Maxeon Appoints New Independent Non-Executive Director

Singapore-headquartered solar innovation and channels leader Maxeon Solar Technologies, Ltd announced the appointment of Steve Leonard as an independent non-executive director to Maxeon’s Board of Directors, with effect from 7 June, 2021.  He replaces Maxeon director Chee Keong.

Steve Leonard comes with more than 30 years of private and public sector experience in the technology industry in Asia and Europe. He is currently serving as CEO of Singularity University, a global organization dedicated to helping entrepreneurial leaders better understand the opportunities created by exponential technologies to positively impact companies, communities and countries around the world. Steve Leonard also serves as an independent non-executive director at Singapore Post Ltd. (SingPost), an international leader in e-commerce logistics and services, and AsiaSat, a privately held Hong Kong-based satellite operator. He is also on the advisory board of many universities and organizations, including Cambridge Innovation Capital, which is a deep-tech focused venture capital firm with strong links to the University of Cambridge in England.

Steve Leonard said, “I am thrilled to join Maxeon’s board of directors. I am committed to working with entrepreneurs, investors and senior leaders who tackle important challenges in areas that can improve the sustainability of the planet and the lives of people. The production of sustainable energy is a hugely important area for humanity. Maxeon has what it takes to truly shape the future in this area: a strong reputation for leading solar panel technology and innovation, a flourishing global brand and solid channels, and a unique, focused approach to the utility scale business.”

In May, Maxeon reported $165 million revenues for Q1/2021, having declined both annually ($228 million) and sequentially ($246 million), but within the guided range of approximately 160 million (see Maxeon Solar Shipped 379 MW Solar Modules In Q1/2021). Management called it an effect of the natural seasonal pattern in the distributed generation (DG) business and the ongoing pause in its large scale business. For Q2/2021, Maxeon has guided for its shipments to fall within 415 MW to 475 MW range bringing in revenues in the range of $165 million to $185 million. It expects to report a gross loss of $-5 million to $-15 million, while adjusted EBITDA will be between $-30 million to $-40 million.