50.1%! TCL Zhonghuan to Increase Stake in Maxeon

PVTIME – TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TCL Zhonghuan, 002129.SZ), a leading manufacturer of solar silicon wafers, announced today that it intends to invest up to $197.5 million to increase its stake in Maxeon Solar Technologies, Ltd. (Maxeon), its Singapore-based solar module supplier, from 22.39% to a controlling interest of at least 50.1%.

Upon completion of the acquisition, Maxeon will be a subsidiary controlled by TCL Zhonghuan and its results will be consolidated into TCL Zhonghuan’s financial statements.

The completion of the transaction will also put Maxeon in a strong financial position. Maxeon, as an important part of TCL Zhonghuan’s deep participation in international energy transformation, owns IBC cell and module patents, TOPCon solar cell process patents and shingled solar cell panel technology, and has established strong intellectual property rights and related product protection capabilities worldwide.

After the acquisition of Maxeon, TCL Zhonghuan will improve its capital structure, business and operations, give full play to its unique market advantage and technological innovation capability, and enhance the company’s competitive advantage in the global layout through the mutual promotion and synergistic strengthening of production and channels on a global scale.

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