8:50 AM, Nov 11, 2019 — SunPower (SPWR) unveiled a plan to divide itself into two independent, publicly traded companies on Monday while affirming that the two separate entities would continue to cooperate to commercialize next-generation solar panel technologies.
The San Jose, Calif.-based company said that it would separate into SunPower and Maxeon Solar Technologies. Concurrent with the transaction, the company said that an equity investment of $298 million would be made in Maxeon Solar by partner Tianjin Zhonghuan Semiconductor, a supplier of silicon wafers, to help finance the scale-up of Maxeon 5 production capacity.
“We believe that the solar industry is entering a period of extended growth where success will be driven by value chain specialization, technology innovation and economies of scale,” Tom Werner, chief executive of SunPower. said. “This new structure and investment will create two focused businesses, each with unique expertise to excel in their part of the value chain.”
Werner is to continue as chairman and CEO of SunPower and the company will maintain its corporate headquarters in Silicon Valley. Jeff Waters, currently CEO of SunPower’s Technologies business unit, has been named Maxeon Solar’s CEO.
Companies: SunPower Corporation
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