SunPower Inc. (NASDAQ: SPWR) has raised $26.2 million through an equity private placement round, with the majority of funding coming from venture investors based on Sand Hill Road in Palo Alto, California, according to a company statement.

The round was anchored by Foris Ventures, the family office of John Doerr, chairman of venture firm Kleiner Perkins.

CEO T.J. Rodgers said the company's share price currently trades below $1, which he attributed to the loss of the Investment Tax Credit and execution issues in SunPower's Direct Division during the second quarter of 2026. Rodgers said the division has been reassigned to Kapil Rai, described as the company's most experienced profit-and-loss manager.

Rodgers said he presented to Sand Hill Road venture capital firms in a single day, receiving verbal commitments for the majority of the $26.2 million that same day. The presentation cited SunPower's revenue of approximately $300 million against a market valuation of roughly $60 million, and the company's stated plan to grow revenue to $500 million next year.

The presentation also referenced U.S. Energy Information Administration data indicating that 6% of solar-capable U.S. homes had installed solar as of 2026, with the agency forecasting industry growth to 30% market penetration by 2030.

SunPower is a solar technology, services, and installation company headquartered in Orem, Utah.