6/11/24, 2:35 PM
`SunPower and Maxeon Solar Technologies Close Spin-Off Transaction - Aug 27, 2020
`Maxeon Solar Technologies Mediaroom
`
`SunPower and Maxeon Solar
`Technologies Close Spin-Off
`Transaction
`
`TZS Strategic Investment in Maxeon at Greater Than $1 Billion Valuation
`
`Repositions SunPower as U.S. Downstream Pure-Play Solar Company
`
`SAN JOSE, Calif., Aug. 27, 2020 /PRNewswire/ -- SunPower (NASDAQ:SPWR) and Maxeon Solar
`Technologies (NASDAQ:MAXN) today announced that they completed the strategic transaction announced last
`November, separating into two independent public companies. Each will now focus on their critical success
`factors for their respective business models.
`
`"Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to invest in key
`programs to drive their future profitable growth," said Tom Werner, SunPower CEO and chairman of the board.
`"Solar power is poised for significant growth and now each company is well-positioned to succeed based on
`specific areas of specialization, technology innovation and economies of scale."
`
`Tom Werner continues as CEO and chairman of the board of SunPower, headquartered in California's Silicon
`Valley, with an employee and economic investment footprint across the U.S. and Canada. It also has an
`exclusive U.S. dealer network, the largest domestic residential and light commercial franchise. The company's
`Hillsboro, Ore. manufacturing facility will remain part of SunPower.
`
`"The new SunPower will further develop as the leading North American distributed generation (DG), storage
`and energy services company with an end-to-end software platform, differentiated products and solutions and an
`asset-light approach," added Werner. "And I also want to thank our majority shareholder Total, strongly engaged
`in low carbon electricity, for its continued support since 2011."
`
`Maxeon is a global solar innovation leader with a strong channel to market that includes a worldwide network
`of more than 1,100 authorized sales and installation partners, and a strategy to move beyond the roof into
`adjacent DG products outside of the U.S. and Canada. Jeff Waters is CEO of Maxeon, headquartered in
`Singapore with panel and cell manufacturing facilities located in France, Malaysia, Mexico and the Philippines.
`Concurrent with this transaction is an equity investment of $298 million into Maxeon by long-time partner
`Tianjin Zhonghuan Semiconductor Co., Ltd. (TZS), a premier global supplier of silicon wafers. The TZS
`investment facilitates scale–up Maxeon production capacity of the newest generation of its Maxeon product
`family.
`
`"We are prepared to start our first day as Maxeon, with industry-leading technology, a strong brand, a unique
`global sales channel and strong investment partners," said Jeff Waters, CEO of Maxeon. "TZS has been a
`proven, long-time strategic partner of SunPower's, cooperating on seven joint ventures and joint development
`projects since 2012. We are excited to have TZS's backing at this important juncture in the emergence of solar
`power as a mainstream energy source."
`
`Maxeon and SunPower are cooperating to develop and commercialize next generation solar panel technologies,
`with early stage research conducted by SunPower's Silicon Valley-based research and development group, and
`deployment-focused innovation and scale-up carried out by Maxeon.
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`6/11/24, 2:35 PM
`SunPower and Maxeon Solar Technologies Close Spin-Off Transaction - Aug 27, 2020
`"The creation of two separate public companies, that Total has fully supported as the majority shareholder, is a
`strategic milestone in SunPower's development and in our decade-long partnership," said Patrick Pouyanne,
`Chairman of the board and CEO of Total. "I want to offer my congratulations on the successful transaction and
`express my support to the teams whose remarkable efforts allowed us to make this operation a success. This will
`enable both companies to fully leverage their strengths on focused businesses: distributed generation marketing
`on the U.S. market on one side and solar panels manufacturing on the other side."
`
`"We invested in SunPower nearly ten years ago next Spring and our partnership has come far," said Patrick
`Pouyanne, chairman of the board and CEO of Total. "Today is a significant step in our evolution. We believe the
`time is right for each company to start off on their own, leveraging their own strengths, with focused business
`plans and defined markets."
`
`SunPower has distributed to holders of its shares one Maxeon share for every eight SunPower shares held on
`close of business on Aug. 17, 2020, the record date for the spin-off. Maxeon's ordinary shares begin trading
`today on NASDAQ under MAXN.
`
`About SunPower
`Headquartered California's Silicon Valley, SunPower's (NASDAQ:SPWR) is the leading Distributed Generation
`Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution
`designed by one company that gives customers complete control over energy consumption, delivering grid
`independence, resiliency during power outages and cost savings to homeowners, businesses, governments,
`schools and utilities. For more information, visit www.sunpower.com.
`
`About Maxeon Solar Technologies
`Maxeon Solar Technologies (NASDAQ: MAXN) is Powering Positive Change™. Headquartered in Singapore,
`Maxeon designs and sells SunPower brand solar panels across more than 100 countries and is the leader in solar
`innovation with access to over 900 patents and two best-in-class solar panel product lines. With operations in
`Africa, Asia, Oceania, Europe and Mexico, Maxeon products span the global rooftop and solar power plant
`markets through a network of more than 1,100 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.
`
`SunPower's Forward-Looking Statements
`This press release contains forward-looking statements within the meaning of the Private Securities Litigation
`Reform Act of 1995, including, but not limited to, statements regarding our future plans and areas of focus, our
`expectations for the growth of solar power, our and Maxeon's positioning for future success following the spin-
`off, our future business plans, and our expectations for technology collaboration with Maxeon. 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. Factors that could cause or contribute to such differences
`include, but are not limited to: regulatory changes and the availability of economic incentives promoting use of
`solar energy; challenges managing our acquisitions, joint ventures and partnerships, including our ability to
`successfully manage acquired assets and supplier relationships, including our supply and technology
`collaboration relationship with Maxeon; and competition in the solar and general energy industry and downward
`pressure on selling prices and wholesale energy pricing. 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 reports on Form 10-K and Form 10-Q, particularly under the
`heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section
`of our Investor Relations website at investors.sunpower.com. 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.
`
`Maxeon's Forward-Looking Statements
`This press release contains forward-looking statements within the meaning of the Private Securities Litigation
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`6/11/24, 2:35 PM
`SunPower and Maxeon Solar Technologies Close Spin-Off Transaction - Aug 27, 2020
`Reform Act of 1995, including, but not limited to, statements regarding our future plans and areas of focus, our
`positioning for future success following the spin-off, our future business plans, and our expectations for
`technology collaboration with SunPower. 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. Factors that could cause or contribute to such differences include, but are not limited to: challenges
`managing our joint ventures and partnerships, including our ability to successfully manage key supplier and
`customer relationships, as well as the supply and technology collaboration relationship with SunPower;
`competition in the solar and general energy industry and downward pressure on selling prices and wholesale
`energy pricing; and the success of our ongoing research and development efforts and our ability to
`commercialize new products and services, including products and services developed through strategic
`partnerships. 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, as amended, particularly under the heading "Risk Factors." Copies of these filings are
`available online from the SEC or on the SEC Filings section of our Investor Relations website at
`investors.maxeon.com. 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.
`
`© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER and the SUNPOWER logo are registered
`trademarks of SunPower Corporation in the U.S.
`
`© 2020 Maxeon Solar Technologies, Ltd. All Rights Reserved. MAXEON is a registered trademark of Maxeon
`Solar Technologies, Ltd. View maxeon.com/trademarks for more information.
`
`
`
`SOURCE SunPower Corp.; Maxeon Solar
`
`For further information: SunPower Investor Contact: Bob Okunski, Bob.Okunski@sunpower.com, 408/240-
`5447; or SunPower Media Contact: Natalie Wymer, Natalie.Wymer@sunpower.com, 650/223-9132; or
`Maxeon Contact: Anna Porta, Anna.Porta@Maxeon.com, +39 345 7706205
`
`Additional assets available online:
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