Chinese electronics company TCL Technology Group has launched a new solar business unit built in part from the ashes of one of the world’s most storied solar companies, SunPower, though bearing no ties to the now bankrupt American company.
TCL SunPower Global has no ties to SunPower Corporation, which filed for Chapter 11 bankruptcy protection in the United States last year, but the name lives on as a remnant of what was once one of the world’s biggest solar brands.
The original SunPower was founded in the US in 1985 by Richard Swanson and grew to headline-grabbing prominence in the early 2000s, when it reached multi-billion-dollar market capitalisation. It was valued at $10 billion as recently 2021.
But as China’s solar industry began driving down prices, making it nearly impossible for Western solar manufacturers to compete, the company’s woes went from bad to worse, and in August of 2024 it filed for bankruptcy.
Before that happened, however, SunPower spun out its manufacturing division into a separate business in 2019, Maxeon Solar Technologies, which was headquartered in Singapore.
Last year, however, Maxeon restructured its business portfolio, unloading all but its US-based portfolio to TCL Group, including Maxeon’s Europe, the Middle East, and Africa (EMEA), Asia Pacific (APAC), and Latin America (LATAM) sales and marketing organisations.
TCL Group, through its own subsidiary TCL Zhonguhan Renewable Energy Technology, was already the majority shareholder of Maxeon, and the deal to acquire Maxeon’s non-US assets – including Maxeon’s Philippines manufacturing operations – was announced as part of a plan to spin out a new solar solutions business unit to be named TCL SunPower International.
Fast forward, and TCL Group announced at the end of March that its new energy business unit, TCL SunPower Global, had begun business operations across Europe.
TCL SunPower Global will build on its new and existing solar expertise, relaunching the SunPower name with branded solar energy products to be sold alongside its own TCL Solar products, while also expanding to include complete residential solutions and energy services.
“The dawn of a new era in smart and sustainable living is here,” said Steven Zhang, general manager of TCL Electronics Europe.
“By combining TCL’s expertise in consumer electronics, manufacturing capabilities, and supply chain strength with SunPower’s 40 years of experience in pioneering solar technology innovation, the new TCL SunPower Global business unit is poised to revolutionize the definition of a comprehensive energy solutions provider for both homeowners, businesses, and UPP customers.
“Today isn’t just about announcing a new business unit. We’re setting the stage for a future that harmonizes technology and sustainability through an intelligent ecosystem of smart, green products and innovative services.”
Among the operations getting a new lease on life is SunPower Corporation Australia, which began business operations as a new energy business unit within TCL Zhonghuan on April 1. SunPower Corporation Australia was previously a subsidiary of Maxeon and was the local distributor in Australia and New Zealand for SunPower Maxeon solar products. Instead of being rolled into the new TCL SunPower Global, TCL seems to have rolled it up under its own solar business unit, TCL Zhonghuan.
As such, there is yet no available information about what TCL Group plans for other assets it acquired from Maxeon in the Asia Pacific region, nor its LATAM operations.
“We understand that the solar landscape has changed, the addition of new and emerging technologies, accompanied with the strength and bankability of TCL Zhonghuan will be a welcomed advantage by our expanding customer base,” said Stephen Straughair, ANZ general manager for SunPower Corporation Australia.
“Given this, we’re confident that our new, more agile, organizational structure, leveraging our highly regarded SunPower brand, positions us at the cutting edge of the industry, and help to achieve accessibility of premium solar PV in the mainstream markets.
“The objective in Australia and New Zealand is to be a top 5 player in Solar PV installations, across all segments. We aren’t here to make up the numbers, we’re here to be a significant part of the mainstream PV industry, by supplying the best brands, the most competitive solutions, and long-term security on end customer investments.”
solarTCL SunPower Global and SunPower Corporation Australia have no ties to the bankrupt SunPower Corporation, while Maxeon Solar Technologies now operates solely in the United States, independent of TCL.
