Latest addition to SunPower's Dealer
Accelerator Program to accelerate adoption of SunPower solutions in
Minnesota, Iowa, Wisconsin and beyond
Wolf River Electric now SunPower's third
largest dealer
RICHMOND, Calif., April 27,
2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a
leading solar technology and energy services provider, announced it
made a minority investment in one of the largest residential solar
providers in Minnesota, Wolf River
Electric. Through this relationship, Wolf River is expected to
accelerate its already high growth trajectory in Minnesota alongside a growing presence in
Iowa and Wisconsin, enabling the companies to serve
more customers in the market and increase solar adoption in
historically underpenetrated areas.
Today's investment makes Wolf River SunPower's third largest
dealer. Wolf River will sell SunPower® solar, SunVault® battery
storage, EV charging equipment and financial products on an
exclusive basis for the next five years. The dealer's volume in the
three states creates a significant net-new geographic coverage
opportunity for SunPower to accelerate adoption in the Midwest.
Wolf River also plans to use the investment to establish a
dedicated warehouse as well as expand their sales and installation
teams to rapidly grow and serve more homeowners.
"Our dealer accelerator program has proven successful in
identifying high growth companies that, with some additional
investment, can increase the speed at which they sell, finance and
install solar energy systems nationwide," said Shawn Fitzgerald, Vice President of Corporate
Development at SunPower. "With Wolf River on our team, we can
expand our reach to ensure more homeowners in the Midwest have
access to the savings and resiliency provided by clean energy."
Since its founding in 2014, Wolf River has built a profitable
and high-growth business, achieving 235% revenue growth
year-over-year in 2022. SunPower expects that Wolf River's volume
will help expand its comprehensive suite of financial products
providing homeowners more financing options that meet their needs
whether cash, lease or loan. Additionally, Wolf River shares
SunPower's value for delivering superior customer experience as a
top rated solar company currently with a 4.8 star rating on
Google.
"The success of our clean energy future depends on local
businesses having access to resources and financing to move quickly
and efficiently to serve the communities we work in," said
Vlad Marchenko, CEO of Wolf River
Electric. "SunPower's track record to deliver high quality, premium
solar solutions is unparalleled. Their investment enables us to
serve homeowners on a greater scale as well as create new green
jobs in the Midwest."
SunPower's Dealer Accelerator Program provides high-potential
solar businesses with capital financing and business guidance to
meet the increasing demand for solar nationwide. Dealers in the
program exclusively sell SunPower solar systems. They also offer
SunVault battery storage and leverage SunPower Financial™ for a
homeowner's financing
needs.
Chardan investment bank acted as the exclusive financial advisor
to Wolf River in this transaction, led by Elliot Gnedy,
Director.
To learn more about SunPower's robust dealer network, visit
https://us.sunpower.com/dealers-installers.
About SunPower
SunPower (NASDAQ:SPWR) is a leading
solar technology 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 to homeowners.
For more information, visit www.sunpower.com
About Wolf River
Wolf River Electric has been the
Midwest's leader in residential solar installation for years. Here
at Wolf River, we believe in a customer-first ideology that stems
from the community we serve. We take pride in our community and
offer solutions to any energy-related problem they may face.
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 expected business plans and
product performance. These forward-looking statements are based on
our current assumptions, expectations and beliefs and involve
substantial risks and uncertainties that may cause results,
performance or achievement 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 and fluctuations or
declines in the performance of our solar panels and other products
and solutions. 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 report 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.sunpower.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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sunpower-invests-in-wolf-river-electric-expanding-solar-footprint-in-the-midwest-301809332.html
SOURCE SunPower Corp.