U.S. solar company SunPower said on Monday it will split into two publicly trade...
) said on Monday it will split into two publicly traded companies, separating most of its solar panel manufacturing operations from storage and energy services, sending its shares up as much as 15%.
The move was intended to boost value in SunPower shares, which are trading at the same level they were at two years ago. Monday’s news was welcomed by investors, with shares up nearly 3.7% at $8.68 in afternoon trade. The remaining company will still be based in California and will retain the SunPower name. It will focus on catering to the growing residential and commercial rooftop solar installation markets in the United States through the company’s network of hundreds of dealers. That company will also keep SunPower’s new solar panel factory in Oregon.
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