The $37.5 million equity acquisition of Ambia Solar will expand SunPower’s reach from 22 to 45 US states, strengthening its national footprint
Ambia Solar adds $83.6 million in projected 2025 revenue to SunPower’s $303.4 million forecast for the year
Ambia will merge into Blue Raven, the company it spun out from, under Ambia CEO Conner Ruggio
SunPower says the acquisition will help it offset the 2026 ITC loss, as 72% of Ambia’s backlog is TPO-funded and thus unaffected
SunPower in the US has agreed to acquire Utah-based Ambia Solar for $37.5 million in equity, with the transaction expected to close in the 4th quarter of 2025. The deal will expand SunPower’s geographical footprint from 22 states to 45 states while adding to its overall sales revenues.
Ambia Solar was spun out of SunPower’s Blue Raven division in 2022. On completion of the acquisition, Ambia Solar will be merged into Blue Raven, which will be headed by Ambia’s founding CEO, Conner Ruggio.
Ambia COO Spencer Jensen will become COO of Blue Raven, overseeing all combined operations. His goal will be to bring the same operational improvements achieved at Ambia – including a 41.6-day order-to-install median cycle time and a customer-awarded NPS score of 71 – to SunPower, according to SunPower CEO TJ Rodgers.
Ruggio will take over from Steve Erickson, who will now lead SunPower’s new battery storage and backup division, which Rodgers called the ‘biggest opportunity in solar now’.
Ambia Solar’s estimated 2025 revenue stands at $83.6 million, compared to residential solar services provider SunPower’s $303.4 million forecast. The transaction will also lead to SunPower shifting its standard initial site survey job from operations to the sales team, thus saving a week of delay and added cost, according to the management.
Rodgers said, “We look forward to Ambia’s $83.6 million of added revenue – which will start in Q1’26, just as the ITC for individual homeowners expires – but I stress, as I did with our prior acquisition of Sunder, that the management team and its veteran solar employees are in themselves a big win for SunPower.”
He added that the full financial benefits of the Ambia acquisition will appear in Q1 2026, when the industry faces challenges from the loss of the homeowner Investment Tax Credit (ITC). However, since 72% of Ambia’s backlog is third-party ownership or TPO-funded, it won’t be affected.
The deal supports SunPower’s forecast for record revenue and profit in Q4 2025 as well as continued profitability in Q1 2026. In Q3 2025, SunPower reported $70 million in revenues, including the impact of the ITC announcement, and expects to report $83.3 million for Q4 2025.
Rodgers added, “The SEIA has forecasted that the U.S. residential solar industry will install a massive 11 gigawatts (about $28 billion) – 6.0 gigawatts in 2025 and 5.2 gigawatts in 2026. Right now, due to the 2026 forecasted 13% ITC reduction, the industry is consolidating, giving publicly traded companies like SPWR an opportunity to join with leading private companies like Ambia – not to cash the founders out – but to let them invest in kind in a bigger and more durable company that they will also help run.”
Having rebranded from Complete Solaria to SunPower, the company recently announced the acquisition of another Utah-based solar sales company, Sunder Energy, in September 2025 (see North America Solar PV News Snippets).
