T.J. Rodgers, SunPower and the Future of Utah's Solar Power Industry — Part 2: Where This Goes Next

Publisher's Note

This is Part 2 of a two-part Utah Money Watch investigation into the evolving relationship between SunPower, Utah’s solar economy, and T.J. Rodgers. Part 1 was published yesterday.

A Quick Look Back Before Looking Forward

In Part 1 of this two-part writeup, we laid-out the long, twisting and at times convoluted road that brought together Silicon Valley semiconductor industry mogul, T.J. Rodgers, with Complete Solaria,  SunPower, Core Energy, Sunder Energy, and (potentially) Ambia Solar, plus Utah’s surprisingly deep solar workforce.

{NOTE: If you missed Part 1, you can find it here.}

This being the case, then Part 2 tackles the harder part of this investigation, reporting, and analysis.

Specifically, Part 2 is structured around diving-into and (where possible) providing answers to what I see as the 10 big questions that now confront SunPower v2.0, Utah’s energy economy, and the emerging money flows that sit beneath both.

If this approach feels deliberate, that’s because it is.

The answers to these 10 questions — each a pressure point — collectively shape the trajectory of what comes next for Rodgers, SunPower, for Utah, and for a solar industry entering its next decade of volatility and growth.

So let’s take 'em on, one by one.

ONE: So who is T.J. Rodgers? And what is he building, in Utah no less?

First and foremost, T.J. Rodgers is a semiconductor guy.

From a broader perspective, he is a very successful technology executive, one where his successes over four decades have transformed him into a billionaire.

He made his name, and his initial fortune, by co-founding and leading Cypress Semiconductor into one of Silicon Valley’s most efficient, acquisition-savvy chip companies, producing everything from logic devices to PSoCs (Programmable System-on-Chips), while also executing 26 acquisitions over several decades.

He's an operator who believes in engineering rigor, financial discipline, and cycle-time reduction.

Rodgers is also a founder who built a culture around measurable performance, accountability, and (whenever possible) speed.

And, he is also a technologist who broadened his vision early, seeing the potential of solar power technology long before Wall Street considered it investable.

That’s how he ended up writing the first personal loan to the SunPower v1.0 back in 2001.

That’s how Cypress Semiconductor took a 40% minority stake in SunPower in 2002.

That’s how he became the driving force behind SunPower’s 2005 IPO. And it's Chairman.

And that is how, two decades later, he ended up buying the assets of the bankrupt "old" SunPower v1.0 through Complete Solaria and relaunching it as what I define as SunPower v2.0 in April 2025.

Now for the harder question:

What is T.J. Rodgers actually building?

It’s tempting to answer this with a simple phrase.

“A restored SunPower.”

Or perhaps “a rebuilt solar operator for a post-ITC world.”

But as I dug deep into this story, I think the real picture is broader and more strategic.

Rodgers isn’t merely restoring SunPower.

He is reorganizing the economics of residential solar around the parts of the value chain that will define the next 10 years, parts like:

• High-efficiency sales teams and sales processes,
• Rapid design and install cycles,
• Integrated power storage solutions,
• TPO (Third-Party Ownership) financing,
• Variable-cost labor models, and
• Multi-state scalability.

In other words, he’s building a platform for the newly emerging solar world:

• For Utah,
• For America, and perhaps,
• For the entire world.

One optimized for the world we are entering, not the world we just left.

TWO: Surprise ... SunPower has had a Utah presence for nearly 18 Months

When you peel back the layers of the figurative onion, you discover a deeper pattern:

SunPower (NASDAQ: SPWR, SPWRW) began shifting its operational center of gravity to Utah in June 2024.

That's when it announced the hiring of its Chief Financial Officer and the fact that he would be based in Lehi, Utah.

This was not necessarily for tax reasons, although Utah’s corporate tax rate is significantly lower than California’s.

But I suspect because it was part of a larger, grander vision, one centered on Utah because this is where the talent is in the solar industry.

The proven talent, the scalable talent, and the relentlessly competitive talent, as exhibited through such firms as

• Vivint Solar,
• LGCY Power,
• Blue Raven,
• Sunder Energy, and
• Ambia Solar,

just to name a few.

And that's not counting a long list of Engineering-Procurement-Construction firms (EPCs), dozens of back-office, finance, software, and customer-support teams, each of which quietly power the national solar industry from Utah’s Wasatch Front.

To me it's obvious that Rodgers didn’t choose Utah accidentally.

Rather, he chose Utah because its solar workforce is one of the most experienced and resilient in America.

He chose it because the corporate DNA here aligns with the operating model he wants.

And the acquisitions are proving that he was correct.

THREE: In the “old world” of residential solar, homeowners purchased systems outright. But that's changing.

Initially, the federal government offered ITC — the Investment Tax Credit — allowing customers to deduct a percentage of their solar system cost from federal taxes.

• This lowered up-front customer costs;
• Loan and cash sales dominated;
• Installers made healthy margins; and
• The model held together, until it didn’t.

Given multiple factors in California, especially the rate redesign in the state with the launch of Net Energy Metering 3.0 (aka, NEM 3.0), caused real challenges for the solar industry in the Golden State.

Interest-rate pressure didn't help either. Or a cooling credit environment.

And shrinking ITC benefits are also hurting the sale of direct-owned solar power systems.

Hence, the birth of the “new world” of residential solar.

And the new world is TPO, Third-Party Ownership.

Under TPO, a finance partner owns the system, while the homeowner pays a predictable energy bill.

Additionally, the installer gets paid quickly as the economics shift, benefiting both the homeowner and the Third-Party Owner.

Why does this matter?

Because when benefits of ITC continue to ratchet downward for homeowner-owned systems, the benefits of TPO will continue on.

Additionally, because a large percentage of Utah’s youth volunteer for proselyting missionary work every year as members of The Church of Jesus Christ of Latter-day Saints, the truth of the matter is that the state naturally has a ready crop of new prospective door-to-door salespeople "born" every single year.

And in fact, a large part of this potential workforce has been selling TPO for years.

So when SunPower says,

“72% TPO (Third-Party Ownership),”

it's not a footnote.

It's the future for firms like SunPower.

It also helps explain why the closed Sunder Energy transaction and the in process Ambia Solar acquisition matter so much to SunPower.

Four: Utah’s "Energy Ecosystem" — The soil where SunPower has planted itself

To understand where SunPower is headed, you need to understand the broader energy environment it has entered.

Utah is not a coal-only state anymore. Nor is it a natural gas-only player.

And it's definitely not a mere Western grid-transmission node.

Instead, it is a diversified, evolving, technically sophisticated energy ecosystem with

• Coal (still),
• Natural Gas (still),
• Solar — residential and utility-scale,
• Geothermal power,
• Hydropower.
• Wind (limited, but real),
• Mineable Uranium,
• Compelling storage capabilities (look into the ACES Delta project for an example),
• Pipeline infrastructure,
• Critical mineral processing, and
• Distributed generation and microgrids.

Very few states have such energy diversity.

Even fewer have the permitting environment, workforce, and supply-chain advantages Utah now possesses.

Besides, Utah is a residential-solar hotspot, has been for over a decade.

Why?

• Because the customer-acquisition infrastructure is here.
• Because the EPCs are here.
• Because the workforce is here.
• Because the sales models were refined here.

In other words, it’s a map.

And when you look at the data provided by the SEIA, that map becomes clearer.

Specifically, according to Solar Energy Industries Association (SEIA) data for Q2 2025, Utah ranks 16th among all U.S. states for residential solar penetration, cumulative installed capacity, and long-term solar-growth projections, results driven heavily by workforce specialization and consumer-adoption patterns.

And don't forget, Utah only has a population of 3.5 million residents, which (according to ChatGPT-5) translates into ~1.4 million standalone houses, not condos, town homes, apartments, and/or multifamily units like duplexes, triplexes, etc.

SunPower’s completed and pending acquisitions reinforce this geographic clustering:

• Core Energy (Logan)
• Sunder Energy (South Jordan)
• Ambia Solar (Lindon)

And that’s not counting Orem-based Blue Raven, which the initial SunPower acquired in October 2021.

Because the solar companies that win the next decade will be the ones that can integrate marketing +sales / engineering + procurement + construction/installation + storage + long-term service at scale.

And Utah is one of the few states where all of these pieces already exist.

FIVE: "Operation Gigawatt" and State's rising ambition when it comes to energy

When Governor Spencer Cox launched Operation Gigawatt in October 2024, the goal was straightforward:

Build new energy capacity, fast, across a portfolio that spans utility-scale, distributed generation, storage, and grid modernization.

Priorities included:

• Rural energy development,
• Grid-resilience investments,
• Battery storage expansion,
• Interconnection modernization,
• Workforce growth opportunities, and
• Increased clean-tech economic development.

Formally, SunPower is not part of Operation Gigawatt.

But SunPower's timing and expansion align with everything the government program is trying to achieve.

A robust residential-solar ecosystem does three things:

1. Reduces strain on peak-load demand.
2. Increases distributed resilience.
3. Strengthens community-level energy independence.

So when SunPower expands its Utah footprint, grows its salesforce, shortens its cycle times, and integrates more Utah-based talent, those impacts echo inside the Operation Gigawatt targets — whether or not the state names SunPower specifically.

SIX: The Utah workforce equatio

One of the most consequential elements of the Sunder Energy acquisition is not the revenue bump.

It’s the labor model.

Sunder has only 19 employees.

However, it has over 1,700 active independent sales contractors. They're

• Door-to-door,
• High-velocity,
• Highly compensated,
• Trained for TPO, and
• Battle-tested in multiple states.

A workforce that SunPower v1.0 simply could not have built, but that Rodgers could absorb, refine, and scale.

Add Core Energy to the mix, then Utah’s EPC ecosystem.

Next add the sales-to-install cycle-time discipline that Rodgers is prioritizing, and — depending upon if the recently announced LOI transitions to a closed deal or not — add Ambia Solar to the mix and something new emerges.

A hybrid workforce model that blends:

• Fixed-cost operational teams,
• Variable-cost sales capacity,
• A process-driven integration engine, and
• A Utah workforce that's seemingly built for the SunPower model.

And yet SunPower already has this combo model in place.

This is why Utah matters.

This is why the acquisitions matter.

This is why the concept of a “Utah center of gravity” in the solar ecosystem is not just rhetoric.

It may, in fact, already be reality.

SEVEN: The strategic question — What is Rodgers actually building?

I believe there are three plausible outcomes, and all three remain viable.

Scenario 1: Rodgers stays and runs SunPower v2.0 for several years.

To be clear, he’s done it before, and he apparently still has the needed vim and vigor.

He also appears to enjoy the work and likes building / rebuilding things.

So, he is assembling talent.

And he's now delivering profits.

But at the age of 77, is Rodgers' timeline finite? Perhaps.

Scenario 2: He is building SunPower v2.0 to sell it.

In my opinion, this scenario carries real weight because the prerequisites for a strategic sale are lining up:

• Multiple profitable quarters,
• Cleaned-up financials,
• A TPO-heavy sales pipeline,
• Rationalized costs,
• A national footprint,
• Improved revenue-per-employee metrics, and
• A coherent integration model.

If I'm correct, potential suitors might include:

• Sunrun,
• NRG,
• Qcells,
• Enphase,
• Sunnova,
• A private-equity buyer, or
• An infrastructure fund.

And if Rodgers gets SunPower v2.0 to a 1.0× Price-to-Sales multiple (which he has explicitly referenced), the valuation math becomes compelling. Quickly.

Scenario 3: He is building SunPower v2.0 for a successor.

I suspect this is the scenario most observers underestimate.

Why? Because acquisitions don't just bring revenue, they bring leadership talent as well, execs like

• Conner Ruggio (of Ambia Solar),
• Eric Nielsen (of Sunder Energy),
• Spencer Jensen (out of Ambia Solar / Blue Raven operations),
• Cole Farmer (of Core Energy, sales & marketing), and
• Evan Dwyer (SunPower, original sales lead).

One of these — or a pair of them — could become the operational successor should Rodgers decide, at some point, to step down.

Then again, it could be someone else entirely.

Or who knows — Rodgers might follow the Warren Buffett model and lead SunPower into his mid-90s or beyond.

Regardless, Rodgers has run this play before.

And based upon his history across the 26 acquisitions at Cypress Semiconductor, I feel it's clear that he knows how to groom internal operators.

EIGHT: The “310 Deliverables” Operating Framework

In describing the Sunder Energy integration, Rodgers said:

“We have already created 60 deliverables… When the list reaches approximately 310 deliverables one month from now, the scope of the acquisition will be fully defined.”

This is not a metaphor.

It’s the same framework he used at Cypress for decades over the course of those 26 acquisitions.

It means:

• Discipline,
• Documentation,
• Accountability,
• Integration pairing,
• Full visibility, and
• Zero tolerance for guesswork

It also signals something deeper.

Rodgers is building SunPower v2.0 so it can function without him.

A sloppy company dies with its founder, while a disciplined company survives.

NINE: The forward view — What Utah should expect

Here is where I believe Utah’s solar and energy economy is heading.

A. More acquisitions — and more Utah gravity.

By now, Rodgers' model is now proven.

Going forward, expect more bolt-ons.

Maybe even a battery-storage firm. Or two.

B. A sustained emphasis on speed.

In spite of significant evidence to the contrary, Ambia Solar proved that with the Rodgers Acquisition Model, 41.6-day cycle times are doable with an acquisition.

As such, I suspect it would also be true should the decision be made to take a strategic roll-up approach as well.

C. A more durable TPO-driven business model.

This is where the future margin stack will live.

Utah’s salesforce is already built for it.

And SunPower already has this combo approach firmly in place.

D. Increased investor attention on SunPower’s footprint in Utah.

Simply put, we're talking about Orem, Lindon, South Jordan, and Logan — as of today.

What the future may bring is yet to be seen.

E. A meaningful contribution to Operation Gigawatt metrics.

Not formally, today, but functionally.

In the weeks, months, years ahead?

We shall see.

F. Utah becoming a Western-region hub for distributed storage and microgrids.

Especially if battery incentives shift.

This one is intriguing to me (in regards to SunPower) because today it is a reseller of batteries, Enphase specifically.

Should it choose to become an Original Equipment Manufacturer (an OEM), or even purchase a battery company, then the business model would shift, yet again, for SunPower.

And that, that would be interesting.

G. The real possibility of a strategic transaction in 2026–2027.

I suspect the potential upsides from "the maths" will eventually become too attractive to ignore.

TEN: The final question — What's next for T.J. Rodgers?

Here’s my take.

Rodgers will keep building SunPower v2.0 until one of three things happens:

1. The valuation meets his internal threshold.
2. A successor is ready to take the controls.

Or ... perish the thought ...

3. He is not able to continue forward — physically, mentally, etc.

I believe that everything we are seeing from Rodgers and SunPower over the past 12—18 months — the acquisitions, the integration discipline, the cost structure, the revenue profile, the Utah footprint — it all points to a system being built with longevity in mind.

Right here in little ol' Utah, the State of Deseret.

Specifically, 

• You don’t cut a workforce from 3,499 to 829;
• You don’t acquire four Utah companies in 16 months;
• You don’t expand to 45 states;
• You don’t build a 310-point integration framework; and
• You certainly don’t target national solar consolidation as a strategy.

That is unless you are building for the long term.

Or the strategic moment.

Either way, SunPower v2.0 now has a foundation.

And Utah is at the center of it.

In Closing ...

In Part 1 of this two-part writeup, I attempted to connect the disparate "dots" of the history that led to today.

By extension, with today's Part 2 writeup I've attempted to map-out where this story may go next.

In hindsight, it's clear that Utah’s energy economy was already evolving.

That being the case, SunPower v2.0 and T.J. Rodgers have now stepped directly into the middle of that evolution.

This is a story about strategy, timing, and people.

It's a story about consolidation.

It's also a story about Utah’s growing role in America’s energy future.

As a result, I know that for myself, my perspective on what comes next is tied to the foundational mantra of Utah Money Watch. It's simple and straightforward:

“Follow the Money.”

Publisher's Note 

This article/report, Part 2 of 2 in a two-part series, was originally published and distributed to our Subscribers at approximately 8:00am MT on Thursday, 20 November 2025.

However, if this report/article came to your attention sometime after this date/time and you'd like to change that, then (to become a subscriber), please 

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Team Utah Money Watch

P.S. You can find Part 1 of this series here.

P.P.S. I hope you'll let us know your thoughts on this first multi-part undertaking here at Utah Money Watch. As it stands, it's over 6,500 words combined. DLP