SunPower Closes $37.5M Ambia Solar Acquisition

SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”) a solar technology, services, and installation company, announced that it has closed its $37.5 million strategic acquisition of Ambia Solar (“Ambia”) to create the No. 5 U.S. residential solar company, based on Ohm Analytics rankings. 

SunPower CEO T.J. Rodgers said, “Due to our quick closing of the acquisition, we are raising our Q4’25 quarterly revenue estimate to $88 million. We still expect record operating income in Q4’25 and at least $2.0 million in operating income in Q1’26, the winter solar “down” quarter. In addition, and equally important, the acquisition brings to us Ambia’s operations management team with its best-in-class performance to reinforce our SunPower Direct Business Unit (aka Blue Raven). We expect that the Ambia acquisition will transform SunPower’s operational capability as effectively as the Sunder acquisition has already transformed our sales performance. We also expect to onboard Ambia’s 203-rep salesforce, raising SunPower’s total salesforce to 2,027 reps.” 

Ambia CEO, Conner Ruggio, said, “When I spoke to the combined company for the first time after our closing last Friday, I told them that what we’re building is a platform with the leadership, history and talent to become the No. 1 residential solar company in the U.S. I’m also proud to see that employees on both sides have assumed responsibility on Day One.” 

Rodgers continued, “This acquisition came together quickly because of the complementary nature of the two teams. They had a star player where we did not and vice versa. Conner and I held a five-hour meeting on October 23 in which we defined the first two levels of the new organization and then made a commitment to complete the acquisition with minimum legal delay and cost. The Letter of Intent was done just two weeks later. Ambia is very well run, so the usual next step in the acquisition process of writing the definitive agreement took just two more weeks and only about $145,000 in legal expenses. The SunPower team has now gone through our acquisition process twice, which will serve us well in the future. 

Rodgers continued, “With the addition of the operations executives from Ambia and the sales executives from Sunder, I was actually able to get to my home in Oshkosh guilt-free last weekend for a game at Lambeau Field – while our VP of Quality and Customer Success, Surinder Bedi, ran our playbook to create a formal plan for the Ambia integration. In our language, Ambia is now at Integration Review Zero (IR0, plan done) with our milestone checklist count at 20 defined and 443 planned. The Sunder acquisition is already at the IR3 milestone (peak activity) with 206 milestones done out of 314 planned. We plan to finish the Sunder integration in the first quarter giving us the bandwidth to work with a new company from our acquisition list. 

Rodgers concluded, “We would like to thank our Salt Lake-based Board Member, Chris Lundell, for finding and sponsoring Ambia, which was just 1.7 miles from us in Salt Lake’s ‘Solar Valley.’ We would also like to thank our Silicon Valley-based Board Member, Dan McCranie, a veteran of 10 public technology company boards, for his full-time help in funding and closing our two acquisitions. In general, I truly appreciate the support of our Board of Directors, whose members frequently contribute directly to our efforts.” 

SunPower | www.us.sunpower.com

Ambia Solar | www.ambiaservices.com