Solar technology firm SunPower Corp. (SPWR) announced Tuesday that it has acquired residential solar provider Blue Raven Solar for cash consideration of up to $165 million. Blue Raven CEO Ben Peterson will join SunPower’s executive team, and the company expects to build upon Blue Raven’s current employee and contractor relationships.
Blue Raven’s growth trajectory and complementary geographic footprint is expected to provide SunPower a path to quickly expand the solar market to serve more customers in underpenetrated areas including the Northwest and Mid-Atlantic regions.
Blue Raven currently conducts more than 90% of its volume in 14 states that account for only about 5% of SunPower’s sales, creating a significant net-new geographic coverage opportunity for SunPower.
SunPower plans to combine its best-in-class products and digital marketing tools with Blue Raven’s highly successful direct sales model to accelerate the go-to-market strategy and add new best practice capabilities to its national dealer network.
In addition, SunPower expects that Blue Raven’s volume will help expand its comprehensive suite of financial products and increase 2022 loan volume significantly.
SunPower also announced it will focus its efforts and investments in growing its Residential and Light Commercial business. As such, it is exploring strategic options for Commercial & Industrial Solutions, which serves corporations and the public sector, including new ownership.
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