RELEASE: Maxeon Solar Technologies Expands Leadership Position in Solar Panel Technology

- World record efficiency of 24.

RELEASE: Maxeon Solar Technologies Expands Leadership Position in Solar Panel Technology

- World record efficiency of 24.7% with the Maxeon 7 solar panel

- Maxeon 6 solar panels, with 23% efficiency, arrive in Europe

- Maxeon 3 solar panels with 24% efficiency available for Q4

SINGAPORE, June 9, 2023 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar channel and innovation, today announced several product advancements that are expected to further the company's leadership position in panel technology. First, Maxeon has revealed a world record module aperture efficiency of 24.7% for a full-scale Maxeon 7 panel, confirmed by US National Renewable Energy Laboratory (NREL) tests. Second, the company announced efficiency improvements to its existing interdigitated back contact (IBC) products, with 23% efficient Maxeon 6 panels already shipping to Europe, with installations already underway; and a 24% efficient version of the company's Maxeon 3 panels available for shipment in Q4 2023.

Matt Dawson, Maxeon's CTO, explained: "Accelerating Maxeon's innovation and technology deployment is a top priority for my team. We are delighted to demonstrate further enhancements to our flagship IBC products, both leading the way with a world record module efficiency of 24.7%, as deep in our existing product line, with significant efficiency improvements already available in our Maxeon 6 and Maxeon 3 panels. These advances demonstrate the ability of our technology team to build on our decades of IBC experience and continue to set new performance standards for the solar industry."

Bill Mulligan, CEO of Maxeon, added: "Our technology team continues to increase the performance of our IBC technology platform to levels of efficiency that were not anticipated when we launched our first commercial products nearly twenty years ago. More importantly, these These achievements are not one-off lab results, but pervasive production technologies that increase customer value and broaden our differentiation from our competitors."

To find out how Maxeon's IBC technology delivers greater value to customers, click here and visit Maxeon's booth A2.430 during Intersolar Europe, June 14-16.

About Maxeon Solar Technologies

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) drives positive change. Headquartered in Singapore, Maxeon designs and manufactures Maxeon® and SunPower® brand solar panels, and sells operations in more than 100 countries, operating under the SunPower brand in select countries outside of the United States. Maxeon is a leader in solar innovation with access to more than 1,000 patents and two world-class solar panel product lines. Maxeon products serve the global rooftop and solar markets through a network of more than 1,700 trusted partners and distributors. A pioneer in the manufacture of sustainable solar panels, Maxeon has more than 35 years of history in the solar industry and numerous awards for its technology.

forward-looking statements

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Act of 1934 ( Securities Exchange Act of 1934), as amended, including, but not limited to, statements regarding our technological prospects and future performance; the anticipated product launch schedule and our expectations for launch pad, customer acceptance and demand, market traction, sales opportunities and expansion; the company's estimates of the size of the new markets and the company's expectations of the timing and success of its expansion strategy in existing and new markets; the company's expectations and plans for short- and long-term strategy, including anticipated areas of interest and investment, market expansion, focus on products and technology, and projected growth and profitability. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that could cause results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. A detailed discussion of these factors and other risks affecting our business is included in the documents we periodically file with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 20-F, particularly under the epigraph "Point 3.D. Risk factors". Copies of these reports are available online from the SEC or under "Financials

©2023 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit for more information.

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