Total: United-States: SunPower completes Maxeon Solar Technologies' Spin-Off Transaction
August 27 2020 - 12:45PM
Dow Jones News
Regulatory News:
SunPower, majority owned by Total (Paris:FP) (LSE:TTA)
(NYSE:TOT) since 2011, successfully completed the strategic
transaction, announced last November, to create two independent
public companies:
-- SunPower, the leading North American distributed generation company,
-- and Maxeon Solar Technologies, a leading global manufacturer of premium
solar panels. Concurrently, Tianjin Zhonghuan Semiconductor Co., Ltd.
(TZS), a long-term partner of SunPower, is taking a minority share of
Maxeon Solar Technologies through a 298 MUSD equity investment.
Total fully supports this strategic move which will allow
SunPower to focus on developing its positions in the North American
distributed generation and storage market. Total remains majority
shareholder of SunPower with a shareholding of 51.7%.
Total also welcomes the investment of TZS in Maxeon Solar
Technologies which will consolidate the growth of its
industry-leading solar panel technology to a high-volume scale.
This investment will indeed facilitate the scale--up of Maxeon(R) 5
premium solar panels production capacity. Total with a shareholding
of 34.6% is the main shareholder of the newly created company
Maxeon Solar Technologies, alongside with the new shareholder TZS
who owns 28.848%.
Commenting on the transaction, Patrick Pouyanné, Chairman and
CEO of Total, said: "Throughout our decade-long cooperation,
SunPower has always demonstrated a remarkable innovation spirit and
agility. Today's strategic milestone will ensure the business
sustainability and enhance performance of both activities. The
creation of two separate public companies initiated by Total as the
majority shareholder of SunPower will enable them to fully leverage
their strengths on focused businesses : distributed generation
marketing on the US market on one side and solar panels
manufacturing on the other side. I want to offer my congratulations
on the successful transaction and express my support to the teams
whose remarkable efforts allowed us to make this operation a
success in these challenging times. "
Solar is key to Total's commitment to develop low carbon
electricity and Total maintains a strong ambition to grow on the US
solar market, one of the largest in the world, together with
Sunpower. The Group continues to grow its renewables businesses
worldwide to become a leading international player, in line with
Total's new Climate Ambition to Get to Net Zero by 2050.
***
Total and Low-Carbon Electricity
Total integrates climate change into its strategy and stays
ahead of new energy market trends by building a portfolio of
activities in low-carbon electricity that could account for up to
40% of its sales by 2050. Today, Total's gross low-carbon power
generation capacity worldwide is currently close to 9 gigawatts,
including over 5 gigawatts from renewable energies. Total targets
25 GW of a renewable generation capacity in 2025 and will continue
to expand its business to become a leading international player in
renewable energies.
About SunPower
Headquartered California's Silicon Valley, SunPower's
(NASDAQ:SPWR) is the leading Distributed Generation Storage and
Energy Services provider in North America. SunPower offers the only
solar + storage solution designed by one company that gives
customers complete control over energy consumption, delivering grid
independence, resiliency during power outages and cost savings to
homeowners, businesses, governments, schools and utilities.
About Maxeon Solar Technologies
Maxeon Solar Technologies (NASDAQ: MAXN) is Powering Positive
Change(TM). Headquartered in Singapore, Maxeon designs and sells
SunPower brand solar panels across more than 100 countries and is
the leader in solar innovation with access to over 900 patents and
two best-in-class solar panel product lines. With operations in
Africa, Asia, Oceania, Europe and Mexico, Maxeon products span the
global rooftop and solar power plant markets through a network of
more than 1,100 trusted partners and distributors. A pioneer in
sustainable solar manufacturing, Maxeon leverages a 35-year history
in the solar industry and numerous awards for its technology.
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is more affordable, more reliable,
cleaner and accessible to as many people as possible. Active in
more than 130 countries, our ambition is to become the responsible
energy major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S E directly or indirectly owns investments are separate
legal entities. TOTAL S E has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S E nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200827005589/en/
CONTACT: Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2020
(END) Dow Jones Newswires
August 27, 2020 12:30 ET (16:30 GMT)
TOTAL (NYSE:TOT)
Historical Stock Chart
From Sep 2024 to Oct 2024
TOTAL (NYSE:TOT)
Historical Stock Chart
From Oct 2023 to Oct 2024