SunPower was twenty years old before it sold a single share to the public. Stanford professor Richard Swanson started the company in 1985 to build better silicon solar cells. Cypress Semiconductor rescued and then bought it, and when SunPower went public in November 2005, Cypress still owned 87 percent of its shares. Solar power was a small, subsidy-driven business, and SunPower's pitch was simple: its cells turned more sunlight into electricity than anyone else's.

A Professor's Solar Cell

Swanson's design put all the electrical contacts on the back of the cell, so nothing shaded the front. That made SunPower panels more efficient and better looking, at a higher price. Cypress chief T.J. Rodgers backed the company with chip-industry money and manufacturing know-how. The bet was that homeowners and businesses with limited roof space would pay a premium for the most power per panel.

Boom, Bust and Bankruptcy

SunPower priced at $18 a share in November 2005 and listed on Nasdaq as SPWR. It rode the solar boom, then struggled as cheaper Chinese panels flooded the market. French oil company Total bought a majority stake in 2011. SunPower spun off its panel factories as Maxeon in 2020 and focused on selling and installing home solar. It filed for bankruptcy in August 2024, and Complete Solaria bought its brand and key assets.

Cover: Bamboo and rising sun, Utagawa Kunimaru. Art Institute of Chicago, public domain. Chosen for a rising sun.