Biden to unveil $60M manufacturing investment from Enphase Energy
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President Biden will announce a $60M investment from Enphase Energy (NASDAQ:ENPH) when he visits South Carolina on Thursday, the White House said, marking the company's first U.S.-based contract manufacturing facility.
The investment reportedly will create 1,800 new jobs across the U.S., including 600 jobs in South Carolina between Enphase and partner Flex (NASDAQ:FLEX).
Biden will make the announcement at a Flex (FLEX) manufacturing plant in Columbia, South Carolina, where products will be made for Enphase (ENPH).
Enphase (ENPH) said late Wednesday it made initial shipments of its Enphase IQ microinverters produced in South Carolina.
The company said the Inflation Reduction Act has enabled it to begin manufacturing in the U.S., creating new jobs and advancing the country's clean energy economy.
According to Bloomberg, Enphase (ENPH) intends to open up six new manufacturing lines, bolstering clean energy supply chains and helping power as many as 1M homes annually with solar energy.
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