SunPower has signed a letter of intent for the acquisition of an all-stock transaction Cobalt energy systems of Mountain View, California, a $35 million company with 96 employees.
“Cobalt is famous here for designing and installing solar systems for Silicon Valley moguls, often 100-panel (45 kW) systems with as many as 20 batteries,” said TJ Rodgers, CEO of SunPower.
“Cobalt has a 23-year history, was the first SunPower Elite Dealer in the U.S. and has received multiple SunPower Excellence Awards for customer service. We started by deploying SunPower technology in premium homes and are now expanding to larger jobs at educational institutions like Santa Clara University, where we now have an ongoing 1.4 MW project, and commercial landmarks like the Fortinet Building in Sunnyvale,” said John Paul Bergh, CEO of Cobalt.
Rodgers said Cobalt will be managed as a standalone subsidiary of SunPower rather than being fully absorbed under the SunPower name.
News item from SunPower
