US residential solar power company SunPower Corporation has extended its solar module supply agreement with its manufacturing spin-off Maxeon Solar Technologies for high efficiency interdigitated back contact (IBC) solar panels through 2025 to secure a stable supply for its customer base in the US and Canada.
While there is no capacity specified, the new supply agreement will have Maxeon exclusively sell additional volumes of its Maxeon 6 panels, branded as SunPower M-Series, to the US company. SunPower will also have the right to negotiate the supply of Maxeon's future IBC next generation technology.
For Maxeon, the extension enables it to strengthen its presence in the US residential market and secure a framework for future collaboration as the Singapore headquartered company develops its next generation technology and increases capacity.
"We are pleased to extend our relationship with SunPower, and our renewed supply agreement continues the exclusive supply of our industry leading Maxeon 6 panels through SunPower's very well-established channel into the residential markets across the U.S. and Canada," said Maxeon's Interim CEO Mark Babcock. "The high retail power prices seen in 2022, which look likely to continue into 2023, have created an environment where more and more consumers are realizing the benefits of top-quality rooftop solar."
After officially separating from SunPower in August 2020, Maxeon was under an agreement to supply its IBC panels for the latter's rooftop market in the US, later expanding it to include performance lines panels as well (see Maxeon Solar Shares Plans To Expand Further Into US Market).
Maxeon is also planting its manufacturing roots in the US with a 1.8 GW P-series production capacity, planned to come online in early 2023, along with an incremental 3 GW cell and module fab for 2025 (see Maxeon's Q3/2022 Revenues Went Up 25% Annually).
Earlier this month, Maxeon announced Bill Mulligan as its new CEO. Solar industry veteran Mulligan will be joining the company as its Chief Executive Officer and member of its Board of Directors on January 23, 2023; and succeed Mark Babkock who has been Interim CEO since Sept. 2022 (see New CEO for Maxeon Solar).