SINGAPORE, April 6, 2021 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar
innovation and channels, today announced a major new initiative to
expand its engagement in the rapidly growing U.S. solar power
market. The Company plans to increase its focus on selling its
Performance line shingled module technology in the U.S.,
facilitated by the deployment of up to 3.6 GW of new shingled
module assembly capacity in two phases. The expansion is contingent
upon the Company obtaining debt or equity financing to purchase the
equipment, after which initial sales are expected to start in the
first quarter of 2022.
"We are excited to announce this initiative to expand our
presence in the U.S. market. By leveraging existing supply chain
assets in North America, we can
offer Maxeon's industry-leading shingled module technology to the
rapidly growing U.S. market," said Jeff
Waters, CEO of Maxeon Solar Technologies. "Maxeon already
has a strong presence in the U.S. rooftop Distributed Generation
("DG") market through our supply of Interdigitated Back Contact
(IBC) panels to SunPower Corporation. We expect to expand the scope
of this partnership by also supplying Performance panels to
SunPower for use in its DG business, broadening their offering to
capture more of the available market. We intend to also complement
and expand our U.S. presence with direct sales into the large and
rapidly growing large-scale segment, which is not addressed by our
current SunPower partnership."
"Maxeon and SunPower have agreed to an option to expand their
exclusive DG supply agreement to cover a multi-year commitment for
Performance line solar panels in addition to IBC products",
commented Norm Taffe, SunPower
Corporation EVP. "We are eager to expand our product portfolio by
adding Maxeon's Performance line shingled panels to our premium IBC
line. Based on Maxeon's sales experience outside the U.S., we
believe that this complete product portfolio will enable us to
expand our share of account through our channel and penetrate new
markets with a solar panel made at substantial scale in
North America."
Maxeon plans to implement its new Performance line capacity in
two phases. In phase one, Maxeon plans to use existing facilities
to quickly ramp 1.8 GW of new capacity. Large-format G12 mono-PERC
solar cells are planned to be manufactured in the Company's
manufacturing site in Malaysia,
and module assembly is planned to be performed at Maxeon's facility
in Mexicali, Mexico. In parallel,
Maxeon will conduct a comprehensive process to select an optimal
site for a U.S. based module assembly facility with a capacity of
up to an additional 1.8 GW. Depending on site conditions and market
demand, this second phase is expected to begin operation in
2023.
Waters continued: "By using existing manufacturing facilities
for phase one, we can leverage our current plant footprint and our
experienced, highly trained work force to quickly ramp volume of
our advanced Performance line solar panels for sale into the U.S.
market. Greater volume in Malaysia
and Mexico will also enhance
overhead utilization, helping to drive down cost for our
industry-leading IBC products. Our Mexicali factory offers a particularly
efficient outbound logistics profile for customers in the Southwest
U.S. region. This and later planned expansion of our Performance
line module assembly capacity in the U.S. will bring our supply
chain even closer to our customers."
The new capacity will be used to manufacture Maxeon's latest
shingled bifacial panel technology, with rated power of up to 650
watts per panel and efficiency of over 21%. While Maxeon's primary
target market for the new capacity will be utility-scale power
plants and large commercial and industrial systems, the Company
also plans to produce panels suitable for DG applications in the
residential and light commercial segments.
About Maxeon Solar Technologies
Maxeon Solar
Technologies (NASDAQ:MAXN) is Powering Positive Change™.
Headquartered in Singapore, Maxeon
designs, manufactures and sells SunPower® brand solar panels in
more than 100 countries, operating the SunPower brand worldwide
except the United States and
Canada. The company is a leader in
solar innovation with access to over 1,000 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. For
more information about how Maxeon is Powering Positive Change™
visit us at www.maxeon.com, on LinkedIn and on Twitter
@maxeonsolar.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the timing and the company's
expectations of success in its expansion strategy in existing and
in new markets; the Company's liquidity, substantial indebtedness,
and ability to obtain additional financing for our projects; and
the Company's expectations regarding projected growth,
profitability and cost savings from planned operational and supply
chain improvements. These forward-looking statements are based on
our current assumptions, expectations and beliefs and involve
substantial risks and uncertainties that may cause results,
performance or achievement to materially differ from those
expressed or implied by these forward-looking statements. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission ("SEC") from time to time, including our
most recent report on Form 20-F, particularly under the heading
"Item 3.D. Risk Factors." Copies of these filings are available
online from the SEC or on the Financials & Filings section of
our Investor Relations website at
www.maxeon.com/financials-filings/sec-filings. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
© 2021 Maxeon Solar Technologies, Ltd. All Rights Reserved.
MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd.
Visit www.maxeon.com/trademarks for more
information.
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SOURCE Maxeon Solar Technologies, Ltd.