Blue Raven, American Fork, Utah, is “one of the fastest growing residential solar providers in the U.S.,” SunPower said.
The acquisition will help SunPower expand the solar market to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
SunPower shares have wavered on Tuesday. They recently traded at $22.94, off 0.7%; they've also traded up as much as 3.1% at $23.80. The stock has slid 31% in the past six months amid valuation concerns.
In the deal, Blue Raven Chief Executive Ben Peterson will join SunPower's executive team.
“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,” SunPower said.
It expects Blue Raven's volume will help expand its suite of financial products and increase 2022 loan volume significantly.
SunPower also said it would focus on growing its residential and light-commercial business.
“As such, it is exploring strategic options for commercial and industrial solutions — which serves corporations and the public sector — including new ownership,” the company said.
“This path would optimize SunPower's capital deployment for [residential and light commercial] while enabling [commercial and industrial] to better take advantage of its growing addressable market and opportunities like community solar, front-of-meter storage and infrastructure legislation tailwinds.”
SunPower CEO Peter Faricy said, "SunPower is doubling down on residential growth.”
Last month, Evercore ISI analyst Sean Morgan initiated coverage of SunPower with an outperform rating.
“We believe investors are presently overlooking both industry and company specific long-term catalysts,” he said, according to CNBC.