria
Beautiful, powerful solar panels differentiate Complete Solaria Unique, high-performance products Complete Solaria Solution Industry Norm Lower Wattage, aesthetically undifferentiated PowerXT Beauty TM Pure Black technology, no visible circuitry Power More power, better shade tolerance Quality 375W
Slide 24: Digital platform supports customer from sale through life of system
Digital platform supports customer from sale through life of system HelioQuote HelioTrack Share the Sun Proposal & Preliminary System Monitoring & System Installation & Financing Permitting Interconnection Design Contract Site Audit Engineering Communication Inspection End-to-end software solutions
Slide 25: Finance products remove barriers to adoption
Our finance products remove barriers to adoption for residential customers Complete Solaria’s full suite of financing products will help drive rapid adoption and strong growth 2 1 Upfront costs are a major customer concern We accommodate all financing solutions Most customers use loans and PPAs Rece
Slide 26: Third-party ownership financing solutions
We provide customers and partners third-party ownership financing solutions Capitalizes on the IRA and expands access to PPAs for partners Solar Tax Credit 30% Investment Tax Credit Complete Solaria 3. Sell System Domestic Content 1. Sign up 2. Build System for PPA PPA Owner 10% Investment Tax Credi
Slide 27: Customer satisfaction scores among the highest in the industry
Our customer satisfaction scores are among the highest in the industry ▪ Customer impacts: generates referral and upsell opportunities ▪ Partner impacts: improves retention and ability to add new partners 1 1 4.5 out of 5 stars 4.3 out of 5 stars 51 reviews 193 reviews 1 4.0 out of 5 stars 203 revie
Slide 28: Growth from expanded offerings, deeper partnerships, and greater reach
Growth from expanded offerings, deeper partnerships, and greater reach Complete Solaria has an extensive national and international footprint Complete Solaria Growth Initiatives: Bundle Solaria panels with software, services, and financing to increase Pro Partner share of wallet Attract national sal
Slide 29: Complete Solaria Growth Strategy
COMPLETE SOLARIA GROWTH STRATEGY Section VI 29 ©2023 Complete Solaria 02/13/2023 29
Slide 30: Simple three-part growth strategy
Complete Solaria has a simple three-part growth strategy Capture Merger Upsell Energy Goods Expand Partnerships Synergies & Services 30 ©2023 Complete Solaria
Slide 31: Capturing merger synergies
We will grow by capturing merger synergies … ▪ More efficient and effective go-to- Complete Solar Solaria market operation Product Design & Supply ▪ A better experience for our Customers and Partners Sales ▪ Bigger scale Project Development Installation Financing Workflow Automation & Specialty Soft
Slide 32: Expanding our partner network
… and expanding our partner network … We facilitate the success of a network of channel partners that is quickly diversifying, presenting growth opportunities Traditional Solar Dealers Non-Traditional Solar Dealers Corporate Partnerships ▪ Traditional solar sales companies▪ Non-traditional solar sal
Slide 33: Suite of products to capture customer lifetime value
… and by offering a suite of products to capture customer lifetime value Generating happy customers creates upselling and follow-on sales opportunities Attachment Rate Illustrative Customer Lifetime Value Build Product Description Potential Energy Storage Solar + Batteries Home Charging Existing EV
Slide 34: Contract manufacturing model keeps us asset-light
Our contract manufacturing model keeps us asset-light Complete Solaria’s diverse supply chain enables scalability with lower costs and avoids US-China political issues Complete Solaria’s Contract Manufacturing Hubs ▪ Low CapEx contract manufacturing strategy ▪ Diversified supply chain with module m
Slide 35: Technology promotes operational proficiency
Technology promotes system business’ operational proficiency ▪ Unifying platform to deliver operational excellence ▪ Systems and tools tie partners together and deliver superior product ▪ Equipment supply, build partners, fulfillment and financing activities 35 ©2023 Complete Solaria 02/13/2023
Slide 37: Financial Summary
Financial Summary Actuals + Forecast (Interim and Unaudited) Investor Plan Income Statement ($’000) Q1’22A Q2’22A Q3’22A Q4’22F TY 2022 Q1’23 Q2’23 Q3’23 Q4’23 TY 2023 TY 2024 System Sales 20,416 15,686 11,550 18,919 66,572 19,681 26,374 47,868 61,787 155,710 244,786 Module Sales 9,019 11,800 10,007
Slide 38: Strong revenue growth supported by bridge funding and merger synergies
Strong revenue growth supported by bridge funding and merger synergies Revenue 2022-23 by Product ($mm) ▪ $82mm of contracted revenue identified for 2023 285 ▪ Add $155mm revenue from core businesses Software, Services & PPA 48 ▪ Plus $48mm new product offerings 94 New Initiatives Module Sales 120 3
Slide 39: Solaria Featured in NAHB New American Home 2023; Q&A
Solaria Featured in NAHB New American Home 2023 Q&A 39 ©2023 Complete Solaria 02/13/2023
Slide 42: Complete Solaria Bridge Financing Terms and Conditions
Complete Solaria Bridge Financing Terms and Conditions ● The previously announced Business Combination Agreement (“BCA”) between Complete Solaria, Inc. and Freedom Acquisition I Corp (“FACT”) specified a $30mm bridge financing round to be funded prior to the closing of the BCA and the resulting deSP
Slide 43: Complete Solaria Bridge Financing Terms and Conditions
Complete Solaria Bridge Financing Terms and Conditions Coupon:5%perannum Discount: Theprincipal automatically converts at a25%discounttotheDeSPACprice Securities Transfer. In the event that the Company consummates a deSPAC Transaction prior to the Maturity Freedom Acquisition I LLC (the“Sponsor”) to
Slide 44: Expansion in the US and beyond mitigates concentration risks
Expansion in the US and beyond mitigates concentration risks As NEM 3.0 is implemented in California, we are expanding rapidly throughout the rest of the US and Europe Complete Solaria Forecast - Total MWs Sold (Systems + Modules) Complete Solaria is poised to grow its presence in the US and Europe
Slide 45: Proposed SPAC Merger with Complete Solaria, Inc.
Proposed SPAC Merger with Complete Solaria, Inc. Select New Investors ▪ One-stop-shop that can coordinate numerous sales, installation, and The finance partners to deliver solar to consumers via highly orchestrated Business transactions organized on a single platform Tidjane Thiam ▪ Freedom Acquisit

Complete Solaria — SPAC Merger (February 2023) on 6ix

Sunpower — Complete Solaria — SPAC Merger (February 2023)

Slide 1: Analyst Day Presentation

Slide 2: Disclaimer

Slide 3: Disclaimer

Slide 4: Welcome Remarks

Slide 5: Today's Agenda

Slide 6: Our Mission

Slide 7: Products, software, and model deliver better customer results

Slide 8: Combining capabilities and capital to drive successful results

Slide 9: Bridge round ahead of deSPAC led by renowned investors

Slide 10: FACT Investment Thesis

Slide 11: FACT's thesis centered around an investment into a secular growth industry

Slide 12: Where penetration rates are low

Slide 13: Unit economics are attractive

Slide 14: Significant opportunities to create value for consumers

Slide 15: Positioned to grow in a large and untapped market

Slide 16: Expand the business into new geographies

Slide 17: Complete Solaria is an attractive growth equity investment

Slide 18: High-quality management team and distinguished Board

Slide 19: Complete Solaria Overview

Slide 20: Complete Solaria is a next-generation residential solar company

Slide 21: Manage the entire value chain at scale

Slide 22: Complete Solaria Differentiators

Slide 23: Beautiful, powerful solar panels differentiate Complete Solaria

Slide 24: Digital platform supports customer from sale through life of system

Slide 25: Finance products remove barriers to adoption

Slide 26: Third-party ownership financing solutions

Slide 27: Customer satisfaction scores among the highest in the industry

Slide 28: Growth from expanded offerings, deeper partnerships, and greater reach

Slide 29: Complete Solaria Growth Strategy

Slide 30: Simple three-part growth strategy

Slide 31: Capturing merger synergies

Slide 32: Expanding our partner network

Slide 33: Suite of products to capture customer lifetime value

Slide 34: Contract manufacturing model keeps us asset-light

Slide 35: Technology promotes operational proficiency

Slide 36: Financial Information

Slide 37: Financial Summary

Slide 38: Strong revenue growth supported by bridge funding and merger synergies

Slide 39: Solaria Featured in NAHB New American Home 2023; Q&A

Slide 40: Supplemental Slides

Slide 41: The World Is Going Solar

Slide 42: Complete Solaria Bridge Financing Terms and Conditions

Slide 43: Complete Solaria Bridge Financing Terms and Conditions

Slide 44: Expansion in the US and beyond mitigates concentration risks

Slide 45: Proposed SPAC Merger with Complete Solaria, Inc.