SunPower, a solar technology, services, and installation company, raised $26.2 million through an equity private placement, primarily from investors based on Sand Hill Road in Silicon Valley.

Foris Ventures, the family office of John Doerr, chairman of venture capital firm Kleiner Perkins, anchored the round.

T.J. Rodgers, SunPower CEO, said, “I want to thank all the investors who participated in this round. Today, SPWR’s share price hovers under $1 due to the solar market reset caused by the loss of the Investment Tax Credit (ITC) combined with the Q2’26 mis execution of our SunPower Direct Division, which has been reassigned to our most experienced P&L manager, Kapil Rai, and will soon be back to normal. SunPower plans to return to profitability shortly and needs to raise growth capital. This situation offers investors a low-priced equity with a potential 4x to 11x ROI multiple calculated four different ways, a scenario much akin to a venture capital round.”

The company did not disclose the number of shares issued, the price per share, or the other investors participating in the private placement.

In February 2026, the company announced that it had closed its $12 million all-equity strategic acquisition of Cobalt Power Systems, a solar and energy storage systems installation company headquartered in Mountain View, California. The company is expected to continue to operate as a standalone subsidiary following the acquisition, with common financial, HR, and administrative practices.

In 2025, SunPower also completed the acquisition of Ambia Solar, a solar panel installation company based in Utah, and the strategic acquisition of Sunder Energy, a residential solar sales company.

Solar public market financing in 1H 2026 totaled $2.2 billion in 17 deals, a 371% increase compared to $467 million in five deals in 1H 2025, according to Mercom’s Annual and Q4 2025 Solar Funding and M&A report.