U.S. commits $56M in new funding for domestic solar manufacturing
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First Solar (NASDAQ:FSLR) led solar stocks (NYSEARCA:TAN) higher Thursday after the Biden administration said it would contribute $56M to programs aimed at boosting U.S. manufacturing of solar energy products, Reuters reports.
While most solar names finished slightly lower, (FSLR) finished +2.7%; also (ENPH) +2.2%, (MAXN) +1.6%, (SPWR) +1.3%.
The new funding from the Department of Energy will support technologies that are alternatives to the silicon-based products that dominate the market and are primarily made in Asia.
DoE funding will include $27M toward boosting production of solar panels made from cadmium telluride, a technology that does not rely on solar-grade polysilicon, which is made primarily in China; First Solar (FSLR) already produces cadmium telluride panels at its Ohio factory.
The administration also approved construction of the 125-mile Ten West Link transmission line between Tonopah, Arizona and Blythe, California, which is intended to support future development of solar energy projects in the southwest U.S.
The International Energy Agency warned in a recent report that China will soon produce 95% of the world's solar supply chain.