SINGAPORE, Dec. 30,
2024 /PRNewswire/ -- Maxeon Solar Technologies,
Ltd. (NASDAQ: MAXN) and Tongwei Solar (Hefei) Co., Ltd. today announced they have
entered into a Settlement and Cross-Licensing Agreement, effective
as of November 30, 2024, regarding
shingled solar cell and module technology and the party's related
patent disputes.
About Maxeon Solar Technologies
Maxeon Solar
Technologies (NASDAQ: MAXN) is Powering Positive Change™.
Headquartered in Singapore, Maxeon leverages nearly 40 years
of solar energy leadership and over 2,000 granted patents to design
innovative and sustainably made solar panels and energy solutions
for residential, commercial, and power plant customers. For more
information about how Maxeon is Powering Positive Change™ visit us
at www.maxeon.com, and on LinkedIn.
About Tongwei
Controlled by Tongwei Co., Ltd., Tongwei
Solar (Hefei) Co., Ltd.
established a high-efficiency module R&D team and gradually
started module process research and development. After more than
ten years of heavy investment and continuous efforts on research
and development, Tongwei has now formed a product matrix that
comprehensively covers the wide range of market needs, which are
widely used for household rooftops, C&I distributed and
centralized large-scale power stations and various "PV +" scenarios
to meet the growing demand for clean energy from global customers.
Depending on years of accumulation in technology and market,
together with the synergistic advantages of upstream high-purity
crystalline silicon and solar cells, Tongwei accelerated its module
business layout in the second half of 2022 and has established a
competitive and large-scale module business system, serving
customers from major power generation companies in China and over 40 overseas countries and
regions. In 2023, Tongwei successfully ranked among the top 5
global shipments of modules (according to PV InfoLink, an
authoritative analysis agency in the photovoltaic industry). The
current production capacity of production bases in Hefei, Yancheng, Jintang, and Nantong.
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 continued validity of the
Company's intellectual property rights, its ability to safeguard
its intellectual property and the status of the Company's ongoing
litigation. 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 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.
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SOURCE Maxeon Solar Technologies, Ltd.
