SunPower Acquires Blue Raven Solar For $165M; Seeks Options For CIS Business

SunPower Corp SPWR acquired U.S. residential solar provider Blue Raven Solar for cash consideration of up to $165 million.
Blue Raven will help SunPower quickly expand the solar market to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
SunPower plans to combine its products and digital marketing tools with Blue Raven's direct sales model to accelerate the go-to-market strategy.
Additionally, SunPower expects Blue Raven's volume to help expand its suite of financial products and increase 2022 loan volume significantly.
Blue Raven CEO Ben Peterson will join SunPower's executive team.
In addition, SunPower is exploring strategic options for the Commercial & Industrial Solutions (CIS) business, including new ownership.
The company plans to focus its efforts and investments on its Residential and Light Commercial business.
SunPower held $519.1 million in cash and equivalents as of July 4.
Price Action: SPWR shares traded higher by 2.90% at $23.76 in the premarket session on the last check Tuesday.