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Expansion of US Manufacturing: First Solar to Build Fourth US Manufacturing Facility in Alabama

Montgomery, Tempe / USA - First Solar will build its fourth American PV production facility for solar modules in Lawrence County, North Alabama. This has now been announced by the US solar company, which specialises in thin-film solar technology.

The new factory is part of a previously announced investment in expanding US manufacturing, with which First Solar aims to increase its production capacity in the US to over 10 gigawatts (GW) by 2025. More than 700 new direct jobs are expected to be created in the state.

The planned factory in Lawrence County's Mallard Fox Industrial Park represents an investment of approximately $1.1 billion (USD billion) and is expected to be operational by 2025 with a projected annual capacity of 3.5 GW. The new facility will be part of First Solar's expanded domestic manufacturing presence, along with three factories in Ohio, one of which is scheduled to come online in the first half of 2023.

First Solar says it is the only US-based company among the world's top ten solar manufacturers that does not produce in China. The latest investment is expected to bring the company's total investment in American manufacturing to more than $4 billion.

In addition to the new Alabama facility, First Solar has already announced plans to invest $185 million in upgrading and expanding its Northwest Ohio manufacturing facility. In October this year, First Solar also announced plans to invest approximately $270 million in a dedicated research and development centre in Perrysburg, Ohio. The new facility is expected to be the first of its kind in the United States and will further strengthen the US leadership position in the development and production of advanced thin-film photovoltaics.

The RENIXX Group's share price is up 4.7 percent to €152.64 in the first three days of trading this week (closing price, 16.11.2022, Stuttgart Stock Exchange). Since the turn of the year, the share price has risen by 99.2 percent and First Solar currently holds pole position in the RENIXX ranking as the best stock.

Source: IWR Online, 17 Nov 2022