Sunpower acquires SolarWorld: US Solar panel technology firm SunPower (NASDAQ:SPWR) has seen its stock spike over 10% after announcing that it is to buy rival US panel maker SolarWorld Americas.
SunPower’s per-share price currently sits at $9.22 USD, indicating a complete recovery in stock value since president Donald Trump imposed import tariffs on solar panels back in mid-January. The tariffs saw the US solar industry take a hit as investor uncertainty took hold.
In a statement, SunPower said the acquisition of SolarWorld Americas opens “a new chapter in American solar panel manufacturing”. SolarWorld is the leading manufacturer of solar panels in the US, so SunPower hopes that injecting their “advanced” P-series panels into SolarWorld’s production lines will give its technology a boost into the US market. This will coincide with what SunPower say is “strong US market demand”.
Terms of the acquisition deal have not been disclosed, but both firms seem pleased with the outcome. SunPower CEO Tom Werner said: “SolarWorld Americas provides a great platform for us to implement our advanced P-series solar panel manufacturing technology right here in our home market.”
Meanwhile, SolarWorld Americas CEO Jurgen Stein said: “We are thrilled about this acquisition as it means quite simply, that our company can look forward to redoubled strength as it continues to innovate and expand into the future.”
Interestingly, it is this sort of US solar industry investment that Trump may have been hoping to create when he implemented import tariffs at the start of the year. It is still unclear whether the US president was trying to undermine renewable power or increase US competitiveness in the sector.
SunPower is one of the US solar industry leaders. With over 750 patents for solar technologies, the firm claims to have the “world’s highest efficiency solar panels featuring Sunpower Maxeon cell technology.” The firm supplies solar panels to residential, commercial and utility markets. Since its inception in 1985, Sunpower has produced over 18,000,000 megawatt hours (MWh) of electricity; enough to power the country of Iceland for a year, according to CIA data. The firm’s stocks have climbed 25.6% in the last four weeks, bringing the firm’s market cap to $1.3B today.
Featured image: Greentech Media