SunPower (NASDAQ:SPWR) is literally cleaning up with its new acquisition. The company announced that it has purchased privately held Greenbotics, a company that specializes in cleaning products and services for solar panels, in a cash transaction. The specifics of the deal were not made public.
Greenbotics services feature its CleanFleet robots, machines that automate the cleaning process. The robots are configurable for an assortment of panels and mounting types. According to SunPower, they are less costly and more environmentally friendly than traditional cleaning methods.
In the press release announcing the acquisition, SunPower quoted its CEO, Tom Werner, as saying that it "will allow us to further maximize the proven system performance of our high-efficiency, most reliable solar panels, which is critical to a project's economics and levelized cost of electricity."
SunPower said that the transaction will be accretive to its results. It did not elaborate.
At the end of its most recently reported quarter, the company had $785 million in cash and short-term investments.
Fool contributor Eric Volkman has no position in SunPower. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.