Investors Cheer SunPower Corporation (NASDAQ:SPWR)’s Acquisition

Posted by Nathan Alexander November 5, 2013 0 Comment 2472 views

On November 4, 2013, a leading solar technology firm, SunPower Corporation (NASDAQ:SPWR) announced the acquisition of a Davis, California based Greenbotics, Inc. that specializes in panel cleaning products and services, mostly for large scale solar power plants. This strategic acquisition comes handy to SunPower to expand its energy services portfolio, largely in global markets where dirt and dust environments poses great challenges, for example the solar systems built in desert conditions. The company expects to utilize the Greenbotics team and their robotic technology for large scale solar field installation projects alongside robust new product development. Investors celebrated the announcement as evident through 10.66% surge in the stock price of SunPower Corporation (NASDAQ:SPWR).

Greenbotics optimizes the solar power plant performances through its proprietary CleanFleet robots that offer cost-effective cleaning process. The company has offered its services to clean hundreds of MW of systems in the Western as well as Southwest U.S. These robots offer a greener and cost effective alternative as they uses about 90% less water than traditional cleaning methods like sprayer trucks, pressure washers or manual cleaning and can be configures to variety of solar panels and mounting types.

Investors celebrated the announcement as evident through 10.66% surge in the stock price of SunPower Corporation (NASDAQ:SPWR). Other stock in the list include Overland Storage Inc. (NASDAQ:OVRL) that gained 8.16% following the announcement to acquire privately held Tandberg Data Holdings that offers data storage and data protection solutions. The transaction is expected to be completed by the end of this year and subject to certain conditions including regulatory and shareholder approvals.

The stock of Tri Pointe Homes Inc. (NYSE:TPH) gained 5.01% following the news of the company buying Weyerhaeuser Company (NYSE:WY) in a $2.7 billion deal. Based on an estimated combined equity market value, Tri Pointe will become one of the 10 largest U.S. homebuilders following the completion of this transaction.

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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