Current:Home > StocksSuniva says it will restart production of a key solar component at its Georgia factory-Angel Dreamer Wealth Society D1 Reviews & Insights
Suniva says it will restart production of a key solar component at its Georgia factory
View Date:2024-12-23 23:27:17
NORCROSS, Ga. (AP) — A U.S. solar manufacturer that went bankrupt in 2017 said it will restart its Georgia factory thanks to new federal incentives.
Suniva said Wednesday that it plans to hire 240 people and will resume making solar cells at its factory in the Atlanta suburb of Norcross. The company expects production to resume by spring of 2024.
The company said it’s using a $110 million investment it received from Orion Infrastructure Capital earlier this year to buy new equipment and expand its production capacity.
Solar cells that Suniva and others make are the key ingredient in solar panels, converting sunlight into electricity. There’s no American-made source of solar cells currently, although others besides Suniva have said they will start producing them in the United States.
The company says the factory will be able to make enough solar cells to generate 1 gigawatt of electricity, with hopes of raising output to 2.5 gigawatts in a planned expansion.
As its financial distress was deepening, Suniva successfully filed a proceeding that led the U.S. government to impose tariffs on cheap imported panels. Suniva continued to support the tariffs after it exited bankruptcy and was bought by Lion Point Capital, a New York hedge fund.
Now, the company says President Joe Biden’s landmark climate and health care law put a firmer floor under the industry by providing additional tax breaks for U.S.-produced solar panels. Buyers of American-made solar cells will get an extra 10% tax credit on top of the regular 30% tax credit for renewable energy investments.
“The Inflation Reduction Act and its domestic content provisions, as issued, provide a strong foundation for continued solar cell technology development and manufacturing in the United States,” Suniva CEO Cristiano Amoruso said in a statement.
Democrats were eager to take credit for the announcement.
“This announcement shows the Inflation Reduction Act’s power in writing a new chapter for the American solar industry,” said John Podesta, Biden’s senior advisor for clean energy innovation and implementation.
veryGood! (9)
Related
- What does the top five look like and other questions facing the College Football Playoff committee
- Gen Z workers are exhausted — and seeking solutions
- Racing Driver Dilano van ’T Hoff’s Girlfriend Mourns His Death at Age 18
- Vice Media, once worth $5.7 billion, files for bankruptcy
- Fire crews gain greater control over destructive Southern California wildfire
- Today’s Al Roker Is a Grandpa, Daughter Courtney Welcomes First Baby With Wesley Laga
- MTV News shut down as Paramount Global cuts 25% of its staff
- Khloe Kardashian Shares Rare Photo of Baby Boy Tatum in Full Summer Mode
- Birth control and abortion pill requests have surged since Trump won the election
- Kathy Hilton Shares Cryptic Message Amid Sister Kyle Richards and Mauricio Umansky Divorce Rumors
Ranking
- Study finds Wisconsin voters approved a record number of school referenda
- A Tennessee company is refusing a U.S. request to recall 67 million air bag inflators
- As some families learn the hard way, dementia can take a toll on financial health
- Keke Palmer's Boyfriend Darius Jackson Defends Himself for Calling Out Her Booty Cheeks Outfit
- Judge hears case over Montana rule blocking trans residents from changing sex on birth certificate
- Can ChatGPT write a podcast episode? Can AI take our jobs?
- Housing dilemma in resort towns
- How Mila Kunis and Ashton Kutcher Keep Pulling Off the Impossible for a Celebrity Couple
Recommendation
-
Jake Paul's only loss led him to retool the team preparing him to face Mike Tyson
-
Inside Clean Energy: In the New World of Long-Duration Battery Storage, an Old Technology Holds Its Own
-
Montana banned TikTok. Whatever comes next could affect the app's fate in the U.S.
-
What has been driving inflation? Economists' thinking may have changed
-
The Masked Singer's Ice King Might Be a Jonas Brother
-
The debt ceiling deadline, German economy, and happy workers
-
You’ll Roar Over Katy Perry and Orlando Bloom’s PDA Moments at Wimbledon Match
-
A brief biography of 'X,' the letter that Elon Musk has plastered everywhere