US Manufacturing Ramp-Up on Track: Solaredge Achieves Milestones in US Manufacturing Strategy

Milpitas, USA - Israeli solar company Solaredge Technologies, supported by incentives from the US Inflation Reduction Act (IRA) investment program, has reached important milestones in the implementation of its US manufacturing strategy.

The first facility in Austin, Texas, opened in late 2023 and reached a quarterly production rate of 50,000 residential home hub inverters in the second quarter of 2024. Following the opening of a second facility in Seminole, Florida, Solardedge most recently shipped its first 20,000 "domestic content" Power Optimizers in the second quarter of 2024. When fully ramped up, the Florida facility is expected to produce approximately 2 million Power Optimizer units per quarter, according to Solaredge, with plans to begin commercial production of inverters and Power Optimizers in early 2025.

"Through our U.S. manufacturing strategy, we are playing a vital role in enhancing American energy independence and security by ensuring that the domestic solar industry has access to the essential and best-in-class technologies that increase power output, efficiency, and safety", commented Solaredge CEO Zvi Lando on the ramp-up of U.S. manufacturing.

Solaredge has also announced its intention to produce residential DC-optimized inverter systems that meet the requirements of the domestic content definition currently established as guidance by the Department of Treasury (under Notice 2024-41) in the fourth quarter of 2024, with systems for commercial applications to be added in early 2025.

This could allow Solaredge systems to reach a U.S. manufacturing content of 35.6 percent and contribute to the overall domestic component content of customer installations reaching 40 percent, allowing for additional tax credits for residential and commercial solar installations.

With an increase of 17.1% to EUR 27.48 after four trading days, the Solaredge share has been one of the best performing RENIXX stocks so far this week (closing price, July 11, 2024, Stuttgart Stock Exchange).

Source: IWR Online, 12 Jul 2024