SunPower Corp. (NASDAQ:SPWR) announced that its planned spin-off, Maxeon Solar Technologies, filed an initial Form 20-F registration statement with the U.S. Securities and Exchange Commission (SEC). The form includes a detailed business overview with strategy, financials and competitive strengths relating to Maxeon Solar and the spin-off.

SunPower first announced its plans to spin off the international portion of its technologies business last November, allowing each business to focus on distinct regions and areas of the solar value chain, accelerating growth and profitability:

• SunPower will continue as the leading North American distributed generation, storage and energy services company with more than 500 dealer partners and 3.2 gigawatts installed in the residential, new homes and commercial direct markets. 
• Newly formed Maxeon Solar Technologies will combine its leading global sales channel outside the U.S. and Canada with pioneering solar innovation and capital-efficient manufacturing. Maxeon will market SunPower branded panels outside the U.S. and Canadathrough its industry-leading network of more than 1,100 sales and installation partners.

"This filing is a key milestone and another important step toward splitting off Maxeon Solar as a separate company," said Tom Werner, SunPower CEO and chairman of the board. "As we progress toward the separation, we are confident in the potential of SunPower and Maxeon Solar as distinct companies, capitalizing on significant growth opportunities and concentrating resources on their respective businesses and strategic priorities."

"The Maxeon team is very motivated by the prospect of creating a new and innovative company that combines our best in class technology and unique sales channels in over 100 markets," said Jeff Waters, CEO of SunPower Technologies and soon-to-be CEO of Maxeon Solar. "We look forward to the future, and we will work hard to reward our new shareholders by creating a business with high growth and sustainable profitability."

SunPower anticipates closing the planned spin-off of Maxeon Solar during the third quarter of 2020. In May, Maxeon Solar's future investor and long-time partner Tianjin Zhonghuan Semiconductor Co. (TZS) received necessary regulatory approval from the China State Administration for Market Regulation.

A copy of the initial Form 20-F will be available at www.sec.gov. The information in the initial Form 20-F is not final and remains subject to change.

SunPower | www.sunpower.com