SunPower’s transition to the TCL Group
Start: Birth of SunPower
It’s a transition story. by SunPower (SunPower) From a leading U.S. solar power company to a Chinese giant TCLone of the most prominent tales of acquisition and transformation in the renewable energy industry. by SunPower (SunPower) In a year. 1985 By the Doctor. Richard Swanson as Richard SwansonProfessor of Electrical Engineering at Stanford University, supported by the U.S. Electric Power Research Institute and the U.S. Department of Energy. IBC (Interdigitated back-contact)It has become one of the leading solar panel manufacturers in the world.
2019 – 2020: SunPower splits into two companies
By a year. 2019Sun Power was suffering. Continuous LossesThis led her to make a strategic decision to split into two independent companies:
- The New SunPowerFocuses on residential and commercial distribution solutions in the United States, energy storage, and end-to-end services.
- Maxeon Solar Technologies (Maxeon Solar Technologies)I’ve taken over. SunPower’s global manufacturing operations (outside the U.S. and Canada), including plants in Malaysia, Philippines, Mexico and France. The new company is named after the luxury solar cell production line Maxeon (Maxeon).
Done. Completion of the division in August 2020Maxon was listed on the NASDAQ under the symbol “MAXN”SunPower shareholders received one share in Maxon for every eight shares they owned in SunPower.
2019: TCL (TCL Zhonghuan) Enters as Main Contributor
In a year. 2019the Investment Bank 中环股份 (Zhonghuan Semiconductor)which was then known as 中环半导体the amount of US$ 298 million (The equivalent of 20.23 billion Chinese yuanIn Maxson, to get her share. 28.848%She becomes… The second largest contributor.
2020: TCL acquires Group (Zhonghuan Group)
In a parallel move, I took over. TCL Technology Group (TCL Technology) – The parent company. Group (, Zhonghuan Group) the City Government Tianjin () In a historic deal.
- Announcement: June 2020TCL announced its intention to participate in the acquisition of 100% of the Group.
- Basic Offer PriceAbout: 109.74 billion Chinese yuan (The equivalent of US$ 15.5 billion).
- Final PriceThe Final Deal 125 billion Chinese yuan (The equivalent of US$ 17.7 billion).
- Completion: July 2020TCL became the final owner of the Group.
With this deal, TCL got 中环股份 (Zhonghuan Semiconductor)which was then a leading manufacturer. Silicon Chips ()Its name was later changed to TCL中环 (TCL Zhonghuan).
Capabilities For Semiconductors (Before Acquisition)
At the time of the acquisition, it was 中环股份 They have great production capabilities in the field. Silicon Chips ():
| Chip Type | Production Capacity (Monthly) |
|---|---|
| 8 Inch | 60 Thousand Pieces |
| 12 Inch | 17,000 pieces. |
As the company owned. Solar panel production capacity of 55 GW At the time.
2021 – 2023: TCL’s increased investments in Maxon
I continued. TCL中环 Increase its stake in Maxon through a series of investments:
- 2021: Invested $33.66 million IPO ‘s 1.87 million shares New.
- 2022: Invested $200 million. In convertible bonds for maxon.
- May 2023: Invested $42 million. IPO ‘s 1.5 million sharesTo become The Biggest Contributor.
By… May 30, 2024.the TCL 12,285,692 Shares Maxson’s, by the way. 22.39%And she was… The Biggest Contributor.
2024: Control Maxon
In. May 30, 2024.TCL has announced an ambitious plan to take control of Maxon via a comprehensive restructuring deal:
- Transaction Mechanism: “Oriented Debt Exchange New Convertible Bonds Capital Increase”.
- Total funding: Up to US$ 197.5 million (The equivalent of 14.3 billion Chinese yuan).
- ObjectiveIncrease the percentage of ownership of 22.39% To At least 50.1%Maxson ‘s A subsidiary. Within the consolidated financial statements of TCL.
In. 26 November 2024Maxon announced a comprehensive strategic restructuring:
- Focus on the U.S. marketMaxson will abandon all operations outside the United States to focus exclusively on the U.S. market.
- Selling assets to TCLMaxson agreed in principle to sell Sales and marketing organizations in Europe, Far East, Asia Pacific and Latin America To the TCL Group.
- TCL SunPower InternationalThese assets will merge into a new business unit under the name: TCL SunPower.
- Sale of Philippine factoriesMaxson agreed in principle to sell Manufacturing operations in the Philippines To the TCL Group.
By… 31 December 2024the TCL 9,959,362 Shares Maxson’s, by the way. 59.6%Maxson became a subsidiary of the Consolidated Financial Statements.
2025: Acquisition of SunPower brand and manufacturing assets
In. 27 January 2025the TCL has signed a formal agreement to purchase 100% of SPML (SunPower Philippines Manufacturing Ltd.)Exxon’s subsidiary in the Philippines:
- Value of transaction: $58.6 million (The equivalent of 4.1 billion Chinese yuan).
In. February 2025TCL has signed an additional agreement to purchase:
- Exxon affiliates outside the United States Sales and Distribution Areas: Value $28.95 million.
- Brand “SunPower” and associated intellectual property rights outside the United States: $6.74 million.
- Total Deal: $35.69 million (The equivalent of 2.5 billion Chinese yuan).
2026: DAS Solar merger completed ()
In. July 2, 2026.a Handover Ceremony (Yidao New Energy Technology Co., Ltd.)Internationally known as DAS Solarthe City of Chuzhou (, Quzhou)This symbolizes the completion of strategic acquisition.
DAS Solar capabilities after integration
Following the merger, TCL now owns:
| Component | Capability |
|---|---|
| Solar Cells () | 20 GW (GW) |
| Solar Panels () | 50 GW (GW) |
Development plan: 2.6 billion yuan investment in BC technology
On the same day, TCL announced a massive investment plan to develop its production capabilities:
- Total investment: 2.6 billion Chinese yuan (The equivalent of USD 360 million).
- BC Cell Development: Investment 1.4 billion yuan Development 20 GW From Cell Energy to Technology BC (Back Contact) Advanced.
- BC Board Development: Investment 1.2 billion yuan Development 25 GW From panel power (50% of the total) to BC technology.
Expected Completion Date: First quarter of 2027.
Timeline of the full trip (timeline)
| Year | Event |
|---|---|
| 1985 | Founding by SunPower (SunPower) By Dr. Richard Swanson. |
| 2019 | TCL中环 Invest $298 million In. Maxson.And you get… 28.848% |
| August 2020 | the Sun Power Division Sun Power And…Maxson. |
| 2020 | TCL Take over. Group Opposite 125 billion yuanAnd you get… 中环股份 |
| 2021 | TCL $33.66 million Maxson’s. |
| 2022 | TCL $200 million. the Maxson Bonds |
| May 2023 | TCL $42 million.She becomes… The Biggest Contributor Maxson’s. |
| May 2024 | TCL Announces Deal $197.5 million To control Maxson. |
| November 2024. | Maxon Announces Restructuring and Asset Sale for TCL |
| December 2024 | TCL 59.6% From Maxson. |
| January 2025. | TCL buys SPML for $58.6 million |
| February 2025 | TCL Buy Mark “SunPower” Commercial VS $35.69 million |
| July 2026. | TCL DAS Solar (一道新能源) |