California, Sept. 20, 2023 — Maxeon Solar, a global leader in solar innovation and channels, and Complete Solaria, a leading solar technology, services and installation company, announced today that Complete Solaria’s subsidiary, SolarCA LLC, has entered into an Asset Purchase Agreement for the sale of certain assets to Maxeon.
The agreement also includes a supply agreement for Maxeon to supply its premium, high-performance, high-efficiency solar panels to Complete Solaria.
The assets to be acquired include Solaria’s dealer channel operations and contracts, as well as Complete Solaria’s solar panel patent portfolio relating primarily to shingled cell solar panel technology.
Maxeon’s CEO Bill Mulligan commented, “We will be very happy to welcome Solaria’s dealer channel sales operations to the Maxeon family following close of the transaction. We expect that this transaction will expand our U.S. DG market footprint in two ways. First, incorporation of Solaria’s nationwide dealer channel will inject infrastructure, capabilities and reach that should meaningfully accelerate our direct sales efforts. Second, this transaction enables immediate access to a qualified source of tariff-free solar panels that we plan to market adjacent to our flagship IBC solar panels, allowing us to replicate in the US market the “better-best” product strategy we have successfully employed in our international markets for years. Finally, this transaction will allow Maxeon to consolidate two major shingled-cell IP portfolios, adding to the over 130 granted patents and over 80 pending patent applications for fundamental shingled solar cell panel technology that Maxeon designs and manufactures globally, and which we plan to use in our announced cell and module manufacturing facility in Albuquerque, New Mexico.”
Complete Solaria CEO Will Anderson said, “We are pleased that Maxeon will be taking advantage of our work building an extensive patent portfolio and a nationwide dealer channel. Maxeon, with its strong manufacturing expertise, global footprint and supply chain capability is well equipped to advance the solar panel product line. This transaction will provide Complete Solaria with capital to optimize our end-to-end customer offering, including beautiful, high-quality solar energy systems with Maxeon premium, high performance solar panels. Concentrating on our core systems segment will benefit both our business and our shareholders.”
Closing of this transaction is subject to satisfaction of various conditions.