Sale of Microinverter Business to:
Enphase Energy, Inc.
SunPower Corporation (“SunPower”) sold its microinverter business to Enphase Energy, Inc. (“Enphase”) for $25 million in cash and 7.5 million shares of Enphase common stock.
The transaction brings together market share leaders in residential solar microinverters and U.S. residential solar panel installations to accelerate the global adoption of AC modules as the de facto residential solar solution. The SunPower® Equinox home solar system will be enhanced by a custom line of the Enphase IQ microinverters for use with SunPower AC modules, delivering the high quality and performance SunPower’s customers have come to expect, while enabling SunPower to benefit from Enphase’s scale, technical expertise and R&D support. The transaction adds over 140 patents to Enphase’s IP portfolio and is expected to generate strong revenue growth for Enphase through their exclusive co-development of microinverters for SunPower’s industry leading Equinox home solar system in the U.S. market.
Marathon Capital served as the exclusive financial advisor to SunPower.