SunPower invests in leading solar dealers Renova Energy and EmPower Solar

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Sep 15, 2022, 09:00 ET

SunPower Dealer Accelerator Program designed to propel solar dealer growth and accelerate proliferation of SunPower's solar, storage and financing products

RICHMOND, Calif., Sept. 15, 2022 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced it has made minority investments in EmPower Solar and Renova Energy. With these investments, Renova and EmPower are the newest additions to SunPower's Dealer Accelerator Program.

The Dealer Accelerator Program, which SunPower launched in March, provides high-potential solar dealers with capital financing and business strategy support to accelerate growth and meet the increasing homeowner demand for solar nationwide. Dealers in the program exclusively sell industry leading SunPower® solar systems. They also offer SunVault™ battery storage and leverage SunPower Financial™ offerings for solar financing.

"With an increasing need for more affordable and resilient energy coupled with new federal incentives to adopt clean energy, consumer demand for solar is at an all-time high. Through these investments, SunPower is enabling local dealers to capture this strong demand and grow their business," said Peter Faricy, CEO at SunPower. "Renova and EmPower share SunPower's commitment to quality and service, and we look forward to helping them bring the benefits of solar to more people across the country."

Renova Energy is Coachella Valley's leading solar installation company. It employs over 300 people who installed 11,502 kW of solar power in 2021 alone. Named SunPower's "Residential Regional Top Producer of the Year" in 2019 and winner of a coveted SunPower Intelegant award for installation design in 2020, Renova continues to lead in sales performance and craftmanship as a SunPower elite dealer in California and Arizona.

EmPower Solar has served Long Island and the greater New York area since 2003, helping generate millions for the region in economic activity each year. In 2020, the company added an operations center in Farmingdale, NY to support the rapid expansion of its residential solar division and has doubled its workforce since then. In 2021, EmPower Solar installed 7.79 MW of distributed solar and continued to provide five-star service to its existing 5,000+ clients

SunPower also made investments in Freedom Solar Power and Sea Bright Solar as part of the Dealer Accelerator Program earlier this year. For U.S. dealers interested in joining SunPower's Dealer Accelerator Program, please contact [email protected]

About SunPower

SunPower is a leading solar and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.

About EmPower Solar

EmPower Solar develops, engineers, installs, and services solar and battery systems for residential and commercial clients. Since 2003, EmPower Solar has empowered thousands of New York homeowners and businesses with 50 megawatts of distributed solar. Its vision is to create a new energy paradigm powered by clean, renewable energy for a more prosperous, healthy, and civil world. The company culture is defined by the EmPowering Way, which results in consistent 5-star customer service reviews. For more information visit empower-solar.com.

About Renova Energy

Since 2006, Renova Energy Corporation has served the Coachella Valley and surrounding areas with leading service in rooftop solar and battery storage for over 7,000 homes and businesses. With over 300 local employees and a fleet of more than 100 vehicles, Renova Energy continues to grow and dominate the solar industry. Renova was also the first company in the nation to be accredited by the North American Board of Energy Practitioners (NABCEP) and remains one of only 11 in the nation. For more information about solar and battery storage for your home or business, visit us at renovaenergy.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our plans and expectations for the Dealer Accelerator Program, including the anticipated results of the program, its impact on dealers and their growth, our plans for specific investments and support related to the program, and our expectations for the expansion of solar availability, federal incentives, and the results thereof. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes and the availability of economic incentives promoting use of solar energy; risks related to the introduction of new or enhanced products; changes in public policy, including the imposition and applicability of tariffs; and challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage these dealer relationships and investments.

A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

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SOURCE SunPower Corp.