SunPower, an American energy company that designs and manufactures crystalline silicon photovoltaic cells and solar panels, completed the spin off of its manufacturing operations in a $1bn deal into Maxeon Solar Technologies, which will be a global technology innovator, manufacturer, and marketer of premium solar panels. "Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to invest in key programs to drive their future profitable growth. Solar power is poised for significant growth and now each company is well-positioned to succeed based on specific areas of specialization, technology innovation and economies of scale," Tom Werner, SunPower Chairman and CEO.