UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date of Report: March 2022
Commission File Number: 001-39368
MAXEON SOLAR TECHNOLOGIES, LTD.
(Exact Name of registrant as specified in its charter)
8 Marina Boulevard #05-02
Marina Bay Financial Centre
018981, Singapore
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Maxeon to Supply Approximately 400MWdc of its Performance Line Solar Panels to Origis Energy
On March 17, 2022, Maxeon Solar Technologies, Ltd. (the “Company”) issued a press release announcing that the Company will supply high-efficiency bifacial solar panels to Origis Energy Ltd (“Origis”) for use in utility-scale projects in the United States. A copy of the press release is filed herewith as Exhibit 99.1.
In line with the Company’s efforts to expand sales of its Performance line solar panels to US utility-scale customers, on March 14, 2022, Maxeon Americas, Inc., a subsidiary of the Company (“Maxeon”) entered into a Solar Module Supply Agreement (the “Supply Agreement”) with a wholly-owned subsidiary of Origis. Under the Supply Agreement, Maxeon has agreed to sell approximately 400MWdc of its Performance line solar panels for use in Origis’ utility-scale projects located in the United States. Deliveries are scheduled to begin in June 2023, with the final solar panel deliveries scheduled for December 2023. Under the Supply Agreement, Origis has agreed to make an advance payment equal to approximately thirty percent of the total Supply Agreement price. Half of the advance payment will be made in March 2022 and the other half will be paid in December 2022.
The Supply Agreement contains certain technical terms and conditions, such as setting out detailed quality, testing, and performance specifications. In the event the Company is unable to deliver conforming solar panels pursuant to the required delivery schedule, the Company is required to pay damages for such delivery delays subject to an agreed upon cap. In the event that delay damage liability reaches the cap, Origis may terminate the Supply Agreement for cause. All solar panels will be covered by a 12-year product warranty, and a 30-year power warranty. The Supply Agreement also contains a termination for convenience provision whereby Origis may terminate the Supply Agreement early (in whole or in part), provided Origis pays certain liquidated damages to the Company. The Supply Agreement also contains provisions customary within the solar industry such as limitation of liability, termination for cause, force majeure, change in law, a tariff-sharing arrangement, compliance with applicable environmental, social and governance laws, and credit support requirements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAXEON SOLAR TECHNOLOGIES, LTD. (Registrant) | ||||||||||||||||||||
March 17, 2022 | By: | /s/ Kai Strohbecke | ||||||||||||||||||
| Kai Strohbecke | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
EXHIBITS
| Exhibit | Title | |||||||
Press release dated March 17, 2022 | ||||||||
Exhibit 99.1
Origis Energy, Maxeon Solar Technologies Announce 400MW Module Supply Agreement
Maxeon to supply bifacial Performance line modules for U.S. projects
SINGAPORE, 17 March, 2022 – Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a global leader in solar innovation and channels, today announced that it will supply approximately 400 megawatts (MW) of its high efficiency shingled bifacial Performance line solar modules to one of America’s top ten solar and energy storage developers, Origis Energy, for use in Origis’ U.S. utility-scale projects. Module deliveries will commence in June of 2023 and will conclude at the end of 2023.
“This 400 MW procurement agreement with Maxeon Solar Technologies is an important component to fulfill the robust Origis solar portfolio. The Maxeon technology will help ensure our solar plants meet performance goals to provide clean, competitively priced energy to our customers across the U.S.,” said Guy Vanderhaegen, Chief Executive Officer & President, Origis Energy. “Additionally, Maxeon continues to be a pioneer in sustainability initiatives including its leadership with Environment, Sustainability and Governance (ESG). ESG factors are important to all Origis stakeholders, from investment partners to utilities and corporate energy buyers. We look forward to a productive alliance with the Maxeon team.”
Produced using sophisticated, proprietary manufacturing processes, the Performance line solar modules leverage Maxeon’s shingled cell technology, protected by 83 granted patents. Utilizing bifacial mono-PERC solar cells made on large format eight-inch G12 wafers, the Performance line offers industry-leading efficiency along with enhanced shade tolerance and unparalleled durability to reduce system lifetime energy cost.
“We are pleased to be selected by Origis Energy as a long-term partner,” said Jeff Waters, CEO at Maxeon Solar Technologies. “Origis’ decision to invest in our Performance line validates the technology’s performance, durability and reliability advantage over conventional solar panels, as well as its competitiveness. Moreover, it proves the confidence utility-scale customers have in our ability to deliver on our commitments.”
About Maxeon Solar Technologies
Maxeon Solar Technologies (NASDAQ:MAXN) is Powering Positive ChangeTM. 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 access to over 1,000 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 1,400 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 ChangeTM visit us at www.maxeon.com, on LinkedIn and on Twitter @maxeonsolar.
About Origis Energy
Origis Energy is bringing clean and cost effective solar and energy storage solutions within reach for utility, commercial and industrial as well as public sector clients. The Origis team has worked to ensure the interests of all stakeholders are upheld in 170 projects worldwide totaling more than 4 GW to date of developed solar and energy storage capacity. Headquartered in Miami, FL, Origis Energy delivers excellence in solar and energy storage development, financing, engineering, procurement and construction (EPC) and operations, maintenance and asset management for investors and clean energy consumers in the US. Visit us at www.OrigisEnergy.com, on Linkedin and on Twitter @OrigisEnergy.
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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 the timing and the company’s expectations of success and profitability in its expansion strategy and planned projects in existing and new markets; the company’s expectations regarding customer demand, pricing trends and growth projections; the company’s expectations regarding future performance based on our technology outlook, bookings and pipelines in sales channels, and the operational efficiency of our supply chain; and the company’s expectations regarding our future revenues resulting from contracted orders, including prepayments. 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.
© 2022 Maxeon Solar Technologies, Ltd. All Rights Reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit www.maxeon.com/trademarks for more information.
Investor Contact:
Robert Lahey
Robert.Lahey@maxeon.com
Mobile: +1 (202) 2461-872
Media Contact:
Anna Porta
Anna.Porta@maxeon.com
Mobile: +39 345 7706205
Media Contact:
Glenna Wiseman
Glenna.Wiseman@OrigisEnergy.com
Mobile: +1 408 478 2570
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