Maxeon Solar Technologies, Ltd. (Nasdaq: MAXN) (“Maxeon”), a global
leader in solar innovation and channels, and Complete Solaria, Inc.
(Nasdaq: CSLR) (“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.
About Complete SolariaComplete
Solaria, headquartered in California, is a solar company with
unique technology and an end-to-end customer offering, which
includes financing, project fulfilment and customer service.
Complete Solaria’s digital platform together with premium solar
products enable one-stop service for clean energy needs for
customers wishing to make the transition to a more energy-efficient
lifestyle. To learn more, visit:
https://www.completesolaria.com.
About Maxeon Solar
TechnologiesMaxeon Solar Technologies, Ltd. is Powering
Positive Change™. Headquartered in Singapore, Maxeon designs
and manufactures Maxeon® and SunPower® brand solar
panels, and has sales operations in more than 100 countries,
operating under the SunPower brand in certain countries
outside the United States. Maxeon is a leader in solar
innovation with over 1,500 patents and two best-in-class solar
panel product lines. Maxeon products span the global rooftop and
solar power plant markets through a network of more than 1,700
trusted partners and distributors. A pioneer in sustainable solar
manufacturing, Maxeon leverages a +35-year history in the solar
industry and numerous awards for its technology. For more
information about how Maxeon is Powering Positive Change™ visit us
at www.maxeon.com, on LinkedIn and on
Twitter @maxeonsolar.
Complete Solaria
Forward Looking Statements This press release
may contain certain forward-looking statements within the meaning
of the federal securities laws with respect to the referenced
transactions. These forward-looking statements generally are
identified by the words “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would,”
and similar expressions, but the absence of these words does not
mean that a statement is not a forward-looking statement.
Forward-looking statements are forecasts, predictions, projections
and other statements about future events that are based on current
expectations, hopes, beliefs, intentions, strategies and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) risks that the sale of
certain assets and other business items will not be completed on
the terms set forth in the Asset Purchase Agreement or the
ancillary agreements referenced in the Asset Purchase Agreement, if
at all; (ii) the sale of assets disrupts current plans and
operations of the companies or diverts managements’ attention from
Complete Solaria’s business operations; (iii) the outcome of any
legal proceedings that may be instituted in connection with the
assets sale; (iv) the price of Complete Solaria’s securities may be
volatile due to a variety of factors, including changes in the
applicable competitive or regulatory landscapes, variations in
operating performance across competitors, changes in laws and
regulations affecting Complete Solaria’s business, and changes in
the combined capital structure; (v) the ability to implement
business plans, forecasts, and other expectations after the
completion of the business combination, and identify and realize
additional opportunities; (vi) the evolution of the markets in
which Complete Solaria will compete.
The foregoing list of factors is not exhaustive.
Readers should carefully consider the foregoing factors and the
other risks and uncertainties described in the “Risk Factors”
section of the registration statement on Form S-4 filed, which was
declared effective by the Securities and Exchange Commission (the
“SEC”) on June 30, 2023. Such filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Complete Solaria
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Maxeon Solar Technologies
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, including, but not limited to,
statements regarding the competitive advantages of our products,
including Complete Solaria’s solar panel assets, for the North
American markets, projected demand for such products and Maxeon's
expectations regarding future performance based on our technology
outlook, opportunities associated with supplying our products
through a broader and more diversified set of market
intermediaries, growth projections, intellectual property assets
and market share expansion in the North American markets. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking statements, including the risk that the sale of
certain assets or other business terms will not be completed on the
terms set forth in the Asset Purchase Agreement or the ancillary
agreements referenced in the Asset Purchase Agreement, if at all. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission ("SEC") from time to time, including our most
recent report on Form 20-F, particularly under the heading "Item
3.D. Risk Factors." Copies of these filings are available online
from the SEC or on the Financials & Filings section of our
Investor Relations website at
https://corp.maxeon.com/financials-filings/sec-filings. All
forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation
to update these forward-looking statements in light of new
information or future events.
Investor
Relations
Contacts:
Complete SolariaSioban Hickie,
ICR, Inc. CompleteSolariaIR@icrinc.com
Maxeon Solar
TechnologiesRobert LaheyRobert.Lahey@maxeon.comMobile: +1
(202) 246-1872
Media Contact:
MaxeonAnna Porta Anna.Porta@maxeon.comMobile: +39
345 7706205
Source: Complete Solaria, Inc.
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