Maxeon to launch share offering to finance expansions, R&D


Production of the SunPower, now Maxeon, Performance series underway in Oregon. Image: SunPower/Maxeon.

Maxeon Solar Technologies intends to raise up to US$143.75 million through a share issue, the proceeds of which will help finance planned capacity expansions and R&D.

Maxeon, the solar manufacturing spin-out from US-based solar installer SunPower, also revealed that China-based solar wafer provider Tianjin Zhonguan Semiconductor (TZS) has agreed to purchase between 1.5 million and 1.9 million ordinary shares in the company through a private placing which is contingent on the completion of the public offering.

TZS and Maxeon, alongside Total, have a solar cell and module manufacturing joint venture, Huansheng Photovoltaic (HSPV), which produces shingled cell PV modules that make up Maxeon’s Performance or ‘P’ Series modules. It doubled capacity of this line from 2GW to 4GW last year, while there are further plans to expand this to 6GW this year.

The offer to sell US$125 million of ordinary shares through the public offering remains subject to market and other conditions, however the underwriters – Morgan Stanley and Bank of America Securities, both of which are also serving as the joint book runners – have also been given excercisable options for an additional US$18.75 million of ordinary shares on the same terms and conditions.

Maxeon said a portion of the net proceeds from both offerings will be used for general corporate purposes, including funding for previously announced expansions of its Performance manufacturing line.

Meanwhile the company said this could also include the development and production ramp of its next-generation Maxeon 7 series of panels, an increase to the manufacturing capacity of its Maxeon 5 and 6 lines, and the research and development of other, undisclosed projects.

Maxeon discussed numerous possible expansion plans during its financial results disclosure last week, including those pertaining to the HSPV JV with TZS. The company said this would include the introduction of around 1.8GW of PERC cell production at its Malaysian fab facility as soon as possible, while also expanding capacity at its facility in Mexico to service the US market. Full details of Maxeon’s stated expansion plans can be read here.

The offering comes less than a year after Maxeon’s spin-out from SunPower and subsequent IPO and listing on the Nasdaq exchange.

14 March 2023
PV CellTech will be return to Berlin on 14-15 March 2023 and looking at the competing technologies and roadmaps for PV cell mass production during 2024-2026.

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