TCL Zhonghuan-Maxeon Deal targets IBC Cell Development

China’s TCL Zhonghuan-Maxeon Deal Targets Joint Cell Development

By Saur News Bureau/ Updated On Mon, Dec 16th, 2024

Highlights :

Maxeon’s progress on IBC cell development is a major attraction for the Chinese solar manufacturer.
The deal will help the struggling Maxeon exit its non-US businesses and focus on the US market,

China’s TCL Zhonghuan-Maxeon Deal Targets Joint Cell Development

Chinese solar manufacturer TCL Zhonghuan Renewable Energy Technology has announced that it will work with Singapore based Maxeon Solar technologies on developing new-generation interdigitated back contact solar cell technologies. IBC solar cells have been gaining market share in China, and have a share in double digits now, mostly at the expense of MonoPerc cells. They offer advantages like higher efficiency, and are widely tipped to be the next mainstay of solar modules after TOPcon.

TCL Zhonghuan has already announced earlier that it would spend USD197.5 million to hike its stake in Nasdaq-listed Maxeon Solar to at least 50.1 percent by taking part in its debt restructuring. The deal will pave the way for Maxeon’s eventual acquisition by TCL Zhonghuan, giving the Chinese player a much more global presence and status as a leading player globally.

Maxeon Solar Technologies, with its exclusive focus on exports, has been suffering financially due to challenging market conditions that include a persistent inability to import solar panels from facilities in Mexico into the United States.

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By selling off its non-US business, the firm hopes to make a recovery by focusing exclusively on the US market.

The firm has been struggling for the past year, and a really weak set of Q3 numbers made investors even more jittery.

The company recorded losses of US$179.1 million in Q3, with revenues of US$88.5 million and net losses attributable to shareholders of U$394 million. George Guo, who took over as CEO in November, blamed the results on deliveries being detained by the United States Customs and Border Protection (CBP), fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from its ongoing restructuring.