Following an investment by equity partner, Tianjin Zhonghuan the division will focus on innovation in solar technology and scaling capacity.
SunPower (NASDAQ:SPWR) announced that following a US$298 million investment by a longstanding equity partner, Tianjin Zhonghuan, it will be creating two separate, publicly traded companies, SunPower and Maxeon Solar. Under the new structure, SunPower will be principally engaged in solar and energy storage, while maintaining it corporate headquarters in Silicon Valley. Maxeon Solar will be headquartered in Singapore and focus on scaling its solar panel manufacturing operations.
As quoted in the press release:
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. (TZS), a premier global supplier of silicon wafers, to help finance the scale‐up of Maxeon® 5 production capacity.
“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,” 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.”