SunPower just announced it has acquired residential solar sales company Blue Raven Solar. Based in Utah, Blue Raven Solar has sales operations in 17 states.
“SunPower and Blue Raven share a vision of powering the world with affordable, resilient, sustainable energy,” said Peter Faricy, CEO of SunPower. “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 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.
Today’s acquisition news comes alongside a renewed focus on the residential market for SunPower. The company said it is exploring strategic options for its Commercial & Industrial Solutions division — which serves corporations and the public sector — including new ownership. This path would optimize SunPower’s capital deployment for its residential and light-commercial business while enabling the larger commercial division 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.
News item from SunPower