Maxeon Solar bets big on America: sells global assets to focus on US market [Video]

Singapore-headquartered Maxeon Solar Technologies (Nasdaq: MAXN) is restructuring to focus exclusively on the US market, but it’s put its $1 billion Albuquerque solar cell factory on ice.

Maxeon is selling off its global sales and marketing assets in EMEA, Latin America, and Asia Pacific to its parent company, TCL Group, which will also acquire Maxeon’s Philippines manufacturing operations. TCL will then operate them under a new name, TCL SunPower International. The transactions are expected to be completed by the end of the year.

Maxeon will continue to operate as an independent, publicly traded Nasdaq-listed company solely focused on the US residential, commercial, and utility-scale markets to “drive growth and profitability.” The company also announced that it has executed a five-year lease of an existing building in Albuquerque and plans to begin solar panel manufacturing in this 2-gigawatt (GW) capacity facility in early 2026. 

George Guo, Maxeon’s CEO, said, “Assuming successful financing, this site will …