Maxeon Solar Technologies to Build Factory in New Mexico

Maxeon Solar Technologies to Build Factory in New Mexico

Maxeon solar technologies
A significant boost to Albuquerque’s economy is on the horizon as Maxeon Solar Technologies, a prominent Singapore-based solar company, plans to invest a substantial $1 billion and generate approximately 1,800 jobs in the city. This development stems from Maxeon’s decision to establish its inaugural manufacturing facility in the United States, selecting Albuquerque as the ideal location for this strategic move. The company’s successful revenue of $318 million in the first quarter of 2023 has further fortified its position.

Governor Michelle Lujan Grisham’s office has issued a press release estimating that this endeavor will inject an impressive $4 billion into the state’s economy over the next decade. The manufacturing plant, situated on a sprawling 160-acre site at Mesa del Sol, will encompass a vast 1.9 million-square-foot complex. With construction slated to commence in 2024, it is plausible that locally produced solar panels could find their way onto rooftops and power plants as early as 2025.

Maxeon’s CEO, Bill Mulligan, emphasized that this venture embodies a tangible response to the imperative of decarbonizing the U.S. economy. Mulligan articulated his vision for the manufacturing plant as a nucleus for fostering regional investment within the solar supply chain, contributing to sustainable growth. Governor Lujan Grisham and Mulligan are scheduled to present this expansion at a press conference, highlighting the pivotal role played by the Inflation Reduction Act in propelling this initiative.

Albuquerque Mayor Tim Keller lauded the city’s unique attributes—its strategic location, affordability, and skilled workforce—that make it a trailblazer in revitalizing domestic manufacturing. The infusion of well-paying jobs within the clean energy sector is projected to cultivate fresh prospects for families in New Mexico, nurturing a more environmentally responsible future for the nation.

Maxeon is currently navigating the “due diligence” phase of its loan application process under the U.S. Department of Energy’s Title 17 Clean Energy Financing Program. This program, geared toward funding clean energy infrastructure and deployment projects, underscores the company’s commitment to advancing sustainable practices. The decision to establish the facility at the Mesa del Sol site represents a significant milestone, facilitating progress toward securing the necessary funds, as prerequisites such as environmental reviews are now met.

Looking ahead, Maxeon’s dynamic approach to meeting customer demand and harnessing the potential of the Mesa del Sol site may result in a noteworthy 50% expansion of the project’s capacity. This future-focused outlook, combined with the option for future expansion into adjacent parcels of land, underscores Maxeon’s dedication to propelling the growth of renewable energy solutions within the United States. In a prior earnings call earlier this year, Mulligan hinted at the possibility of a U.S.-based manufacturing facility, and now, this vision is crystallizing into a promising reality.

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