SINGAPORE, and RICHMOND, Calif., Nov. 15,
2023 /PRNewswire/ -- Maxeon Solar Technologies, Ltd.
(NASDAQ:MAXN), a global leader in solar innovation and channels,
and SunPower Corporation (NASDAQ:SPWR), a leading residential solar
technology and energy services provider, today announced an
amendment of their supply agreement and resolution of disputes
between the companies.
As part of the amended agreement, Maxeon will supply modules to
SunPower through February 2024. SunPower will maintain its
exclusive right to distribute M-Series products in the U.S. until
March 31, 2024. Maxeon will be
released from non-circumvention obligations with respect to
SunPower dealers and will receive warrants to purchase SunPower
common stock in a private placement, subject to the provisions of
the agreement. Additionally, all outstanding disputes regarding the
Master Supply Agreements between the two companies have been
resolved.
About Maxeon Solar Technologies
Maxeon Solar Technologies (NASDAQ:MAXN) 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. The company is a leader in
solar innovation with over 1,600 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.
About SunPower
SunPower (NASDAQ:SPWR) is a leading residential solar, storage
and energy services provider in North
America. SunPower offers solar + storage solutions that give
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
Maxeon Forward Looking Statements
This 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, our expectations and plans for
short- and long-term strategy and our expectations regarding
customer demand and for our business. 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. 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.
SunPower 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
expectations for our business. 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, the availability of products in sufficient
quantities to fulfill demand and challenges managing our strategic
relationships and partnerships, including our ability to
successfully manage supplier relationships. 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 10-K, 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.
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SOURCE Maxeon Solar Technologies, Ltd.