SunPower Completes Spinoff of Manufacturing Assets to Newly Formed Company Maxeon

September 10, 2020

A transaction first announced in November 2019, Sunpower has now split into two companies; SunPower as the solar and storage company, and Maxeon Solar Technologies. This deal will allow SunPower to focus on its core business, which is providing residential and commercial solar/storage while Maxeon will continue to produce the high quality panels that Sunpower is known for. The idea is to allow SunPower to focus on its strengths and simplifying their responsibilities. Since the companies founding in 1985, SunPower has survived the ups and downs of the solar industry. This split intends to streamline business and boost future financial outlook for both companies.

A two year partnership has been struck between the two companies meaning "SunPower will buy only Maxeon panels during that period, and Maxeon will work exclusively with SunPower in the U.S". In addition, there are options in the future to extend this agreement. As Maxeon steps out own its own, it faces competition from other manufacturers such as LG and Panasonic. Maxeon is already looking beyond just panels, with plans to unveil microinverters in the European market.

The split should allow Sunpower to be a more straightforward competitor in solar while they look to develop competitive storage options as well. CEO Tom Werner states that the future vision for the company is to be “one-stop shopping” for “unique products from SunPower”

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