US solar firm SunPower has signed a letter of intent to acquire California-based residential and commercial installer Cobalt Power Systems in an all-equity transaction.
According to the company, the scale of Cobalt’s operations and its focus on larger, higher-cost systems led the company to operate it as a standalone subsidiary. Additionally, Cobalt will be supported by more than 1,800 sales staff, streamlined corporate functions and equity incentives linked to a publicly traded parent.
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Cobalt has reported revenues of approximately US$35 million and a workforce of 96. The company specialises in designing and installing high-end solar systems for Silicon Valley clients, often featuring 100-panel (45kW) setups paired with up to 20 battery units.
“My personal big win here is to acquire a company that will bring to us technology and technology-savvy customers, the future of solar,” said TJ Rodgers, CEO, SunPower.
“We have a detailed acquisition process that has been used 28 times by three companies. It starts with planning the 300-500 tasks needed to properly acquire a company. Our recent acquisitions are currently 85% complete (Sunder) and 40% complete (Ambia),” he added.
Recently, SunPower expanded its residential footprint with the acquisition of Utah-based solar installer Ambia Solar. The companies have signed a non-binding letter of intent for US$37.5 million in equity.
The Ambia Solar deal marked SunPower’s second residential installer acquisition in just over two months, following the September 2025 purchase of Sunder. At the time, Ambia ranked 19th in the US by installed volume. The company continues its turnaround after being rescued from bankruptcy last year by Complete Solaria, which adopted the SunPower name earlier in 2025.
Before bankruptcy, SunPower operated over 2.6GW of solar plants globally, including large-scale projects such as Solar Star. The company partnered with TotalEnergies on a 200MW plan to install solar across 5,000 service stations, while TotalEnergies acquired SunPower’s commercial and business units, aiming for 4GW of US solar by 2025.
