Complete Solaria wraps up sale of shingled cell IP, dealer ops

California-based end-to-end solar solutions provider Complete Solaria Inc (NASDAQ:CSLR) has completed the sale of its dealer channel operations and contracts, as well as its solar panel patent portfolio relating primarily to shingled cell solar panel technology to Singapore-based Maxeon Solar Technologies Ltd (NASDAQ:MAXN).

“With the successful completion of the asset sale, we continue to execute on our strategic shift away from manufacturing, enabling increased focus on our highest margin, most popular ‘total-service model’ in which we design, install, and warranty full solar systems,” Complete Solaria’s CEO Will Anderson said in a statement on Wednesday.

The terms of the deal also provide a provision for the supply of Maxeon’s premium, advanced-performance, high-efficiency solar panels to Complete Solaria.

Complete Solaria disclosed the divestment plan in August while Maxeon was unveiled as the potential acquirer in September. The transaction consideration included 1.1 million Maxeon shares, valued at about USD 9.54 million (EUR 9.05m) based on October 18 closing prices.

(USD 1 = EUR 0.948)

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