PVTIME – Maxeon Solar Technologies (NASDAQ: MAXN) today announced a broad strategic restructuring of the Company’s business portfolio and geographic market focus. Going forward, the Company intends to focus exclusively on the U.S. market where its market presence and planned local manufacturing footprint create a strong platform to drive growth and profitability. As a key part of this strategy, Maxeon has executed a five-year lease of an existing building in Albuquerque, New Mexico and plans to begin solar panel manufacturing in this 2 GW capacity facility in early 2026.
In rest-of-world markets, Maxeon and TCL Technology Group, the parent company of its majority shareholder (“TCL Group”) have reached agreement-in-principle for the sale of Maxeon’s EMEA, APAC and LATAM sales and marketing organization to TCL Group which will be incorporated into a newly formed solar solutions business unit, TCL SunPower International (“TCL SunPower”). The two companies have also agreed in principle for TCL Group to acquire Maxeon’s Philippines manufacturing operations. These transactions are intended to create a strong, new global solar solutions company under TCL Group, while empowering Maxeon to capitalize on its innovation-driven, U.S. focused business platform. Maxeon and TCL Group anticipate signing definitive agreements by the end of 2024. Following the completion of these transactions, Maxeon will continue to operate as an independent, publicly traded NASDAQ listed company solely focused on the U.S. residential, commercial, and utility-scale markets.
“As Maxeon intensifies its focus on the U.S. market, our priority is to further expand our growing residential and commercial partner network and support our well-established base of utility-scale customers,” said George Guo, Maxeon’s CEO. “This strategic re-focusing of our business is designed to keep us closer and more attuned to the needs of our U.S. customer base, allowing us to leverage Maxeon’s deep experience and top-tier reputation for product innovation and quality that are a result of almost 40 years of technology leadership and investments in intellectual property.”
Added Guo, “A core element of our U.S. strategy is to participate in the creation of a domestic solar panel supply chain, and we are pleased to announce that we recently executed a five-year lease on an existing building in Albuquerque, New Mexico as the first stage in our U.S. solar manufacturing plans. Assuming successful financing, this site will allow Maxeon to rapidly deploy a 2 GW module assembly facility while we continue to evaluate our longer-term objective of also establishing solar-cell manufacturing capacity. We are excited to move forward on our manufacturing platform in Albuquerque and we are very grateful to New Mexico Governor Michelle Lujan Grisham, Senator Martin Heinrich and the New Mexico congressional delegation, Albuquerque Mayor Tim Keller and many others for their partnership and support in this effort.”
“Outside of the U.S., TCL SunPower plans to provide innovative, sustainable solar solutions for both homeowners and businesses,” said Kevin Wang, TCL Group President, and COO. “These would include SunPower branded solar solutions sold via the existing SunPower branded exclusive installation partners, as well as TCL Solar products sold through distribution channels.”
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