SunPower Announces They Will Become Two Independent Companies
SunPower is both a leader and an innovator at the forefront of the solar industry. Operating for 35 years, SunPower has worked their way to the top, highly regarded for their patented technology and industry leading warranties.
If you weren’t already aware, the company has been operating as two different business units under the SunPower brand over the past year. These were known as SunPower Energy Services and SunPower Technologies. In their latest announcement on Monday 11th November, SunPower confirmed they had formally separated the two units into two independent companies; SunPower Corporation and Maxeon Solar Technologies Ltd. Each of the companies will focus on distinct offerings built on ongoing and extensive solar experience across the value chain.
SunPower Corporation will continue to focus on high efficiency distributed solar and battery storage, as well as energy services, in the US market. The company will be led by Tom Werner, current CEO of SunPower.
Focused on overseas PV manufacturing, Maxeon Solar Technologies Ltd. will be based in Singapore, and will remain the leading technology innovator and manufacturer of premium solar panels, including Maxeon and Performance technologies. Maxeon Solar will continue to sell under the SunPower brand into global markets, operating panel and solar cell manufacturing facilities in Malaysia, France, Mexico and the Philippines. Current CEO of SunPower Technologies business unit, Jeff Warner, will lead as CEO of Maxeon Solar.
The global solar market is evolving and becoming more specialised, creating a need to diversify and streamline each division to better adapt, "We believe that the solar industry is entering a period of extended growth where success will be driven by value chain specialisation, technology innovation and economies of scale,” said Tom Werner, president and CEO of SunPower.
"This new structure and investment will create two focused businesses, each with unique expertise to excel in their part of the value chain."
Maxeon Solar will acquire nearly $300 million of investment from long-term supply partner, Tianjin Zhonghuan Semiconductor (TZS); a leading supplier of silicon wafers. The equity investment will allow the company to scale up production of its Maxeon 5 solar panels in Malaysia while developing its Maxeon 6 technology.
SunPower will remain a publicly listed company, with Maxeon Solar to eventually begin trading on the US-based NASDAQ exchange. SunPower’s largest shareholder, French oil and gas giant Total, will remain a shareholder of both companies.
What does this mean for you as a customer?
Essentially, nothing changes for you as a customer of SunPower. SunPower will continue to honour their industry leading 25-year warranty to both new and existing customers. On top of this, the company believes the split will allow a specialised focus and approach for customers, with greater product availability and faster go-to market times.
Infinite Energy will continue to supply SunPower products to our customers and recommend them for their high efficiency, durability and optimal performance. We stand by the SunPower brand and will continue to educate our customers on the exceptional quality and reliability of SunPower products. We are excited to see the many benefits this diversification will bring, and what the future holds for both SunPower Corporation and Maxeon Solar Technologies Ltd.
If you would like a free, no obligation quote on any of our SunPower products, please contact us today.