SunPower Shares Climb 19% as it Offers Tesla's Powerwall Battery Storage
$SunPower (SPWR.US)$ shares climbed 19% after the residential solar energy company said it will now be offering $Tesla (TSLA.US)$'s Powerwall 3 as part of its portfolio of solar and storage products.
Powerwall accounts for over half of the battery installations last year, SunPower said in a press release. The solar company aims to tap in the growing market for battery storage. It forecasts that one in every four American homeowners who install rooftop solar this year will also add a battery storage.
SunPower shares c;limbed to as high as $3.74 before paring gains to $3.26, up 19% at 2:52 p.m. in New York Wednesday.
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Moomoo Senior News and Community Manager
Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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71875031 : Sunpower disbanded it's residential install unit, leaving all resi installs to subsidiary Blue Raven Solar.
Although Powerwall has been an added value sale, unless rates come down, it is doubtful this addition will prove meaningfully fruitful in the near term.