Suniva and SUNation Energy signed a definitive reverse merger agreement that seeks to reposition one of the historic solar manufacturing companies in the United States at the center of the country's new industrial strategy.
The deal, announced on June 8, envisions Suniva merging with a wholly owned subsidiary of SUNation Energy, a Nasdaq-listed company specializing in residential and commercial solar systems, battery storage, and integrated energy services.
Following the closing, the combined company would operate under the name Suniva and would maintain SUNation's listing on the Nasdaq Capital Market.
The move combines two assets: the scarcest link in the US solar chain —local cell manufacturing— with a commercial platform already positioned in high-demand, high-cost electricity markets.
Under the terms of the agreement, pre-merger Suniva shareholders would control approximately 98.2% of the combined company, while current SUNation shareholders would retain about 1.8%.
The transaction has already been approved by the boards of directors of both companies and is expected to close during the second half of 2026, subject to shareholder, SEC, Nasdaq and other customary approvals.
The key fact: The United States has modules, but it lacks cells.
The focus of the operation is on Suniva's industrial capacity.
The company currently has a 1 GW solar cell plant in Georgia and is moving forward with a 4.5 GW expansion plan in Laurens County, South Carolina.
If finalized, Suniva would exceed 5.5 GW of national solar cell manufacturing capacity.
This data is relevant because the United States has grown strongly in local assembly of modules, but still relies heavily on imported cells.
According to information released by the companies, the country has approximately 59 GW of solar module assembly capacity, compared to only about 3 GW of operational cell manufacturing capacity.
That gap makes the solar cell one of the main bottlenecks in the US photovoltaic chain.
In that context, Suniva seeks to position itself as a strategic national supplier for a market that, according to the company, could exceed 500 GW during the next decade.
Nasdaq, capital and industrial policy
The merger would also allow Suniva to access a Nasdaq-listed platform, expanding its financing capacity to scale manufacturing, execute new investments, and capitalize on strategic opportunities.
The operation aligns with the United States' industrial policy, which seeks to relocate key parts of the solar supply chain, strengthen domestic content, and reduce dependence on imports.
Suniva points out that its US-made cells can help customers and partners meet domestic content requirements and foreign entity of interest rules.
“For the past two years, we have been dedicated to transforming SUNation into a more robust, disciplined, and resilient platform, and this proposed merger with Suniva is the next logical step on that path,” said Scott Maskin, CEO of SUNation.
The executive argued that combining Suniva's local cell manufacturing with SUNation's residential, commercial, and service businesses would allow them to offer a proposal based on domestic products.
Tony Etnyre, CEO of Suniva, added that the company was founded with the conviction that "America's energy future must be built here at home."
“As the first company to restart solar cell manufacturing in the U.S., we believe we have demonstrated that the manufacturing model works,” he said.
An integrated platform
The new company would seek to combine domestic cell manufacturing, relationships with module manufacturers, residential and commercial solar installation, storage, and energy services.
SUNation's presence in markets with high electricity costs could serve as a channel to bring US-made cells closer to end customers, through module partners and installers.
For Suniva, the goal is to occupy a strategic position at the weakest point in the US solar chain: local cell production.
If it manages to complete its expansion to more than 5.5 GW, the company could become one of the key players in the new solar industrial stage in the United States, marked by domestic content, tax incentives and the search for greater control over the supply chain.