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Enovix (ENVX) Jumps 20.76% as Lawmakers Rethink Clean Energy Credit Cuts
Enovix Corporation (NASDAQ:ENVX) is one of the .
Enovix Corporation (NASDAQ:ENVX) extended its winning streak to a third consecutive day on Thursday, surging 20.76 percent to close at $10.53 apiece following news that Senate lawmakers are planning to implement gentler cuts to clean energy tax credits.
While the Senate would still seek to lower credits for clean energy, Senator Kevin Cramer said that the upper chamber's version may ultimately 'be a little more generous' than the House's.
The proposed cuts, which form part of the One Big Beautiful Bill Act, sought to claw back funding currently enjoyed under the Inflation Reduction Act (IRA), by ending most credits earlier than originally laid out.
Battery manufacturers, such as Enovix Corporation (NASDAQ:ENVX), are benefiting from Section 45x of the IRA, which incentivizes eligible companies in a bid to ramp up domestic production.
A close-up of a battery cell being assembled with intricate precision.
Enovix Corporation (NASDAQ:ENVX) is engaged in providing electronic components, including advanced silicon-anode lithium-ion battery development and production.
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Disclosure: None. This article is originally published at Insider Monkey.
