Maxeon Solar to divest non-US assets, focus on US market expansion

Singapore-based Maxeon Solar Technologies has announced plans to divest its non-US assets, concentrating exclusively on the US market to drive growth and profitability. 

Maxeon will lease a facility in Albuquerque, New Mexico, for solar panel production, targeting a 2 GW capacity by early 2026. The divestment includes its sales, marketing, and manufacturing operations in Europe, the Middle East, Africa, Asia-Pacific, and Latin America, which will be acquired by TCL Group, its majority shareholder. These operations will be integrated into TCL SunPower International, a newly established entity under TCL.

Post-divestment, Maxeon will focus on residential, commercial, and utility-scale solar markets in the US. The company will remain an independent entity listed on NASDAQ.

Maxeon CEO George Guo emphasized the move’s aim to enhance engagement with US customers, citing the company’s legacy of product innovation, quality, and almost 40 years of experience.

The agreement is expected to be finalized by the end of 2024.