SunPower Inc. (NASDAQ: SPWR), a solar technology, services, and installation company, today announced it has signed an LOI for an all-equity transaction to acquire Cobalt Power Systems of Mountain View, California, a company with $35 million in revenue and 96 employees.
SunPower CEO T.J. Rodgers, said, “Cobalt is famous here for designing and installing solar systems for Silicon Valley moguls, often 100-panel systems (45,000 watts) with as many as 20 batteries. Cobalt’s headquarters in Mountain View, California is only 1.8 miles from the Shockley Semiconductor Building where in 1955 the Nobel Prize winner first commercialized the transistor he and his team had invented in December 1947 at Bell Laboratories.
Cobalt is also only 4.2 miles from the famous garage at 367 Addison Avenue, Palo Alto, where in 1938 Stanford graduates William Hewlett and David Packard launched Silicon Valley.”
Cobalt CEO John Paul Bergh, said, “Cobalt has 23 years of operating history, was the first SunPower Elite Dealer in the U.S., and received multiple SunPower Excellence Awards for customer service.
“We started by deploying SunPower technology in premium residential properties, and are now expanding into bigger jobs at educational institutions such as Santa Clara University, where we now have an ongoing 1.4-megawatt project, and commercial landmarks, such as the Fortinet building in Sunnyvale, the first project to install the new SunPower Monolith panel made by REC.”
SPWR shares ditched half a cent, or 0.3%, to $1.68.
