Latest news with #MissionSolarEnergy
Korea Herald
20-03-2025
- Business
- Korea Herald
OCI Holdings to invest $265m in new Texas production plant
OCI Holdings, a South Korean chemical and renewable energy company, announced Thursday that it will build an independent solar cell production plant at its US subsidiary, Mission Solar Energy, in Texas. The $265 million facility is set to begin commercial production of 1 gigawatt cells in early 2026, with plans to expand to 2GW by the end of the year. The initiative aims to strengthen the company's competitiveness in the US market, as US tariff policies against China have raised market uncertainties. The project will establish a fully independent supply chain using OCI TerraSus polysilicon, which is produced in Malaysia with eco-friendly hydropower and complies with RE100 standards and the Uyghur Forced Labor Prevention Act. With the US facing a 90 percent solar cell supply shortage, OCI's production is expected to meet strong market demand. The facility will also benefit from Inflation Reduction Act incentives, including a $0.04 per watt Advanced Manufacturing Production Credit and a 10 percent Investment Tax Credit for projects using US-made components. 'This marks the beginning of US-produced solar cells made with OCI TerraSus polysilicon,' said Lee Woo-hyun, chairman of OCI Holdings. 'This project will further strengthen our US solar value chain.'
Bloomberg
20-03-2025
- Business
- Bloomberg
South Korea's OCI Plans $265 Million Solar Cell Plant in Texas
OCI Holdings Co. plans to spend $265 million building a solar-cell production facility in Texas, despite shifting priorities around clean energy in the US following the election of Donald Trump as president. The plant is expected to have production capacity of around 2 gigawatts of solar cells, with commercial operations slated to start by 2026, according to a statement from the South Korean company on Thursday. The project will be developed by OCI's US subsidiary, Mission Solar Energy.
