{"id":975,"date":"2019-11-12T15:42:03","date_gmt":"2019-11-12T23:42:03","guid":{"rendered":"https:\/\/solarpowerinvestor.com\/?p=975"},"modified":"2022-06-15T22:35:14","modified_gmt":"2019-11-12T23:42:10","slug":"sunpower-and-chinese-supplier-join-forces-to-spin-off-sunpowers-manufacturing-business-unit-into-maxeon-solar","status":"publish","type":"post","link":"https:\/\/solarpowerinvestor.com\/sunpower-and-chinese-supplier-join-forces-to-spin-off-sunpowers-manufacturing-business-unit-into-maxeon-solar\/","title":{"rendered":"SunPower and Chinese supplier join forces to spin-off SunPower’s manufacturing business unit into Maxeon Solar"},"content":{"rendered":"
SunPower<\/a> announced plans to separate into two independent, complementary, strategically-aligned and publicly-traded companies â SunPower and Maxeon Solar Technologies (Maxeon Solar). Each company will focus on distinct offerings built on extensive experience across the solar value chain.<\/p>\n\n\n\n SunPower will continue as the leading North American distributed generation, storage and energy services company.<\/p>\n\n\n\n Newly-formed Maxeon Solar will be the leading global technology innovator, manufacturer and marketer of premium solar panels.<\/p>\n\n\n\n Concurrent with the transaction, an equity investment of $298 million will be made in Maxeon Solar by long-time partner Tianjin Zhonghuan Semiconductor Co., Ltd<\/a>. (TZS), a premier global supplier of silicon wafers, to help finance the scaleâup of Maxeon® 5 production capacity.<\/p>\n\n\n\n “We believe that the solar industry is entering a period of extended growth where success will be driven by value chain specialization, technology innovation and economies of scale. This new structure and investment will create two focused businesses, each with unique expertise to excel in their part of the value chain.”<\/p>Tom Werner<\/a>, Sunpower<\/em> President and CEO<\/cite><\/blockquote>\n\n\n\n Tom Werner will continue as CEO and chairman of the board of SunPower and the company will maintain its corporate headquarters in Silicon Valley (Calif.), as well as its employee and economic investment footprint across the U.S. and Canada, and its large, exclusive dealer network.<\/p>\n\n\n\n SunPower will focus on product innovation, downstream high-efficiency solar systems plus high-growth storage and energy services. The company also will continue its commitment to American manufacturing with its Hillsboro, Ore., Performance Series module assembly facility. At the time of the separation, SunPower and Maxeon Solar will have entered into a multi-year exclusive supply agreement covering sales within the U.S. and Canada of products manufactured by Maxeon Solar. Under the new structure, SunPower will continue to develop its dealer network, which represents the largest residential and light commercial franchise in the industry.<\/p>\n\n\n\n The two companies will cooperate 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 Solar.<\/p>\n\n\n\n