Maxeon Solar Technologies and Reclaim PV Recycling Announce Partnership to Recover and Recycle SunPower Branded Solar Panels in Australia

SINGAPORE,July 27,2022 -- Maxeon Solar Technologies,Ltd. (NASDAQ: MAXN),a global leader in solar innovation and channels,and Reclaim PV Recycling,Australia's leading end to end solar panel recovery and recycling business,today announced they have entered into a partnership to support the recycling of SunPower brandedsolar panels from Maxeon in Australia.

The partnership with Reclaim PV will ensure SunPower panels that have come to the end of their useful lives will be recycled and not discarded into landfill.

"At Maxeon,we take sustainability very seriously and continue to innovate by developing more efficient,more sustainable and longer-lasting panels that ease the burden of the recycling process and ensure a positive impact on people and the planet," said Chris O'Brien,Vice President APAC at Maxeon Solar Technologies. "Our partnership with Reclaim PV in Australia is a tangible demonstration of our commitment to ESG principles and goals,similar to our Cradle-to-Cradle certification which is the global standard for products that are safe,circular and responsibly made."

Commenting on the partnership,Clive Fleming,Director of Reclaim PV Recycling said "Maxeonis one of the first manufacturers to adopt responsible recycling in their supply chain and to partner with Reclaim PV to help solve the PV recycling challenge that Australia is facing. We look forward to continuing to work with them to keep solar panels out of landfill."

Reclaim PV provides services beyond collection and recycling. The company will collectand store important information on the materials in the panels it recycles. This additional data collection service will help to build a complete and transparent picture of the materials being extracted from the solar panels and where they are supplied back into Australian supply chains,with a CO2 offset value calculated to show the positive effects of recycling.

"The importance of the data recording and supply mapping process is that we are able to bring transparency to the material recovery and supply process and can now make informed decisions on how we can in part replace the use of virgin mined materials within other industries with recycled materials from solar panels. This is something that both Reclaim PV and Maxeon see as having huge potential for both the solar panel supply chain and the entire circular economy," concluded Mr. Fleming.

Maxeon continues to support ESG both globally and locally in Australia. The company is a signatory to the Australian Packaging Covenant which reflects its commitment to the collective national effort in Australia to manage packaging waste.

For more information on how Maxeon's highly advanced solar products are powering the fight against climate change click here.

About Reclaim PV

Reclaim PV Recycling is Australia's first and leading solar panel collection and recycling company that uses innovative solutions to re-use or recycle solar panel materials so that no material is dumped in landfill. Reclaim PV has facilities in both South Australia and Queensland and continues to drive innovation in solar panel recycling through its in-house research programs.

Reclaim's robust recycling process utilises Pyrolysis - a well-known thermal deconstruction technique - to break down and pull apart PV panels into their component parts by passing them through a high-temperature furnace. The recovered components are then sorted and available for re-use.More information at www.reclaimpv.com or by following Reclaim PV on LinkedIn

About Maxeon Solar Technologies

Maxeon Solar Technologies (NASDAQ:MAXN) is Powering Positive Change™. Headquartered inSingapore,Maxeon designs and manufactures Maxeon® and SunPower® brand solar panels,and has sales operations in more than 100 countries,operating under the SunPower brand in certain countries outsidethe United States. The company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and distributors. A pioneer in sustainable solar manufacturing,Maxeon leverages a +35-year history in the solar industry and numerous awards for its technology. For more information about how Maxeon is Powering Positive Change™ visit us atwww.maxeon.com,on LinkedIn and on Twitter @maxeonsolar.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,including,but not limited to,statements regarding anticipated partnership,our expectations regarding customer acceptance and demand,market traction in existing and new markets,the company's expectations for short- and long-term strategy,our technology outlook and future performance,our relationships with existing customers and regulators,and our ability to achieve and maintain them and our goals,commitments,expectations,including of future regulation,emissions,and other environmental targets as well as external ESG commitments and challenges. These forward-looking statements are based on our current assumptions,expectations and beliefs and involve substantial risks and uncertainties that may cause results,performance or achievement to materially differ from those expressed or implied by these forward-looking statements. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time,including our most recent report on Form 20-F,particularly under the heading "Item 3.D. Risk Factors." Copies of these filings are available online from the SEC or on the Financials & Filings section of our Investor Relations website at https://corp.maxeon.com/financials-filings/sec-filings. All forward-looking statements in this press release are based on information currently available to us,and we assume no obligation to update these forward-looking statements in light of new information or future events.

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