SunPower, Maxeon Complete Spin-Off Transaction

SunPower and Maxeon Solar Technologies have completed the strategic transaction announced last November, separating into two independent public companies. 

“Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to invest in key programs to drive their future profitable growth,” says Tom Werner, chairman and CEO of SunPower. 

Solar power is poised for significant growth and now each company is well-positioned to succeed based on specific areas of specialization, technology innovation and economies of scale,” he adds.

Tom Werner continues as CEO and chairman of the board of SunPower, headquartered in California’s Silicon Valley, with an employee and economic investment footprint across the U.S. and Canada. It also has an exclusive U.S. dealer network, the largest domestic residential and light commercial franchise. The company’s Hillsboro, Ore., manufacturing facility will remain part of SunPower.

Maxeon is a global solar innovation company with a strong channel to market that includes a worldwide network of more than 1,100 authorized sales and installation partners, and a strategy to move beyond the roof into adjacent DG products outside of the U.S. and Canada. 

Jeff Waters is CEO of Maxeon, headquartered in Singapore with panel and cell manufacturing facilities located in France, Malaysia, Mexico and the Philippines. Concurrent with this transaction is an equity investment of $298 million into Maxeon by long-time partner Tianjin Zhonghuan Semiconductor Co. Ltd. (TZS), a global supplier of silicon wafers. The TZS investment facilitates scale-up Maxeon production capacity of the newest generation of its Maxeon product family.

Maxeon and SunPower are cooperating to develop and commercialize next generation solar panel technologies, with early stage research conducted by SunPower’s Silicon Valley-based research and development group, and deployment-focused innovation and scale-up carried out by Maxeon.

Photo: Maxeon Solar Technologies’ landing page

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