SunPower Inc. announced a non‑binding letter of intent to acquire Cobalt Power Systems, a Mountain View, California‑based solar installer that generated $35 million in revenue and employs 96 people. The transaction will be structured as an all‑equity deal, allowing Cobalt to operate as a standalone subsidiary while gaining access to SunPower’s sales and corporate functions.
Cobalt Power Systems has a 23‑year history of installing large residential and commercial solar arrays, including 100‑panel systems and up to 20‑battery configurations. Its proximity to Silicon Valley and status as SunPower’s first Elite Dealer, coupled with multiple SunPower Excellence Awards, position the company to expand SunPower’s footprint in high‑value projects and technology‑savvy markets.
The deal is expected to close in the first quarter of 2026 if a definitive agreement is reached. SunPower will support the transaction through its expanded equity line of credit, which was recently increased to $55 million. The all‑equity structure preserves SunPower’s cash position while providing Cobalt with the capital needed to scale its operations.
This acquisition follows SunPower’s recent integration of Ambia Solar and Sunder Energy, with Sunder 85% complete and Ambia 40% complete. The pattern of acquiring specialized installers continues SunPower’s strategy of broadening its product mix and geographic reach, particularly in premium residential and commercial segments.
Management commentary underscored the strategic fit. CEO T.J. Rodgers said the deal would bring advanced technology and a customer base of Silicon Valley high‑net‑worth individuals, while Cobalt CEO John Paul Bergh highlighted the long‑standing partnership and the opportunity to scale larger projects. Analysts noted the potential for higher‑margin work and the alignment with SunPower’s growth objectives.
SunPower will report its Q4 2025 earnings on January 20 2026, which will provide further insight into the company’s financial health and the impact of the acquisition. The company remains focused on expanding its premium installation portfolio and leveraging technology to drive growth.
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