- Maxeon and SunPower have scrapped the old module supply agreement to enter a new one
- It will entail Maxeon to supply some volume of its Maxeon 6 and Maxeon 3 panels exclusively to SunPower for its residential business through 2022
- If certain trigger conditions are met, the supply of Maxeon 6 panels will be extended till October 2023
SunPower Corporation of the US and its manufacturing spin-off Maxeon Solar Technologies have entered a new module supply agreement for high-efficiency Interdigitated Back Contact (IBC) panels, assuring exclusive supply for the US residential market through the end of 2022, which can be extended by another year provided certain terms and conditions are met.
The new agreement replaces the previous one in place since August 2020. In April 2021, the 2 companies expanded the agreement to include its ‘performance solar’ panels in addition to IBC modules for the distributed generation market of SunPower (see Maxeon Solar Shares Plans To Expand Further Into US Market).
Under the new agreement, Maxeon will sell certain volumes of its Maxeon 6 panels that are marketed in the US and Canada under the SunPower brand as M-series, on exclusive basis for the residential market till the end of 2022. If certain ‘trigger conditions’ are met, it will extend the supply till October 2023.
In addition, the agreement also mandates Maxeon to supply certain volumes of its Maxeon 3 panels—marketed under SunPower brand as X-series in the US and Canada—on an exclusive basis for the residential market through 2022.
Maxeon said the new agreement includes pricing consistent with current market trends. Maxeon CEO Jeff Waters called it an important step in its strategy to increase direct engagement in the US market where it has more than 1.4 GW of backlog and opportunities in advanced stages of negotiation. It recently also announced a deal with Omnidian (see North America PV News Snippets).
“Starting in 2023, Maxeon will be in a position to directly address the residential market as well, initially with our Maxeon 3 IBC product line. We are excited to be expanding our US footprint and engaging with a much broader and more diversified set of market intermediaries, many of whom have never had access to Maxeon technology,” said Waters.
For SunPower, the new supply agreement was a necessary move as it offloads commercial businesses to focus on becoming a pure residential solar power company (see SunPower Finds Buyer For CIS Business).