TCL Launches New Solar Business Unit After Maxeon Acquisition
Chinese electronics company TCL Technology Group has introduced a new solar business unit, TCL SunPower Global, emerging from the remnants of the once-prominent SunPower company. Despite sharing a name, TCL SunPower Global has no affiliation with the now-bankrupt SunPower Corporation, which filed for Chapter 11 bankruptcy protection in the US last year.
Originally established in the US in 1985 by Richard Swanson, SunPower gained significant recognition in the early 2000s, achieving a multi-billion-dollar market capitalisation. However, with the rise of China’s competitive solar industry driving down prices, Western manufacturers like SunPower faced challenges. In August 2024, SunPower filed for bankruptcy, leading to the spin-off of its manufacturing division into a separate entity, Maxeon Solar Technologies, in 2019.
Transition to TCL Group
Last year, Maxeon underwent a restructuring, transferring its non-US assets to TCL Group, including operations in Europe, the Middle East, Africa, Asia Pacific, and Latin America. TCL Group, a majority shareholder in Maxeon through its subsidiary TCL Zhonguhan Renewable Energy Technology, acquired these assets to establish a new solar solutions business unit named TCL SunPower International.
Recently, TCL Group announced the commencement of operations for its energy business unit, TCL SunPower Global, across Europe. Leveraging TCL’s consumer electronics expertise and supply chain strength with SunPower’s four-decade legacy in solar technology innovation, the new unit aims to redefine comprehensive energy solutions for homeowners, businesses, and UPP customers.
Expansion and Vision
TCL SunPower Global plans to offer branded solar energy products alongside TCL Solar products, expanding into residential solutions and energy services. Steven Zhang, general manager of TCL Electronics Europe, expressed excitement about the potential for smart and sustainable living through the integration of technology and sustainability in their product offerings.
Additionally, SunPower Corporation Australia, previously a subsidiary of Maxeon, transitioned to TCL Zhonghuan as a new energy business unit on April 1. The move signifies TCL’s commitment to enhancing its presence in the Australian and New Zealand markets with premium solar PV solutions.
While TCL’s plans for its acquired assets in the Asia Pacific and LATAM regions remain undisclosed, the company aims to leverage emerging technologies and its robust organisational structure to cater to a growing customer base.
Stephen Straughair, ANZ general manager for SunPower Corporation Australia, highlighted the strategic positioning of the company to become a key player in the Solar PV industry, focusing on delivering top-tier solutions and ensuring long-term value for customers.
In conclusion, TCL SunPower Global and SunPower Corporation Australia mark a new chapter in the solar industry, distinct from the bankrupt SunPower Corporation, with a vision to drive innovation and accessibility in the renewable energy sector.
