SAN JOSE, Calif., Oct. 5, 2021 /PRNewswire/ -- Today, SunPower
Corp. (NASDAQ:SPWR), a leading solar technology and energy services
provider, announced it acquired Blue Raven Solar, one of the
fastest growing residential solar providers in the U.S. 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.
"More than 100 million homeowners could save money by switching
to solar today, and we are committed to enabling that transition
quickly to benefit both customers and the planet," said
Peter Faricy, CEO of SunPower.
"SunPower and Blue Raven share a vision of powering the world with
affordable, resilient, sustainable energy. This acquisition will
enable us to bring the most powerful and efficient solar technology
available to a new set of homeowners and accelerate our growth
strategy."
The acquisition was made 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.
Since its founding in 2014, Blue Raven has built a profitable
and high-growth business, achieving 93% revenue compound annual
growth rate (CAGR) with a direct-to-consumer sales and installation
model. 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.
"We've always been focused on making it easy for customers to
get access to high-quality renewable energy. SunPower offers the
most advanced solar solutions and shares our passion for delivering
an incredible customer experience," said Peterson. "Together we
will provide even more compelling reasons for homeowners to make
the switch to clean, renewable energy. This is a clear win for our
organizations and for homeowners everywhere we operate."
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 to Focus on Residential and Light Commercial (RLC)
Growth, Explore Alternatives for Commercial & Industrial
Solutions (CIS) Business
Today 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. This path would optimize
SunPower's capital deployment for RLC while enabling CIS to better
take advantage of its growing addressable market and opportunities
like community solar, front-of-meter storage and infrastructure
legislation tailwinds.
"SunPower is doubling down on residential growth. By investing
in residential market expansion and technology innovation, we can
put solar on more homes and provide customers with an incredible
experience when they choose renewable energy. This clarity and
focus will enable us to lead the industry and deliver maximum value
to our investors, partners and customers," said Faricy.
Management Conference Call Information
SunPower will host a joint conference call for analysts,
investors and media to discuss the definitive transaction agreement
at 5:30 a.m. PT on October 5. A live audio webcast of the conference
call will be accessible at:
https://edge.media-server.com/mmc/p/jo8cbs5h
About Blue Raven Solar
Blue Raven Solar was founded in
2014 and has expanded to a national top selling solar brand. The
company's mission is "to make homeowners' lives better by reducing
their energy bills, increasing reliance on clean and abundant
renewable energy and providing a world-class customer experience
through a reliable sales process and a speedy, high-quality
installation." Blue Raven Solar believes all homeowners should have
equal opportunity to invest in simple, reliable, affordable,
high-quality solar power. Visit Blue Raven Solar
at www.blueravensolar.com and follow us on Instagram,
Facebook, LinkedIn, and Twitter.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North America. SunPower offers the
only solar + storage solution designed and warranted by one company
that gives customers control over electricity consumption and
resiliency during power outages while providing cost savings to
homeowners, businesses, governments, schools and utilities. For
more information,
visit www.sunpower.com.
Forward Looking Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding: (a) our
expectations for the impacts of the acquisition of Blue Raven on
our business and financial results, our competitive positioning,
and positioning for future success following the acquisition; (b)
our ability to expand into new markets and increase adoption of our
financial products, including impacts on loan volume; and (c) our
future strategic plans and areas of focus and investment.
These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks
and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, (1)
challenges managing our acquisitions, joint ventures and
partnerships, including our ability to successfully manage acquired
assets and supplier relationships and integrate Blue Raven into our
organization; (2) regulatory changes and the availability of
economic incentives promoting use of solar energy; and (3) changes
in public policy, including the imposition and applicability of
tariffs. A detailed discussion of these factors and other risks
that affect our business is included in filings we make with the
Securities and Exchange Commission (SEC) from time to time,
including our most recent reports on Form 10-K and Form 10-Q,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
©2021 SunPower Corporation. All rights reserved. SUNPOWER and
the SUNPOWER logo are trademarks or registered trademarks of
SunPower Corporation in the U.S.
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SOURCE SunPower Corp.