Welcome to our dedicated page for Maxeon Solar Technologies, Ltd. Ordinary Shares news (Ticker: MAXN), a resource for investors and traders seeking the latest updates and insights on Maxeon Solar Technologies, Ltd. Ordinary Shares stock.
Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) is a leading global innovator in the solar energy industry. Headquartered in Singapore, Maxeon designs, manufactures, and sells SunPower brand solar panels in over 100 countries, with operations spanning Africa, Asia, Oceania, Europe, and the Americas. The company is recognized for its pioneering solar technology, boasting access to over 1,000 patents.
Maxeon offers two primary product lines: the flagship SunPower Maxeon panels and the cost-effective SunPower Performance panels. Maxeon panels are renowned for their record-setting efficiency and unmatched reliability, often deployed in top-performing solar power plants and installed on residential and commercial rooftops by a global network of more than 1,100 partners and distributors. Meanwhile, the Performance line features shingled solar cells that provide superior reliability and output compared to conventional products.
Maxeon is also the exclusive supplier of solar panels to California-based SunPower Corporation, reinforcing its significant position in the industry. The company’s manufacturing operations are based in Malaysia, Mexico, and the Philippines, producing high-efficiency Interdigitated Back Contact (IBC) and Performance line panels that cater to a diverse range of customers, from residential to small-scale commercial sectors across the globe.
Financially, Maxeon derives revenue from various markets, including the United States, France, and Italy, showcasing a robust international presence. Recent developments include the launch of the SunPower Performance 7 panels, designed for distributed generation projects and equipped with the latest TOPCon cell technology to maximize energy production and reliability. These panels are Cradle to Cradle Certified™, highlighting their sustainability credentials.
Maxeon has also taken legal steps to protect its technological innovations, recently initiating patent infringement lawsuits against REC Solar Holdings AS and Hanwha Q CELLS for violating its TOPCon solar cell technology patents. The company continues to emphasize fair competition and the enforcement of its extensive patent portfolio.
Maxeon faces a challenging market environment, exacerbated by high interest rates and policy changes affecting demand in the U.S. and Europe. Despite these challenges, the company remains focused on strategic initiatives to drive growth and profitability, including a significant investment from TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TZE), aimed at bolstering its financial position.
With a vast network of over 1,700 trusted partners and distributors, Maxeon is committed to Powering Positive Change™ through its innovative, sustainably made solar panels and energy solutions. For more information, visit www.maxeon.com.
Maxeon Solar Technologies (NASDAQ:MAXN) appointed Kris Sennesael to its Board of Directors, effective immediately, as well as Chair of the Audit Committee. With over 25 years of experience, including a CFO role at Skyworks Solutions, Sennesael is expected to bring valuable insights to the company. He replaces Kevin Kennedy, who resigned on June 1, 2022. CEO Jeff Waters expressed confidence in Sennesael's ability to contribute to Maxeon’s global growth strategy. Maxeon is known for its solar technology innovation, operating in over 100 countries.
Maxeon Solar Technologies (NASDAQ:MAXN) reported Q1 2022 results, showing a revenue increase to $223.1 million, up 35% year-over-year, despite a gross loss of $12.9 million. European module sales surged over 75%, while U.S. utility-scale shipments began. The company is ramping up production with Maxeon 6 and Performance lines, targeting profitability by 2023. The Q2 outlook suggests revenue between $215 million and $230 million, with anticipated shipments of 460-490 MW, but expects a gross loss between $15 million and $25 million due to supply chain challenges.
Maxeon Solar Technologies (NASDAQ: MAXN) has partnered with CED Greentech to enhance its residential channel program in the U.S. This alliance leverages CED's position as the largest solar equipment distributor in the U.S. and Maxeon's advanced solar panel technology. The U.S. residential solar market is expected to grow 50% in the next five years, and Maxeon's IBC panels generate 85% more energy than conventional systems. Products will be available for purchase later this year, with deliveries starting in January 2023.
Maxeon Solar Technologies (NASDAQ: MAXN) has appointed Philippe Costemale as the new Chief Operating Officer (COO), effective August 2022. He will oversee global manufacturing, operations, and supply chain activities, succeeding Dr. Markus Sickmoeller, who will depart in September 2022. With over 20 years of experience in smart manufacturing and supply chain management, Costemale aims to enhance Maxeon's transformation and product introduction while driving costs down. This leadership change comes amid growth initiatives, including the launch of SunPower One and a partnership with AlphaESS for integrated clean energy solutions.
Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) will announce its first quarter 2022 financial results on May 26, 2022. Following the release, a conference call will be held at 5:30 PM U.S. ET to discuss the results and business updates. Investors can access the earnings release on the Investor Relations page. Maxeon is recognized as a leader in solar innovation, operating in over 100 countries and holding more than 1,000 patents.
Maxeon Solar Technologies (NASDAQ: MAXN) has formed a global strategic partnership with AlphaESS to create integrated clean energy solutions for residential customers. This collaboration combines AlphaESS' advanced energy storage and conversion technologies with Maxeon's leading solar panel innovations. The joint effort aims to promote energy independence and sustainability through an ecosystem of smart energy products. Both companies leverage their expertise to enhance customer experience and drive savings while contributing positively to the environment.
Maxeon Solar Technologies (NASDAQ:MAXN) launched the SunPower One integrated home energy solution, combining solar panels, battery storage, and actionable energy insights. This innovative offering aims to help homeowners manage energy consumption efficiently, leveraging Maxeon's 35+ years of industry experience. The solution identifies energy-saving opportunities and will soon include new products like electric vehicle chargers. Available initially in Australia by Q3 2022, it will expand globally, excluding the US and Canada. The rollout will be featured at Intersolar Europe on May 11-13, 2022.
Maxeon Solar Technologies (NASDAQ: MAXN) announced a partnership with OpenSolar to enhance its installer network through the SunPower Design software. This tool enables installers to create accurate proposals quickly, improving customer service and operational efficiency. The initiative is part of Maxeon's digital transformation strategy, aiming to address the needs of its channel partners. The software will initially be available to SunPower-branded partners in Europe, Australia, and Mexico, further solidifying Maxeon's position in the solar industry during the energy transition.
Maxeon Solar Technologies (NASDAQ: MAXN) and Canadian Solar (NASDAQ: CSIQ) have resolved a patent infringement lawsuit in Tokyo District Court regarding Maxeon's Japan Patent No. JP6642841B2 related to shingled solar cell modules. As part of the settlement, Canadian Solar will withdraw its challenges to the patent and will cease selling shingled solar modules in Japan until Q2 2025, after fulfilling certain 2022 orders. The terms of the settlement remain confidential, emphasizing both companies' dedication to intellectual property rights.
Maxeon Solar Technologies (NASDAQ: MAXN) announced the appointment of Donald Colvin as the new chairman of the board, succeeding Kevin Kennedy, effective immediately. Colvin, who previously served as CFO for notable multinational companies, is an independent director and has been on Maxeon's board since its public listing. CEO Jeff Waters praised Colvin's extensive experience in global technology. Kennedy will continue as chairman of the Compensation Committee and is in the process of transitioning as an independent director. A search for a successor is underway.
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