Maxeon will try to stop SunPower's asset sale

Maxeon, a solar panel manufacturer, said it would object to the sale of SunPower assets by a bankruptcy court because it claims to own the rights to use SunPower's brand outside the United States.

Why it Matters

SunPower, the pioneer of residential solar energy, filed for Chapter 11 bankruptcy this month. It is now looking to sell a number of its assets for $45,000,000 to Complete Solaria, a rival. This sale could be stopped if a court determines that SunPower has no right to sell its assets.

Maxeon spun off from SunPower 2020. The companies agreed to a deal at the time that allowed Maxeon to use the SunPower brand globally. Maxeon stated that the agreement prevents Maxeon from selling SunPower trademarks.

A spokesperson for Maxeon said that the company plans to formally file its objection by Sept. 20, a deadline.

KEY QUOTE

Maxeon's spokesperson stated in an email that the court was aware of Maxeon's concerns, and had made it known - for the record – that Maxeon reserves its right to object to any sale. (Reporting and editing by Rod Nickel; Nichola Groom)

(source: Reuters)