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Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) entered into an agreement with Samsung Electronics Co Ltd (OTC:SSNLF) to integrate its SunPower One residential energy solution within SmartThings' connected home platform.
SmartThings is Samsung's application that automates users to stay connected with their homes. The companies have already inked a memorandum of understanding to execute the deal.
The pact will boost smart home management solutions and enable homeowners to have energy independence, save money, and contribute to a cleaner environment.
"It has never been more important for our end-customers to take a more active role in their domestic energy consumption, understand how much money they can save by switching to clean energy sources and how much carbon they can keep from entering the atmosphere," said Bill Mulligan, Maxeon's CEO. "The collaboration with Samsung is intended to do just that."
As of date, Samsung shares a sizable base of common customers with Maxeon across Europe and Asia.
"We believe through partnerships like this, Maxeon's customers will be able to make more informed choices about their energy consumption to save money and lead a more eco-conscious lifestyle," said Ralf Elias, Chief Product Officer at Maxeon.
Analyst Upgrade: Roth MKM analyst Philip Shen upgraded Maxeon Solar from Neutral to Buy, raising the price target from $21 to $40.
Price Action: MAXN shares are trading higher by 8.39% to $31.00 in the premarket session on the last check Wednesday.
