A group photo shocked the whole photovoltaic circle.

photovoltaic upstream and downstream change the global photovoltaic industry chain?

On May 29, the Maxeon Solar CEO Bill Mulligan led a delegation to visit TCL Central. Maxeon Solar is an important shareholding company of TCL Zhonghuan. Originally, this kind of communication between affiliated enterprises is a normal business activity, but a photo of Bill Mulligan and Shen Haoping, General Manager of TCL Zhonghuan, giving gifts to each other has attracted the attention of the whole photovoltaic circle.

Bill Mulligan and Shen Haoping exchange gifts

24.7%! The new world record for

the efficiency of crystalline silicon photovoltaic modules can be seen in this picture released by TCL Zhonghuan Guanwei. We can vaguely see that the NEW WORLD RECORD is 24.7% EFFICIENCY.. Maxeon……” The words of. After Zhang Zhenren's processing through artificial intelligence software, the clear image is as follows:

It is indeed the highest efficiency of crystalline silicon photovoltaic modules in the world! This is a shocking data in the photovoltaic circle, because the highest efficiency of crystalline silicon photovoltaic modules announced by TAIYANG NEWS in late May is 23.6%, and the highest efficiency of crystalline silicon photovoltaic modules exhibited at SNEC exhibition a few days ago is 24.27% (mass production delivery efficiency is 24%). Maxeon's 24.7% module efficiency figure was determined by the National Renewable Energy Laboratory (NREL). According to conventional speculation, the mass production efficiency of the record-breaking component should exceed 24%, which is still the highest level in the world! According to Zhang Zhenren's judgment, this should be Maxeon Solar's latest generation of IBC components-Maxeon 7.

As early as 2016, TCL Zhonghuan and SunPower jointly established Huansheng Photovoltaic (Jiangsu) Co., Ltd. with a three-year

investment of nearly $400 million. Huansheng Photovoltaic subsequently introduced SunPower's global patented technology for high-efficiency shingled modules, which are mainly engaged in the manufacture and sale of shingled modules.

In 2020, Total split its SunPower global photovoltaic cell and module business outside the United States and Canada into Maxeon Solar, registered in Singapore. TCL Central holds a 28.848% stake in Maxeon Solar for $298 million, making it the second largest shareholder. Later, it supported its development many times and subscribed for its additional shares and convertible bonds.

Dual-engine drive: leading in the whole industry chain + global layout

The core business of TCL Zhonghuan is the silicon wafer sector, which accounts for about 75.96% of the company's turnover, of which G12 silicon wafers account for 90% of its overall silicon wafer production capacity. The company's global export market share of N-type silicon wafers has remained the first for many years, and the export market share of silicon wafers has remained the first in the world. It is expected that the company's crystal production capacity will reach 180GW by the end of 2023, and continue to maintain the market position of global single crystal scale TOP1. According to CPIA's previous forecast, the market share of 210 large-size silicon wafers will reach 50% in 2025 and exceed 75% in 2030. With the support of industry 4.0, TCL Zhonghuan has formed industry-leading advantages in large-size, thin and N-type silicon wafers, and its leading advantages in silicon wafer business will be further strengthened in the future. With the acceleration of competition in the

photovoltaic industry chain, TCL Central has accelerated the layout of batteries and components in recent years, but has been taking a differentiated route to avoid direct competition with silicon wafer customers. Maxeon Solar's high efficiency advantage in the field of IBC batteries and shingled components, mainly aimed at high-end customers and the ground power plant market, is forming a perfect match with TCL Zhonghuan's silicon wafer advantage, which is also one of the underlying logics of TCL Zhonghuan's many holdings of Maxeon Solar.

On the other hand, Maxeon Solar's sales network covers more than 100 countries around the world, has more than 1700 distributors and installer partners, and has signed an exclusive supply agreement with SunPower, which is also needed for TCL Central to expand its global market. On the evening

of May 24, TCL Zhonghuan announced that the company and Vision Industries intend to establish a joint venture to build a photovoltaic crystal wafer factory project in Saudi Arabia. Maxeon Solar itself has photovoltaic cell and module manufacturing bases in Malaysia, Mexico and the Philippines, and since then, the grand layout of global manufacturing + global sales in Central has taken shape.

Conclusion

After joining hands with Maxeon Solar, TCL Zhonghuan will form the super competitiveness of the vertical industrial chain of 210 silicon wafers + IBC/shingles. However, the advanced manufacturing capability of industry 4.0 intellectualization and fewer people is the base of its global manufacturing layout.