SunPower Increasing Clean Energy Access To Historically Marginalized Communities
SunPower has launched a new program, SunPower 25X25, which is aimed at increasing clean, renewable energy access in historically marginalized communities. Notably, whether inspired by it or just coincidental (I’d guess the former), this lines up perfectly with a new initiative from the Biden administration — the Justice40 Initiative.
Aside from bringing cheap and clean electricity to communities that have typically been ignored and forgotten, and the jobs that come with this distributed energy solution, it’s worth noting that this also expands SunPower’s market, bringing in new buyers.
The company writes that “its new justice, diversity, equity and inclusion (JDE&I) commitments designed to ensure the resiliency and economic benefits of distributed solar and battery storage serve American families, job-seekers and businesses that have been historically marginalized. The commitments include ambitious targets with initiatives to achieve them by 2025 — spanning workforce diversity, solar access expansion and dealer diversity programs.”
So, getting past the fluffy, happy talk, what are those targets? This is what SunPower wants to achieve by 2025:
- 40% of its workforce represented by women; 25% of its workforce represented by Black and Hispanic/Latinx people
- Emphasis will be placed on workforce development programs for the company’s growing residential installation teams across the country.
- 25% of its U.S. residential customers made up by people who live in historically marginalized communities
- Includes the development of a new program to provide low-income customers with no interest loans.
- 25% of the dealers and subcontractors it works with owned by women and people of color
- Includes establishment of a new dealer diversity program and creation of new partnerships with minority-owned business organizations.
As noted above, this lines up with Biden’s Justice40 Initiative. The Justice40 Initiative came out of an executive order signed by Biden in January 2021. “The order creates a government-wide Justice40 Initiative with the goal of delivering 40 percent of the overall benefits of relevant federal investments to disadvantaged communities and tracks performance toward that goal through the establishment of an Environmental Justice Scorecard,” the White House wrote at the time.
“The order initiates the development of a Climate and Environmental Justice Screening Tool, building off EPA’s EJSCREEN, to identify disadvantaged communities, support the Justice40 Initiative, and inform equitable decision making across the federal government”
Later on, in July, the Biden administration’s Shalanda Young, Brenda Mallory, and Gina McCarthy wrote:
“Today, we are taking a key step toward achieving the President’s ambitious goal and issuing interim guidance that will help Federal agencies deliver on the Justice40 Initiative.
“The interim guidance issued today by the Office of Management and Budget, the Council on Environmental Quality, and the White House Office of Domestic Climate Policy introduces measures to guide agencies on their path to implementing Justice40, launches the Justice40 Pilot Program, and includes accountability and transparency tools to ensure agencies are working to reach the Justice40 goal.
“The pilot identifies 21 priority programs to immediately begin enhancing benefits for disadvantaged communities. These priority programs will provide a blueprint for other agencies to help inform their work to implement the Justice40 Initiative across government.”
Note that part of that July announcement — one of the 21 priority programs — was the Rural Energy for America Program, “which provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements.” So, expect to see more solar in rural America when you’re there, in addition to growing clean energy access in marginalized urban communities.
SunPower notes that its new SunPower 25X25 program also helps the company to work toward its broader “diversity pledge.” SunPower “will report progress annually in its Environmental, Social and Governance report.”
“Black professionals working in solar services have roots, relationships and experience in all communities, particularly those disproportionately impacted by climate change. If the solar industry is going to provide renewable energy access and equitable job opportunities, actively engaging black owned businesses is vital,” said Walter McLeod, founding board member of Black Owners of Solar Services. “We commend SunPower for committing to creating an intentionally diverse dealer and subcontractor network and raising the bar for others in the industry to do the same.”
“Distributed solar and battery storage offer tremendous benefit to our environment, are vital in building a resilient energy infrastructure, can provide lower-cost electricity, and create good, well-paying jobs,” Peter Faricy, CEO of SunPower, added. “We must use this moment-in-time to ensure the rapid deployment of this critical technology benefits all Americans.”
If you’re used to seen Tom Werner make such statements and confused about where Peter Faricy came from, note that in March Werner stepped down from the CEO role after 18 years and passed on the duties to Faricy, who was formerly CEO of Global Direct-to-Consumer for Discovery, Inc., and spent 13 years at Amazon, including as VP of the Amazon Marketplace. “Under Faricy’s leadership, Amazon disrupted the digital sales channel, helping millions of small businesses sell their products directly to Amazon customers,” SunPower wrote in an announcement.
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If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.
According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.
A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.
After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.
Genesis eyes a bigger share of the US luxury market
Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).
Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.
Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.
The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”
Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.
It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.
In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.
The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.
Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.
The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.
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A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.
BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.
According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.
Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.
Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.
Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.
NIO denies rumors that BYD is taking over the company
This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.
BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.
After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.
October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.
NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.
Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”
NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.
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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.
To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.
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