SunPower has raised $26.2 million in an equity private placement round anchored primarily by investors from Sand Hill Road, the venture capital hub in Palo Alto, California.
The round was led by Foris Ventures, the family office of Kleiner Perkins Chairman John Doerr.
The company, which generates approximately $300 million in annual revenue but carries a market valuation of roughly $60 million, has seen its share price fall below $1 amid a broader residential solar market reset following the loss of the federal Investment Tax Credit and execution challenges in its SunPower Direct division.
The Direct division has since been reassigned to a new manager as the company works to restore normal operations.
SunPower is targeting a return to profitability and revenue growth to $500 million in the near term, citing an underpenetrated residential solar market in which only 6% of solar-capable U.S. homes had installed solar as of 2026, according to the U.S. Energy Information Administration (EIA).
“This situation offers investors a low-priced equity with a potential 4x to 11x ROI multiple calculated four different ways, a scenario much akin to a venture capital round,” said T.J. Rodgers, SunPower CEO, in a statement.
The EIA projects solar market penetration to reach 30% by 2030.
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