From the ashes of Sungevity, Solar Spectrum will rise.
At least that’s the hope of investment group Northern Pacific, who acquired Sungevity’s infrastructure, technology, installer network, supplier warranties and certain agreements in connection with the bankruptcy court approved sale and created Solar Spectrum from the pieces.
The new company has also pledged to bring Sungevity’s displaced workers back to work as part of the settlement. Finally, Solar Spectrum will continue to operate the bankrupt firm’s European properties under their current brands.
But the question on everyone’s lips – what will happen to Sungevity’s customers – has also been answered, at least generally. Starting in May, Solar Spectrum will contact all current users of Sungevity solutions to give them a chance to purachase a warranty solution. The company says the warranty will be competitively priced to accommodate the stranded consumers shocked by Sungevity’s swift and sudden bankruptcy.
Solar Spectrum’s also announced that its management team will include Patrick McGivern as CEO, and William Nettles as president and chief operating officer. McGivern comes to Solar Spectrum from Fitbit, and Nettles joins the company from Verifone. The two men’s careers crossed for three years at Verifone. Neither man has solar industry experience.
With Northern Pacific Group’s money, the Solar Spectrum leaders expect to build a sustainable business that creates value for the company’s employees, partners and customers.
“Today marks a new beginning for this business,” McGivern said. “I am proud to lead a new player in the residential solar market that has a healthy balance sheet and a competitive value proposition.”
We thank our employees, customers and partners for their patience and for their continued support and commitment,” he added. “Together, we will focus on building a sustainable and successful business at the forefront of solar as the industry continues to grow.”
Sungevity, a Top 5 residential solar installer as recently as 2016, started its decline in January and plunged precipitously until it filed for bankruptcy in March. Shortly after the bankruptcy, employees’ paychecks bounced, they were slapped with a class-action suit for back pay, accrued vacation and sick-time compensation and accusations swirled that it had broken federal Worker Adjustment and Retraining Notification (WARN) Act provisions by not providing at least 60 days notice to its employees before massive layoffs.
As recently as November, the company’s futures seemed bright. It had negotiated a proposed “reverse-merger” with investment firm Easterly Acquisition Corp. that Sungevity thought would allow it to access public capital between $357 million and $607 million. But the deal mysteriously fell apart when Easterly pulled out without explanation. Once that deal went south, so did Sungevity’s fortunes.
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Good luck to solar spectrum many sungevity employees are long gone and have started other jobs. Others don’t want to go near this new company. The will get the employees who are least employable. Who will want to buy a warranty from the new company who has zero experience with solar? Why trust they will be in business longer than sungevity was?
Good luck with that. Once they laid off more staff the day after announcing Solar Spectrum after a month of telling the remaining 1/3rd post-bankruptcy employees that they were their “biggest assets”, who knows what’s to come with severely lacking employee confidence in their worth to this new leadership.
I would like the panels to be removed from my roof and I will hire a reputable company to install solor they can stick there competitive warranty up their a#$
My system is a PPA with a full 20 year warranty, I too will ask them to remove their panels and fix my roof and look for another solar company to install a new system. One with less panels and more production like others in my neighborhood… My system has 56 panels and producing less than half of what others are with only 23 panels… I’ve been complaining about the quality of the install and the amount of panels that were placed on my roof, Sungevity has failed me and have not returned my calls or emails… System was installed mid December. Thought that I was dealing with a good company as my initial introduction was at Lowes and felt that Lowes would have done their homework before allowing someone to sell in their stores… I’ve also obtained quotes from 3-4 other solar companies and went with Sungevity because of this
I purchased with a mosaic loan. Part of that purchase was to have a 20 Year warranty and a 1 Million dollar roof insurance policy. Life time monitoring etc. Also a power production guarantee.
With the monitoring disabled all support lines cut and E-mails unanswered who do we call. The latest Bankruptcy letter I have says they are fighting to not fulfill the contracts as part of the assets being purchased by the new solar company.
I should of just purchased my own panels and inverter I would have been better off. Solar Edge wont unlock access to my inverter monitoring without permission from the new solar company and no one is answering my calls for help.
I signed my agreement in january. I still have nothing. I thought my permit was submitted a long time ago but many mistakes were made and very poor communication misled me. I risk having my power cut this weekend if my meter isnt replaced this week.
Like everyone else I am left with no monitoring after the Sungevity BK. I paid cash for my system in September 2015. Solar Spectrum? HA! They told me to take a hike when I approached them about monitoring!
What a fine business!
I am on the same boat as everyone else here. First Mobile support, then web browser monitor support has gone too few days ago. How do I check if the system still producing energy now???
SO FRUSTRATING……COMPANIES ARE SO CROOKED….I NEED TO GET MY SUNGEVITY SYSTEM LOOKED AT. MY ELECTRIC BILL HAS GONE UP $120.OO THIS MONTH…SOMETHING IS WRONG…THE COMPANY THAT WAS TO SERVICE IT …WON’T COME BECAUSE OF SUNGEVITY BANKRUPCY….IT wasn’t very nice of how they left their customers HANG! No way to get hold of anyone…Have your unit checked out. All the sites online tell you nothing…The company that collects the monthly fee doesn’t answer the phones or calls you back…The company has changed 3 times since Sungevity stuck their customers. Last company has not informed Sungevity customers or sent out anything or any information on what to do it something goes wrong….I NEED THAT INFORMATION NOW…
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