SunPower Raises $26.2 Million in Equity Private Placement Led by Foris Ventures to Support Growth and Return to Profitability

SunPower Inc., a solar technology, services and installation company, has raised $26.2 million through an equity private placement, with the funding primarily backed by investors from Silicon Valley’s Sand Hill Road. The round was anchored by Foris Ventures, the family office of John Doerr, Chairman of venture capital firm Kleiner Perkins.

SunPower CEO T.J. Rodgers said the company plans to use the fresh capital to support its growth strategy as it works toward returning to profitability. Rodgers attributed the company’s recent share-price pressure to the broader solar market reset following the loss of the Investment Tax Credit (ITC), as well as execution issues within its SunPower Direct division during the second quarter of 2026.

According to Rodgers, SunPower currently generates approximately $300 million in revenue, while its market valuation stands at around $60 million, representing a price-to-sales ratio of approximately 0.20x. The company expects to grow revenue to approximately $500 million next year while returning to profitability, he said.

Rodgers also highlighted the growth potential of the U.S. residential solar market. Citing data from the U.S. Energy Information Administration (EIA), he said only around 6% of solar-capable U.S. homes had installed solar as of 2026, indicating significant room for further market penetration. The EIA is also forecasting solar penetration to reach approximately 30% by 2030, according to the company.

The CEO said SunPower presented its growth and market opportunity to venture capital investors on Sand Hill Road, focusing on the company’s revenue base, profitability outlook, residential solar market opportunity and expected industry growth. Following the presentations, SunPower received initial verbal commitments for the majority of the $26.2 million investment, Rodgers said.

The company said the new funding comes as it seeks to capitalize on growth opportunities in the U.S. residential solar market. SunPower also cited potential increases in electricity demand and pricing associated with the expansion of artificial intelligence infrastructure as a factor that could support broader electricity and solar demand.

According to the company’s estimates, investors participating in the private placement could see potential returns ranging from 4x to 11.4x, depending on different valuation and share-price scenarios. These estimates include a potential 4x return based on a 0.72 price-to-sales ratio, 7.6x based on a return to the company’s 52-week high of $2.27, 8.3x based on a portion of the gains achieved during the 2017 Enphase turnaround, and 11.4x based on an analyst-projected share price of $3.30.

SunPower said the estimates are based on an assumed presentation price of $0.30 per share and represent potential scenarios rather than guaranteed investor returns.