Blue Raven Solar, a residential solar energy company based in Orem, has been purchased by SunPower Corp. of San Jose, California. SunPower, one of the nation’s largest solar suppliers, will pay up to $165 million in cash, depending on certain metrics found at closing.
Blue Raven CEO Ben Peterson will join SunPower’s executive team and SunPower expects to maintain Blue Raven’s current employee and contractor relationships.
“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.”
“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.”
Blue Raven’s 14-state footprint will account for about $100 million in new annual revenue for SunPower, Peterson said.