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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
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.

Read Next

May 10, 2021
Spanish energy company Acciona plans to carry out an initial public offering (IPO) of its renewables unit before the end of June despite recent volatility among Spanish green energy stocks.
May 7, 2021
US solar installer SunPower expects deployment to surge in the coming quarters as tailwinds and refreshed business strategy combine, despite installs within its core residential and light commercial (RLC) segment dropping in Q1 2021.
May 6, 2021
Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.
May 4, 2021
Spanish renewables developer and independent power producer (IPP) Grupo Ecoener has seen its shares slide on its market debut today.
April 29, 2021
The Solar Energy Industries Association (SEIA) has unveiled a new tool to make it easier for solar developers to trace where their modules and technologies are made and ensure an ethical supply chain.
April 29, 2021
Sunnova has reported a surge in Q1 2021 revenue as the US residential solar installer lauded its software and services capabilities.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021