SunPower Invests in Wolf River Electric, Expanding Solar Footprint in the Midwest

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.

About SunPower
SunPower (NASDAQ:SPWR) is a leading solar technology and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com

About Wolf River
Wolf River Electric has been the Midwest's leader in residential solar installation for years. Here at Wolf River, we believe in a customer-first ideology that stems from the community we serve. We take pride in our community and offer solutions to any energy-related problem they may face.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected business plans and product performance. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

SOURCE SunPower Corp.