SunPower Corporation (NASDAQ:SPWR) has extended its partnership with GRID Alternatives, a nonprofit solar power crusader that also provides job-training to students in underserved communities. In addition to the training of students, GRID Alternatives also provides solar installation solutions to low-income communities.
SunPower and GRID Alternatives have inked a fresh three-year collaboration deal, extending their 10-year partnership. Under the renewed partnership, SunPower will donate solar panels that GRID Alternatives will install in some 550 homes and use to train the students under its program.
Solar Futures program
GRID Alternatives runs a program called Solar Futures that provides hands-on and classroom training solar technology, including installation of solar systems. The training targets high school juniors and seniors. GRID Alternatives has been running its training program in California since 2010 and SunPower is backing it so that it can expand nationally.
“SunPower is proud to extend our ten-year support of GRID Alternatives for another three years, as they continue to bring access to clean energy for everyone and expand their valuable education program,” said SunPower’s EVP, Doug Richards.
The work that GRID Alternatives does may help to drive demand for solar technology, thus creating customers for SunPower. Solar power is helping households lower their power bills as they generate electricity during the day and use it in the evening when utilities charge higher rates because of the high demand.
3Q16 results
SunPower is set to release its 3Q16 results on November 9. The company reported revenue of $144.9 million in 2Q16, down 12.6% YoY. It posted adjusted EPS loss of $0.22. Analysts on the average were expecting revenue of $345.08 million and EPS loss of $0.24.
Following a difficult 3Q16, SunPower lowered its outlook for full-year 2016, saying it expects a loss in the range of $25 to $175 million. The earlier forecast called for a profit of $50 million. The company further trimmed its 2016 revenue guidance to a range of $3 to $3.2 billion. It earlier guided for revenue of $3.2 to $3.4 billion.
SunPower stock is down more than 75% YTD.