09:42 AM EST, 11/26/2024 (MT Newswires) -- Maxeon Solar Technologies ( MAXN ) said Tuesday it plans to restructure its business to focus exclusively on the US market, while its operations in other regions will be sold to TCL Technology Group.

As part of the restructuring, Maxeon said it agreed in principle with TCL Group to sell its sales and marketing operations in Europe, Middle East, and Africa, Asia-Pacific, and Latin America to TCL Group, which will integrate these into a new solar products unit, TCL SunPower International, the company said.

Maxeon's manufacturing operations in the Philippines will also be acquired by TCL, Maxeon said. Definitive agreements with TCL are anticipated by year-end, the company added. Financial details were not provided.

Maxeon said it will remain an independent Nasdaq-listed entity, focusing on US residential, commercial, and utility-scale markets.

The company also said it is planning a 2-gigawatt solar panel manufacturing facility, set to begin production in early 2026 at a newly leased space in Albuquerque, New Mexico.

Maxeon said the facility represents the initial phase of its domestic manufacturing plans and will support its goal of building a US-based solar supply chain. The site will focus on module assembly and could expand to solar cell manufacturing, subject to successful financing, the company added.

Shares of Maxeon were up more than 20% in early trading Tuesday.