SunPower : Accelerating Solar Can’t Wait

In the past year SunPower has taken several important steps to grow our business and create great experiences for our customers, from spinning off our manufacturing arm to enhancing SunVault energy storage to introducing new services like EV charging. These thoughtful actions were taken because now, more than ever, we need to change the way our world is powered.

With that spirit in mind, I'm delighted to announce our latest evolution: today we announced that SunPower acquired Blue Raven Solar, a rapidly growing residential solar company that's been quickly expanding its presence across the U.S. since it was founded in 2014.

There's a lot of reasons why the acquisition of Blue Raven makes sense, but I'll start with this: more than 100 million homes in the United States could reduce their electricity bills by switching to solar, yet less than four percent of homes have solar on their roofs today. In that gap is an enormous opportunity to increase the use of renewable energy that can help families save money, provide resilience against increasing grid failures and help decrease the impacts of climate change. These are things that can't wait.

Acquiring Blue Raven enables us to expand our footprint to meet this need quickly. The complementary geographic reach of our businesses is undeniable: Blue Raven does 95% of its business in 14 states where SunPower currently has 5% of its volume. We also have a lot to gain from combining the best of our go-to-market strategies, both direct and digital. Together we have the opportunity to create powerful tools that can enable us to quickly bring industry-leading products into underserved markets.

What's even more impressive is what we have in common. Like SunPower, Blue Raven is dedicated to providing superior customer service - that's evident in the company's aggregate 4.6/5 review score. They've also paid great attention to creating a top-notch culture, an effort that recently landed Blue Raven on Glassdoor's 2021 Best Places to Work list. And at the end of the day, both of our organizations care deeply about making a difference in the world with better, cleaner energy.

We are lucky to have the opportunity to build upon a business that is thriving and are thrilled to incorporate Blue Raven's motivated teams and award-winning culture into our organization. I'm looking forward to seeing all the ways we can grow together.

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