SINGAPORE, May 20, 2021 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. (NASDAQ: MAXN), a global leader in solar
innovation and channels, announced today that it has executed
an agreement to supply approximately one gigawatt of its high
efficiency bifacial Performance 5 UPP solar panels for the
construction of the Gemini solar plus storage power plant project
located near Las Vegas, Nevada,
United States (U.S.). The project
is being built and will be owned and operated by Primergy Solar.
The agreement calls for modules to be supplied over a four-quarter
period starting in the second quarter of 2022; project completion
is planned by the end of 2023.
"We are thrilled to select Maxeon Solar Technologies to supply
solar modules for our Gemini solar and energy storage project in
southern Nevada. Because of
Maxeon's high module power output and demonstrated long-term
reliability, we are able to deliver the optimal energy output to
our customer while minimizing impacts to the desert ecosystem,"
said Ty Daul, Primergy CEO. "The
proximity of Maxeon's module factory to our project site was also a
key consideration, offering significant logistical benefits,
reduced supply chain carbon impacts, and ultimately reduced costs
for energy consumers."
Gemini is planned to feature nearly 1.8 million shingled
bifacial Performance 5 UPP solar modules that are engineered with
materials innovations that range from encapsulants to
aerospace-grade conductive adhesives. These materials protect cells
and minimize power loss from exposure to the extreme environmental
conditions in Nevada, including
arid deserts and vast daily and seasonal temperature ranges.
Maxeon's Performance 5 solar panels have a rated efficiency of up
to 21.1%.
"We are pleased to supply Primergy as the module technology
provider for this iconic project, which will be one of the largest
operational solar power system in the U.S. when completed,
delivering emission-free power for homes and businesses in
Nevada," said Jeff Waters, CEO of Maxeon Solar Technologies.
"The size and importance of this project is yet another example of
how our utility scale customers trust Maxeon for their solar power
plants in the U.S. and around the world. By using our shingled
technology, they benefit from the continuous innovation and the
demonstrated reliability that we offer to the utility scale
segment. With our value proposition of long-term high-output
performance and field-proven durability, utility scale plant owners
and operators can maximize power generation and benefit from
predicable returns on their investment for 30 years or more."
The Gemini project is expected to provide a stable foundation to
support the start-up and initial operation of Maxeon's new
Performance line module capacity that will serve the U.S. solar
power market. Using large-format G12 mono-PERC solar cells
manufactured by Maxeon in Malaysia, and module assembly by Maxeon in
Mexicali, Mexico, it is
anticipated that this project will take a significant portion of
the expected output of Maxeon's new capacity during the first year
of operation.
Maxeon continues to see robust demand for its Performance line
products in the U.S. and elsewhere. Performance 5 UPP panels are
available for purchase to global customers, discover more here. For
more information about the Gemini project itself go to
http://www.primergygemini.com.
About Maxeon Solar Technologies
Maxeon Solar
Technologies (NASDAQ: MAXN) is Powering Positive Change™.
Headquartered in Singapore, Maxeon
designs and manufactures Maxeon® and SunPower® brand solar panels,
and has sales operations in more than 100 countries, operating
under the SunPower brand in certain countries outside the United States. The company is a leader in
solar innovation with access to over 1,000 patents and two
best-in-class solar panel product lines. Maxeon products span the
global rooftop and solar power plant markets through a network of
more than 1,200 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.
About Primergy Solar
Primergy Solar, LLC (https://www.primergysolar.com) is a
developer, owner and operator focused on both distributed and
utility scale solar PV and battery storage projects in North America. Primergy Solar features a
diverse and talented team with decades of experience in renewables
project development, financing, construction and operations. It is
currently managing and progressing a significant portfolio of
operational and development stage solar+ battery storage projects.
Primergy Solar is a portfolio company of Quinbrook
Infrastructure Partners and represents Quinbrook's principal solar
and solar plus energy storage investment platform in North
America.
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 and profitability in its expansion strategy
and planned projects in existing and in new markets; the company's
expectations regarding customer demand, pricing trends and growth
projections; the company's our expectations regarding our future
performance based on bookings and pipelines in our sales channels,
and the operational efficiency of our supply chain; and the
company's strategic goals and plans, including relationships with
existing customers, suppliers and partners, and our ability to
maintain them. 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
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SOURCE Maxeon Solar Technologies, Ltd.