Ending the week on some big news, SunPower and Maxeon Solar Technologies have just announced the strategic transaction from November 2019 has been completed, which sees both names now separated as two independent public companies. Moving forward, both will set their sights on what their announcement labelled as “critical success factors for their respective business models”.
Tom Wener, Sunpower CEO and chairman of the board said, “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.
“Solar power is poised for significant growth, and now each company is well-positioned to succeed based on specific areas of specialisation, technology innovation and economies of scale.”
Werner will also continue as CEO and chairman, where he will sit in the headquarters of Silicon Valley. SunPower will also utilise its portfolio of employees and e economic investments already established across the U.S. and Canada. Hillsboro, Ore – the company’s manufacturing branch, will also continue to fall under the SunPower umbrella.
Werner said the “new SunPower” would see further developments across distributed generation, storage and energy solutions as a leader in North America’s market. It will also make use of its end-to-end software suite, a diverse range of products and what the company calls an “asset-light approach”.
Where to for Maxeon?
As a global solar innovation authority across the market, Maxeon has a worldwide network behind it, including more than 1100 authorised sales and installation partners. Its strategy for the future is to go “beyond the roof” and into adjacent DG products away from the U.S. and Canada markets.
Situated in the headquarters within Singapore, CEO Jeff Waters will continue to run operations through panel and cell manufacturing facilities across Malaysia, Mexico, France and the Philippines.
Tianjin Zhonghuan Semiconductor Co., Ltd. has also invested equity up to the value of $298 million into Maxeon as a global supplier of silicon wafers. It’s this investment that supports the scalability of Maxeon’s production volumes for its new generation of products.
“We are prepared to start our first day as Maxeon, with industry-leading technology, a strong brand, a unique global sales channel and strong investment partners,” said Jeff Waters, CEO of Maxeon.
“TZS has been a proven, long-time strategic partner of SunPower’s, cooperating on seven joint ventures and joint development projects since 2012. We are excited to have TZS’s backing at this important juncture in the emergence of solar power as a mainstream energy source.”
The future of next-gen solar panel technology
Maxeon and SunPower are collaborating to bring next-generation solar technology to the commercial market. Sunpower is heading early-stage research, while Maxeon is responsible for deployment-focused innovation and scale-ups.
“We invested in SunPower nearly ten years ago next Spring and our partnership has come far,” said Patrick Pouyanne, chairman of the board and CEO of Total, the majority shareholder. “Today is a significant step in our evolution. We believe the time is right for each company to start off on their own, leveraging their own strengths, with focused business plans and defined markets.”
