SINGAPORE - Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), known for its solar technology innovations, has launched a patent infringement lawsuit against Hanwha Q CELLS in the Eastern District of Texas. The case concerns Hanwha Q CELLS's alleged encroachment on Maxeon's patents related to TOPCon (Tunnel Oxide Passivated Contact) solar cell technology.
The lawsuit is a continuation of Maxeon's efforts to protect its intellectual property, following a TOPCon patent infringement investigation that began in the United States in November 2023. This legal action is part of a series, with similar claims previously made against Canadian Solar (NASDAQ:CSIQ), Inc. and REC Solar Holdings AS.
Maxeon, with a history stretching nearly four decades and an investment of over $500 million since 2007, boasts a significant patent portfolio. The company holds over 1,650 granted patents and has more than 330 pending patent applications. These patents cover its IBC (Interdigitated Back Contact), Shingled Hypercell, and TOPCon technologies, which have been instrumental in advancing solar cell and panel efficiency, performance, and cost.
Marc Robinson, Maxeon's Associate General Counsel, stated that the company's substantial R&D investments have established its leadership position in the solar industry. He emphasized Maxeon's commitment to enforcing its patent rights against those selling infringing products in the U.S. and other markets.
Maxeon Solar Technologies operates globally, with a network of over 1,700 partners and distributors, and serves more than one million customers. The company is recognized for its Maxeon® and SunPower (NASDAQ:SPWR)® branded solar panels and offers a suite of energy solutions for residential, commercial, and power plant customers.
This legal development is based on a press release statement from Maxeon Solar Technologies.
InvestingPro Insights
In the midst of Maxeon Solar Technologies' legal battles to safeguard its intellectual property, investors may be watching the company's financial health and market performance closely. According to InvestingPro data, Maxeon's market capitalization stands at a modest $96.06 million, reflecting the challenges the company faces in a competitive industry. Despite a notable 27.11% revenue growth over the last twelve months as of Q3 2023, Maxeon's stock has experienced a significant decline, trading near its 52-week low with a price of $1.91 at the previous close.
One of the InvestingPro Tips suggests that Maxeon is trading at a low Price/Book multiple of 0.57 as of Q3 2023, which could indicate that the stock is undervalued relative to its book value. Additionally, the Relative Strength Index (RSI) points to the stock being in oversold territory, which might interest contrarian investors looking for a potential rebound. However, it's worth noting that the company is not expected to be profitable this year, and it has been quickly burning through cash, which are concerning signs for long-term sustainability.
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