Suniva and SUNation plan to combine their manufacturing and solar services operations
The merged company is expected to trade on Nasdaq under the Suniva brand name
The deal is aimed at supporting future US solar manufacturing expansion of Suniva by leveraging SUNation’s downstream presence
US solar cell manufacturer Suniva and solar energy services provider SUNation Energy have signed a definitive reverse merger agreement to create a combined company. It will focus on expanding domestic solar manufacturing and services in the country.
A reverse merger is defined as a shortcut for a private company to become a public company traded on the stock market by buying a public company.
Under the agreement, Suniva will merge with a wholly owned subsidiary of SUNation. The combined company is expected to operate under the Suniva name while retaining SUNation’s Nasdaq listing.
SUNation Energy and Suniva said their merger will combine Suniva’s US solar cell manufacturing and expansion plans with SUNation’s residential, commercial, energy storage and services businesses. The companies said US-made solar cells will help customers meet domestic content and Foreign Entity of Concern (FEOC) requirements, while SUNation’s customer network in higher-cost markets will provide a channel to bring Suniva’s American-made products to end users.
For the solar cell manufacturer, this deal with an established downstream business in high-electricity-cost markets is aimed at ensuring additional market presence and access to US capital markets to fund its continued growth in solar manufacturing.
Suniva currently operates a 1 GW solar cell manufacturing facility in Georgia. It is expanding with another 4.5 GW cell plant in South Carolina for $350 million (see Suniva To Build New 4.5 GW Solar Cell Factory).
“Access to U.S. public capital markets means we can move faster, invest deeper, and expand further into the domestic manufacturing capacity this country urgently needs. SUNation brings an established, customer-facing business that strengthens our foundation as we build toward that future together,” said Suniva CEO Tony Etnyre.
US-made cells will support customers meet domestic content and Foreign Entity of Concern (FEOC) requirements, as per a joint statement. SUNation’s residential, commercial, storage and service business in high‑cost markets provides a ready channel to deliver Suniva’s American‑made cells to end customers.
“SUNation’s residential and commercial capabilities, along with deep relationships with other leading installers across the country, should support Suniva and its module partners in accelerating American solar’s transition to a domestic supply chain,” stated SUNation CEO Scott Maskin.
Having started as a residential solar installation business in 2003, SUNation Solar Systems ventured into electric vehicles (EV) charging, roofing and home battery storage in 2022 as SUNation Energy and later listed on the NASDAQ in 2024.
In April 2026, following the decline in residential demand due to the expiration of Section 25D federal tax credit among other factors, the management launched a strategic review of its business to increase shareholder value and positioning the company for long-term success, including a potential sale of the company. Commercial solar and storage now form part of its diversified business approach which also includes residential offerings and financing approach in a post-25D market.
Based on the merger terms, Suniva shareholders are expected to own approximately 98.2% of the combined company, while existing SUNation shareholders are expected to hold about 1.8%, subject to certain adjustments. Following completion, the combined company is expected to be led by a board designated by Suniva.
The transaction is targeted to close in H2 2026, subject to shareholder, regulatory and exchange approvals.