Partnership Aims to Lead the Baltics to a Greener Future
SINGAPORE, Oct. 14, 2021 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar innovation and channels, today announces that they have selected Reenpro as their first local distributor in Lithuania and Latvia. The partnership follows the success of Reenpro's initial collaboration with Maxeon as an authorized installation partner. Under the new distribution agreement, Reenpro will sell SunPower-branded modules, including the new AC modules, from Maxeon Solar Technologies for a growing base of both residential and commercial installers, strengthening Maxeon's presence in the Baltic region.
Reenpro, headquartered in Vilnius, was founded in 2009 and they're the first Lithuania-based PV solar project company, building the first PV plant in the country. Reenpro is a part of the Marisa Group, which has more than 25 years of experience in glass manufacturing and distribution. In recent years, Reenpro has seen impressive growth and they plan to exit 2021 with more than 5MW in projects.
"We are thrilled with this partnership and look forward to helping Maxeon expand their quest of Powering Positive Change into the Baltics", said Danis Jarušas, CEO at Reenpro. "Lithuania is one of the region's pioneers in solar power, but Latvia is catching up rapidly. Local governments are not only investing in the development of the country's green energy sector, but also in the creation of a sustainable infrastructure network that will help ensure the efficient uptake of electricity from renewable sources. SunPower panels from Maxeon Solar Technologies are top-notch, their proven reliability and superior performances will be key to paving the way for commercial and residential customers to lead the Baltics to a greener future."
For their distributed generation (DG) projects, Reenpro utilizes Maxeon's solar panels that are engineered with innovative materials and designed to meet any customer's energy needs. Maxeon's solar solutions ensure high efficiency, enhanced reliability, and superior energy production, including better shade performance. With abundant precipitation, drastic seasonal temperature range, predominant cloudy weather, high dust, strong winds and high salinity from the seas, Baltic weather puts any solar panel to the test. In such a climate, the proven durability and resistance of Maxeon solar panels ensure superior performance.
"Reenpro is the perfect partner for us to expand business in the Baltics", said Vincent Maurice, General Manager DG EMEA at Maxeon Solar Technologies. "What is particularly exciting about this partnership is that it shows the importance of the quality of our panels in unlocking new markets, where it had been traditionally harder for solar to penetrate. Solar has a key role to play in the future energy system and we believe that this partnership will help us build our brand and bring our industry-leading solar technology to more and more customers in consumer and industrial markets across Europe."
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About Maxeon Solar Technologies
Maxeon Solar Technologies (NASDAQ:MAXN) is Powering Positive Change™. Headquartered in Singapore, Maxeon designs and manufactures Maxeon® and SunPower® brand solar panels, and has sales operations in more than 100 countries, operating under the SunPower brand in certain countries outside the United States. The Company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,200 trusted partners and distributors. A pioneer in sustainable solar manufacturing, Maxeon leverages a 35-year history in the solar industry and numerous awards for its technology. For more information about how Maxeon is Powering Positive Change™ visit us at www.maxeon.com, on LinkedIn and on Twitter @maxeonsolar.
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 Maxeon's strategic goals and plans, including partnership strategy and market expansion and our expectations of success. 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 these factors and other risks that affect our business is included in filings we make with the SEC from time to time, including our most recent report on Form 20-F, particularly under the heading "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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