SunPower spin-off Maxeon Solar Technologies submits initial SEC registration statement
Solar module by SunPower. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
SunPower (NASDAQ:SPWR) said last week that Maxeon Solar Technologies, which will spin off from the company in the autumn, has submitted an initial registration statement with the US Securities and Exchange Commisison (SEC).
Maxeon Solar Technologies will include SunPower's international solar cell and panel manufacturing activities and will be based in Singapore. The SEC form explains in detail its business overview, including strategy, financials and competitive strengths.
SunPower first announced in November 2019 that it wants to create Maxeon Solar Technologies to hold part of its activities with a view towards a future listing on Nasdaq. Chinese silicon wafers supplier Tianjin Zhonghuan Semiconductor Co Ltd (SHE:002129), or TZS, will make a USD-298-million (EUR 264m) equity investment in the new company concurrent with the closing of the spin-off.
"The Maxeon team is very motivated by the prospect of creating a new and innovative company that combines our best in class technology and unique sales channels in over 100 markets," commented Jeff Waters, the CEO of SunPower Technologies who will head Maxeon Solar.