Tech company Corning, US solar manufacturers partner on American-made panel
March 6 (Reuters) - Technology company Corning (GLW.N), opens new tab has struck a deal with U.S. solar manufacturers Suniva and Heliene to produce what will be the only solar panel composed of all American-made components, the companies said on Thursday.
WHY IT'S IMPORTANT
The alliance between Georgia-based cell maker Suniva, panel maker Heliene, and Corning is a meaningful milestone in the effort to establish a U.S. solar manufacturing sector that can compete with China. Heliene is based in Canada but produces panels in Minnesota. Corning and its subsidiary Hemlock Semiconductor produce silicon wafers and polysilicon, the solar industry's raw material, in Michigan.
KEY QUOTE
"Corning is excited to leverage our advanced manufacturing expertise to deliver top-quality solar components and secure the U.S. energy supply chain," said AB Ghosh, Corning vice president and general manager of solar technologies and CEO of Hemlock Semiconductor.
CONTEXT
U.S. solar manufacturing capacity has grown steadily in recent years thanks to generous tax credits for clean energy factories included in former President Joe Biden's 2022 Inflation Reduction Act.
President Donald Trump has refocused the nation's energy policy onto maximizing oil and gas production and away from fighting climate change, but clean energy companies argue their businesses are aligned with Trump's agenda to boost domestic energy resources and American jobs.
BY THE NUMBERS
The new module contains a solar cell with up to 66 percent domestic content — the highest percentage on the market, according to the companies.
The product would allow solar project developers to qualify for a bonus domestic content tax credit of 10% on top of the base Inflation Reduction Act tax credit for clean energy projects of 30%.
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