(Yicai) Dec. 13 -- TCL Zhonghuan Renewable Energy Technology will jointly research and develop new-generation interdigitated back contact solar cell technologies with Singapore’s Maxeon Solar Technologies, according to the deputy director of the Chinese monocrystalline silicon wafer supplier’s research institute.

IBC solar cells have many advantages, including high efficiency in converting optical energy into electricity and full recognition in the overseas household distributed solar power generation market, and they are the industry’s future development direction, Zhang Xuenan told Yicai on Dec. 11.

At the end of May, TCL Zhonghuan announced that it would spend USD197.5 million to hike its stake in Nasdaq-listed Maxeon Solar to at least 50.1 percent by taking part in its debt restructuring. Earlier this month, it said Maxeon Solar’s restructuring scheme was approved by the Committee on Foreign Investment in the United States.

As part of the partnership, TCL Zhonghuan and Maxeon Solar will share their intellectual property rights, leverage their strengths in key regional markets, and carry out strategic restructuring, Zhang added. Moreover, the Tianjin-based firm will promote Maxeon Solar’s overseas market expansion.

Maxeon Solar designs, produces, and sells solar modules under the Maxeon and SunPower brands. It has strong IPs, brands, and sales channels in the global market and boasts several international photovoltaic power station developers among its customers.

Shares of Maxeon Solar [NASDAQ: MAXN] closed 9.4 percent down at USD5.74 in New York yesterday.

TCL Zhonghuan [SHE: 002129] was trading down 3.1 percent at CNY9.73 (USD1.34) as of lunch break in Shenzhen today.

Editors: Tang Shihua, Futura Costaglione