SunPower Corp. has acquired Blue Raven Solar, a residential solar provider in the U.S.
Since its founding in 2014, Blue Raven has built a profitable and high-growth business, achieving 93% revenue compound annual growth rate 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.
“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,” says 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.”
“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,” states Blue Raven CEO Ben 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 products and digital marketing tools with Blue Raven’s direct sales model to accelerate the go-to-market strategy and add new 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 has also announced it will focus its efforts and investments in growing its residential and light commercial business. It is exploring strategic options for commercial and industrial solutions, including new ownership.
“SunPower is doubling down on residential growth,” continues Faricy. “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.”
The acquisition was made for cash consideration of up to $165 million. Peterson will join SunPower’s executive team, and the company expects to build upon Blue Raven’s current employee and contractor relationships.
