SunPower has made many important steps in the last year to grow its business and provide great customer experiences. These include spinning our manufacturing arm, enhancing SunVault energy storage, and introducing new services such as EV charging. We need to transform the way we power our world. These thoughtful actions were taken.
In that spirit, I’m pleased to announce the latest evolution of SunPower: Today, we announced that SunPower acquired Blue Raven Solar. This rapidly expanding residential solar company has been expanding its presence in the U.S. since it was established in 2014.
Blue Raven’s acquisition makes perfect sense for many reasons. But let me start by saying that while more than 100,000,000 homes could save electricity by switching to solar, only four percent of these homes have solar. This gap presents a huge opportunity to increase renewable energy use. It can save families money, reduce the risk of grid failures, and help lessen the effects of climate change. These are the things that cannot wait.
Blue Raven allows us to expand our reach to meet this demand quickly. Clearly, our businesses have complementary geographical reach: Blue Raven currently does 95% in 14 states, while SunPower has only 5%. Combining the best of both our direct and digital go-to-market strategies can also be a huge advantage. We have the potential to combine our strengths to create powerful tools that will allow us to bring industry-leading products to underserved markets rapidly.
Even more remarkable is the commonality we share. Blue Raven, like SunPower, is committed to superior customer service. This can be seen in their 4.6/5 rating. Blue Raven was recently named to Glassdoor’s top 2021 places to work list. Both of our companies are passionate about creating better, cleaner energy.
We are fortunate to build on a growing business and are excited to include Blue Raven’s highly motivated employees and award-winning culture in our company. I look forward to all the opportunities for growth.