Maxeon Solar Technologies Ltd. has signed a new supply agreement with SunPower Corp. governing the supply of Interdigitated Back Contact (IBC) solar panels from Maxeon to SunPower for use in SunPower’s residential channels in the U.S. and Canada. This new agreement replaces the existing agreement, which was in place since Maxeon’s spin-out from SunPower in Aug 2020.
“In the U.S. residential market, Maxeon products have been the gold standard for over 17 years and have established a well-known reputation for industry leading performance, quality and reliability,” says Jeff Waters, CEO of Maxeon Solar Technologies. “SunPower has a very well-established channel to market with a sales network and customer base who appreciate the benefits of our products.”
Maxeon will sell certain quantities of its Maxeon6 panels (marketed in Canada and the U.S. under the SunPower brand M-series) on an exclusive basis to SunPower for the residential market until the end of 2022. If certain trigger conditions are met, Maxeon may extend this exclusive supply until October 2023.
“This agreement is also an important step in Maxeon’s strategy of progressively increasing direct engagement in the U.S. market,” continues Waters. “Our engagement in the power plant segment is going well, with over 1.4 GW of backlog and a number of opportunities in advanced stages of negotiation. Our recently announced collaboration with Omnidian is an example of our increased focus on the U.S. Commercial and Industrial market segment.”
Maxeon will also sell certain volumes of Maxeon 3 panels, which are sold in the U.S. and Canada as X series under the SunPower brand. The new supply agreement is priced in line with current market trends.
“Starting in 2023, Maxeon will be in a position to directly address the residential market as well, initially with our Maxeon 3 IBC product line,” adds Waters. “We are excited to be expanding our U.S. footprint and engaging with a much broader and more diversified set of market intermediaries, many of whom have never had access to Maxeon technology.”