SunPower has signed a letter of intent for an all-equity transaction to amass Cobalt Power Systems of Mountain View, California, an organization with $35 million in income and 96 workers.
“Cobalt is known right here for designing and putting in photo voltaic programs for Silicon Valley moguls, typically 100-panel programs (45 kW) with as many as 20 batteries,” mentioned SunPower CEO T.J. Rodgers.
“Cobalt has 23 years of working historical past, was the primary SunPower Elite Supplier within the U.S., and obtained a number of SunPower Excellence Awards for customer support. We began by deploying SunPower know-how in premium residential properties, and at the moment are increasing into larger jobs at instructional establishments similar to Santa Clara College, the place we now have an ongoing 1.4-MW undertaking, and industrial landmarks, such because the Fortinet constructing in Sunnyvale,” mentioned Cobalt CEO John Paul Bergh.
Rodgers mentioned that Cobalt will likely be managed as a standalone subsidiary firm of SunPower as an alternative of absolutely absorbing underneath the SunPower title.
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