SunPower announced a non‑binding letter of intent to acquire Ambia Solar, a Utah‑based solar installer ranked No. 19 in U.S. installed megawatts by Ohm Analytics, for $37.5 million in equity. The deal is expected to close in the fourth quarter of 2025 and will add Ambia’s projected $83.6 million in 2025 revenue to SunPower’s forecasted $303.4 million, strengthening the company’s residential market presence.
Ambia Solar has grown rapidly, ranking 140th on the 2025 Inc. 5000 list with 2,724 % revenue growth over three years and achieving profitability in 2024. The company’s Blue Raven division, spun out of Blue Raven Solar in 2022, will be integrated into SunPower’s operations, with Ambia CEO Conner Ruggio slated to lead the combined unit. This integration is designed to leverage Ambia’s strong third‑party ownership (TPO) backlog, which represents 72 % of its 2025 backlog and is insulated from the 13 % reduction in the federal Investment Tax Credit (ITC) expected in 2026.
SunPower’s acquisition strategy follows a recent restructuring that began with a bankruptcy filing in August 2024 and the subsequent purchase of key assets by Complete Solar, which rebranded as SunPower. The company has also acquired Sunder Energy and previously Blue Raven Solar in 2021, indicating a focus on consolidating the residential solar market amid tightening ITC incentives. Despite a negative Altman Z‑Score and a lack of profitability over the past twelve months, analysts project SunPower will return to profitability in FY2025, partly due to the revenue boost from Ambia and the cost efficiencies expected from the integration.
Management highlighted the strategic fit of the deal in the context of industry consolidation. CEO T.J. Rodgers noted that the TPO‑heavy backlog will help mitigate the impact of the ITC reduction, while Conner Ruggio’s sales expertise is expected to accelerate market penetration. Steve Erickson, who will head SunPower’s new battery division, will oversee the integration of Ambia’s energy storage capabilities, positioning the company to offer bundled solar‑plus‑storage solutions.
The acquisition is expected to deliver both top‑line growth and operational synergies. Ambia’s revenue contribution will begin in Q1 2026, adding roughly 27 % to SunPower’s forecasted 2025 revenue. The combined Blue Raven unit will expand SunPower’s residential installation capacity, while the TPO focus reduces exposure to policy changes. The deal also strengthens SunPower’s competitive position against larger incumbents by expanding its geographic reach and leveraging Ambia’s proven installation model.
Overall, the transaction represents a calculated move to consolidate market share, diversify revenue streams, and position SunPower for sustainable growth in a tightening regulatory environment. The integration of Ambia’s operations and leadership is poised to enhance SunPower’s operational leverage and accelerate its transition to a full‑service solar and storage provider.
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