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) 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.
Maxeon Solar Technologies (MAXN) reported its Q4 and full-year financial results for 2021, with shipments totaling 577 MW and revenue of $221.5 million. Despite facing supply chain challenges, the company achieved over 700 MW in new bookings and a backlog exceeding 2 GW. However, it recorded a net loss of $73.3 million for Q4 and a gross loss of $10.5 million. For Q1 2022, Maxeon anticipates revenue between $210-$220 million and shipments of 475-495 MW while managing high polysilicon costs that impact profitability.
On March 24, 2022, Maxeon Solar Technologies (NASDAQ:MAXN) will release its fourth quarter and fiscal year 2021 financial results. A conference call is scheduled for 5:30 PM U.S. ET on the same day. The earnings release, along with supplemental financial data, will be accessible on Maxeon's Investor Relations page. Maxeon is recognized for innovation in solar technology, holding over 1,000 patents and offering renowned solar panels under the Maxeon® and SunPower® brands worldwide.
Maxeon Solar Technologies (NASDAQ: MAXN) will supply 400 MW of its bifacial Performance line solar modules to Origis Energy for U.S. utility-scale projects. Deliveries are set to start in June 2023 and conclude by the end of the year. This partnership emphasizes Maxeon's innovative solar technology and sustainability efforts. Origis Energy's CEO highlighted the significance of this agreement in meeting performance goals and fulfilling a robust solar portfolio. Maxeon boasts industry-leading efficiency and is committed to environmentally sustainable practices.
Maxeon Solar Technologies (NASDAQ: MAXN) has secured a multi-year order from Cypress Creek Renewables (CCR) for approximately 315 megawatts (MW) of its high-efficiency shingled bifacial solar modules. This order is set to support multiple solar projects in Washington and Texas, following an earlier acquisition of 48MW of the same modules. The CEOs of both companies expressed optimism about their partnership and the growth of the U.S. solar market, highlighting Maxeon's role as a major module supplier.
Maxeon Solar Technologies (NASDAQ: MAXN) and Ayana Renewable Power have completed the 192-MW Bikaner 1 Solar Farm in Rajasthan, India. Commissioned in December 2021, it is the largest project using Maxeon's Performance 3 UPP panels, known for their efficiency and durability in extreme climates. This facility is expected to generate approximately 800,000 MWh annually, reducing carbon emissions by 650,000 MT. The project aligns with India's commitment to achieving 500GW of renewable energy by 2030, contributing to a significant transition to low-carbon power generation.
Maxeon Solar Technologies (NASDAQ:MAXN) has signed a new supply agreement with SunPower Corporation for the exclusive provision of Maxeon 6 and Maxeon 3 solar panels for the U.S. and Canada residential market. This agreement replaces the prior contract established during Maxeon's 2020 spin-out from SunPower. The new deal includes provisions for market-consistent pricing and may extend until October 2023, depending on conditions. Maxeon aims to expand its direct engagement in the U.S. market, supported by a strong backlog in the power plant segment, currently over 1.4 GW.
Maxeon Solar Technologies (NASDAQ: MAXN) has announced a new 40-year warranty for its Maxeon Interdigitated Back Contact (IBC) solar panels, the longest in the industry. This warranty encompasses defects, power performance, and servicing, surpassing standard 12 and 25-year warranties. Based on extensive field studies and testing, the warranty assures a minimum output of 98% in the first year, with a maximum degradation of 0.25% annually. Effective for installations from January 1, 2022, the warranty is available in select markets, enhancing customer confidence in solar investments.
Maxeon Solar Technologies (NASDAQ:MAXN) has announced an expansion into the U.S. Commercial and Industrial (C&I) solar market through a partnership with Omnidian. The collaboration will see Maxeon sell IBC solar panels bundled with Omnidian's Performance Assurance product, enhancing bankability and ROI for its customers. Omnidian's Shield Plan provides comprehensive system protection and a cash-back performance guarantee, which is expected to significantly benefit project financing and operational efficiency. As such, this partnership positions Maxeon favorably in the growing solar energy sector.
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