TCL TZE says its subsidiary LUMETECH will acquire a 100% stake in Maxeon’s SPML solar manufacturing subsidiary in the Philippines
The $58.6 million deal will bring all of SPML’s manufacturing properties, plants and equipment to the TCL group
The duo has also agreed to collaborate on the upcoming MAX8 solar product and cooperate with third parties with regard to intellectual property rights
Chinese solar PV manufacturing giant TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TCL TZE) has entered a definitive share purchase agreement with Maxeon Solar Technology to acquire a 100% stake in the latter’s wholly-owned subsidiary SunPower Philippines Manufacturing Ltd. (SPML).
As of August 31, 2024, SPML’s total assets were worth $82.692 million and net assets $43.867 million. It will be acquired by TCL TZE’s fully-owned subsidiary LUMETECH PTE. LTD along with its manufacturing properties, plants and equipment for $58.6 million.
TCL TZE is the majority shareholder of Maxeon with a 59.6% stake in the Singapore-based solar manufacturing company.
As part of its strategic restructuring, Maxeon had agreed to sell the sales and marketing wing of its EMEA, APAC and LATAM markets to TCL late last year, along with the Philippines operations as Maxeon trained its lens on the US after its modules were denied access to the US under the Uyghur Forced Labor Prevention Act (see Maxeon Announces 2 GW US Solar Module Manufacturing Plant).
Additionally, TCL TZE also announced signing a bilateral development services agreement with another Maxeon subsidiary Maxeon Solar Pte. Ltd. (MSPL).
The duo will jointly invest in the research and development of MAX8 technology over the next 2 years. Under the agreement, they will set up a joint management committee that will be responsible for the overall joint development strategy.
At the same time, they have agreed to cooperate with third parties interested in utilizing the relevant assets and newly developed intellectual property to produce MAX7 and/or MAX8 technology products, establishing sustainable arrangements in joint ventures, IP licensing, and global distribution.
Maxeon already provides 40 years of warranty on its modules, calling it the longest warranty in the PV industry. In 2023-24, its Gen7 module achieved an efficiency of 24.7%. MAX8 is Maxeon’s 8th generation of back contact (BC) solar panels with a larger wafer size that the company plans to launch in 2025 with an efficiency of over 25%.
It was announced by Maxeon’s Principal Engineer Dr. Guangqi Xu at the TaiyangNews annual flagship event High-Efficiency Solar Technologies 2024 Conference in December 2024 (see Maxeon To Launch Gen 8 With Over 25% Efficiency).
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