Latest addition to SunPower’s Dealer Accelerator Program to accelerate adoption of SunPower solutions in Minnesota, Iowa, Wisconsin and beyond
Wolf River Electric now SunPower’s third largest dealer
RICHMOND, Calif., April 27, 2023 /PRNewswire/ — SunPower (NASDAQ:SPWR), a leading solar technology and energy services provider, announced it made a minority investment in one of the largest residential solar providers in Minnesota, Wolf River Electric. Through this relationship, Wolf River is expected to accelerate its already high growth trajectory in Minnesota alongside a growing presence in Iowa and Wisconsin, enabling the companies to serve more customers in the market and increase solar adoption in historically underpenetrated areas.
Today’s investment makes Wolf River SunPower’s third largest dealer. Wolf River will sell SunPower® solar, SunVault® battery storage, EV charging equipment and financial products on an exclusive basis for the next five years. The dealer’s volume in the three states creates a significant net-new geographic coverage opportunity for SunPower to accelerate adoption in the Midwest. Wolf River also plans to use the investment to establish a dedicated warehouse as well as expand their sales and installation teams to rapidly grow and serve more homeowners.
“Our dealer accelerator program has proven successful in identifying high growth companies that, with some additional investment, can increase the speed at which they sell, finance and install solar energy systems nationwide,” said Shawn Fitzgerald, Vice President of Corporate Development at SunPower. “With Wolf River on our team, we can expand our reach to ensure more homeowners in the Midwest have access to the savings and resiliency provided by clean energy.”
Since its founding in 2014, Wolf River has built a profitable and high-growth business, achieving 235% revenue growth year-over-year in 2022. SunPower expects that Wolf River’s volume will help expand its comprehensive suite of financial products providing homeowners more financing options that meet their needs whether cash, lease or loan. Additionally, Wolf River shares SunPower’s value for delivering superior customer experience as a top rated solar company currently with a 4.8 star rating on Google.
“The success of our clean energy future depends on local businesses having access to resources and financing to move quickly and efficiently to serve the communities we work in,” said Vlad Marchenko, CEO of Wolf River Electric. “SunPower’s track record to deliver high quality, premium solar solutions is unparalleled. Their investment enables us to serve homeowners on a greater scale as well as create new green jobs in the Midwest.”
SunPower’s Dealer Accelerator Program provides high-potential solar businesses with capital financing and business guidance to meet the increasing demand for solar nationwide. Dealers in the program exclusively sell SunPower solar systems. They also offer SunVault battery storage and leverage SunPower Financial™ for a homeowner’s financing needs.
Chardan investment bank acted as the exclusive financial advisor to Wolf River in this transaction, led by Elliot Gnedy, Director.
To learn more about SunPower’s robust dealer network, visit https://us.sunpower.com/dealers-installers.
