SolarEdge Technologies, Inc. (Nasdaq: SEDG) has announced the completion of its first sale of Section 45X Advanced Manufacturing Production Tax Credits, generating approximately $40 million, after fees and discounts. These credits were earned from the sale of U.S.-made inverters in the first half of 2024.
Ronen Faier, Interim CEO of SolarEdge, commented, “The Inflation Reduction Act and the new §45X tax credits have played a crucial role in bringing high-value energy technology manufacturing back to the U.S. We are proud to announce our first sale of §45X tax credits tied to ‘Made in the U.S.A.’ solar inverters. This milestone highlights the growing market for credits linked to U.S.-produced inverter technology.”
Ariel Porat, CFO of SolarEdge, added, “This sale provides significant liquidity to strengthen our balance sheet and will accelerate investments in our U.S. manufacturing facilities. This will help us meet our goal of supplying reliable, domestically produced technology to our customers.”
The credits stem from inverters manufactured at SolarEdge’s Austin, Texas facility, which achieved a production run rate of 500 MW in Q2 2024 and exceeded 500 MW in Q3 2024. The facility is expected to increase its production output further in Q4 2024.
SolarEdge’s second U.S. facility, located near Tampa, Florida, began shipping Power Optimizers in Q2 2024 and is projected to reach a quarterly production capacity of around two million units. Production of commercial inverters and Power Optimizers is set to begin in Q1 2025.
SolarEdge is a global leader in smart energy technology, offering innovative solutions in photovoltaic systems, energy storage, EV charging, and grid services. The company has redefined energy management with its DC optimized inverters, maximizing power generation while reducing the overall cost of energy.
