SunPower, a solar technology, services, and installation company, has announced that it has closed its $12 million all-equity strategic acquisition of Cobalt Power Systems, a solar and energy storage systems installation company headquartered in Mountain View, California.
Cobalt Power Systems has been installing residential and commercial solar and energy storage systems, initially focusing on residential solar and later expanding into the commercial solar market.
The company is expected to continue to operate as a standalone subsidiary following the acquisition, with common financial, HR, and administrative practices.
According to the company, its focus remains on large premium renewable energy systems across residential, new home, multifamily, and commercial projects.
SunPower CEO T.J. Rodgers said, “The acquisition of Cobalt provides SunPower with an established execution team that was purpose-built for complex, high-value renewable energy projects. John Paul has been operating in Silicon Valley for almost a quarter century now, meeting the demands of technologically discerning customers who seek the most advanced solar systems available on the market today. The acquisition of Cobalt Power Systems is expected to add $30 million in annual revenue and strengthen SunPower’s ability to meet rising market demand in key California markets with premium, advanced renewable energy technology solutions.”
Last year, SunPower also completed the acquisition of Ambia Solar, a solar panel installation company based in Lindon, Utah. Both companies previously signed a non-binding letter of intent for $37.5 million in equity, and the transaction was closed subject to customary closing conditions. The acquisition was expected to help SunPower strengthen its position as one of the top five residential solar providers in the U.S.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, M&A activity was 17% higher YoY in 2025, with 96 corporate M&A transactions compared to 82 in 2024.
