SunPower has extended its supply agreement with solar technology company Maxeon until 2025 as it seeks to meet rising demand for residential solar in the US.
The extended agreement will see Maxeon supply its Maxeon 6 interdigitated back contact (IBC) panels – marketed in the US and Canada by SunPower as M-series – to SunPower’s operations in the US through 2025. Under the agreement SunPower will also have the right to negotiate for future IBC technologies developed by Maxeon.
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Maxeon expects the agreement to enhance its growth and presence in the residential solar market. The company has just appointed a new CEO, Bill Mulligan, with the intention of building out its manufacturing base including a 3GW facility in the US.
“We are pleased to extend our relationship with SunPower, and our renewed supply agreement continues the exclusive supply of our industry-leading Maxeon 6 panels through SunPower’s very well-established channel into the residential markets across the US and Canada,” said interim CEO Mark Babcock.
“The high retail power prices seen in 2022, which look likely to continue into 2023, have created an environment where more and more consumers are realising the benefits of top-quality rooftop solar.”
Q3 2022 saw SunPower set a new record for customer additions, in the wake of which it announced discussions with other module suppliers as well as Maxeon to facilitate its expansion and meet growing demand in the market.
“This supply agreement solidifies our long-term relationship with Maxeon and further secures the supply of premium panels for our expanding customer base,” said Peter Faricy, SunPower CEO.
“Demand for solar continues to increase alongside the desire for clean, affordable and reliable energy, and SunPower is well positioned to capture this growth with trusted products and unmatched customer experience.”
The US rooftop solar market has indeed been growing of late, however some warning has been sounded by California’s controversial net metering decision which, in an effort to rapidly incentivise battery storage systems, may destabilise the largest residential solar market in the US.