The solar panel manufacturer announced a five-year lease for a factory in Albuquerque, New Mexico.
Maxeon Solar Technologies announced a geographic pivot strategy, stating its intention to exclusively serve the US market.
“As Maxeon intensifies its focus on the U.S. market, our priority is to further expand our growing network of residential and commercial partners and support our established utility base,” said George Guo, CEO of Maxeon.
To continue this new strategy, the company announced that it will lease a factory site in Albuquerque, New Mexico in early 2026 with plans to operate a factory with 2 GW of solar panel manufacturing capacity.
Guo said the company’s module assembly plant can be deployed “quickly” as the company continues to evaluate its long-term goal of establishing solar cell production capacity.
In the rest of the world, Maxeon and TCL Technology Group, the parent company of the majority shareholder, have reached an agreement in principle on the sale of Maxeon’s global sales and marketing organization to TCL Group, which will be incorporated into a newly created company. solar energy solutions business unit, TCL SunPower International. The two companies agreed that TCL Group will acquire Maxeon’s manufacturing operations in the Philippines.
“Outside the U.S., TCL SunPower plans to provide innovative, sustainable solar energy solutions to both homeowners and businesses,” said Kevin Wang, president and COO of TCL Group. “This includes SunPower branded solar solutions sold through existing exclusive SunPower brand installation partners, as well as TCL Solar products sold through distribution channels.”
Access denied
Earlier this month, solar panels were shipped from a Mexican factory of manufacturer Maxeon Solar blocked access to the US market by Customs and Border Patrol (CBP).
Maxeon has filed a request for further investigation with the U.S. Customs and Border Patrol to review the products, which the company says are fully compliant with U.S. law.
In July 2024, three different Maxeon products manufactured in Mexico were apprehended. Since then, all shipments have been excluded. This is despite Maxeon’s claims that it has determined that the supply chains for every component, from quartz to module, fall outside the scope of the UFLPA.
Following the July 2024 foreclosure, the publicly traded company withdrew its 2024 revenue forecasts, citing uncertainty in its largest market. In September 2024, the company faced with a possible delisting of the Nasdaq stock exchange. To remain publicly traded, the company conducted a 100-for-1 reverse stock split in October.
Headquartered in Singapore, Maxeon Solar Technologies has more than 40 years of history and 1,900 patents designing solar panels for residential, commercial and power plant customers. TCL Technology Group is a diversified global technology supplier of silicon materials for displays and solar energy.
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