SunPower raises $26.2 million in equity private placement

SunPower, a solar technology and installation company, has raised $26.2 million through an equity private placement. The funding round was anchored by Foris Ventures, the family office of Kleiner Perkins chairman John Doerr, with much of the capital coming from investors in Silicon Valley’s Sand Hill Road.

The company aims to use the growth capital to return to profitability following a period of operational challenges and a broader reset in the solar market caused by the loss of the Investment Tax Credit (ITC). CEO T. J. Rodgers noted that the company’s share price has recently traded below $1. To address execution issues in the SunPower Direct division, the company has reassigned the division to Kapil Rai.

SunPower is targeting approximately $500 million in revenue next year. Management highlighted the long-term potential of the U.S. residential solar market, noting that while current solar penetration in capable homes is around 6%, forecasts suggest it could reach 30% by 2030.