SunPower has signed a letter of intent for an all-equity transaction to acquire Cobalt Power Systems of Mountain View, California, a company with $35 million in revenue and 96 employees.
“Cobalt is famous here for designing and installing solar systems for Silicon Valley moguls, often 100-panel systems (45 kW) with as many as 20 batteries,” said SunPower CEO T.J. Rodgers.
“Cobalt has 23 years of operating history, was the first SunPower Elite Dealer in the U.S., and received multiple SunPower Excellence Awards for customer service. We started by deploying SunPower technology in premium residential properties, and are now expanding into bigger jobs at educational institutions such as Santa Clara University, where we now have an ongoing 1.4-MW project, and commercial landmarks, such as the Fortinet building in Sunnyvale,” said Cobalt CEO John Paul Bergh.
Rodgers said that Cobalt will be managed as a standalone subsidiary company of SunPower instead of fully absorbing under the SunPower name.
News item from SunPower
