SolarEdge Technologies, Inc. (NASDAQ: SEDG), a leader in smart energy technology, has praised the U.S. Department of the Treasury for releasing final rules regarding the Advanced Manufacturing Production Tax Credit. This initiative under Section 45X supports SolarEdge’s rapid expansion of manufacturing capabilities in the U.S., where two facilities are now operational, producing inverters and power optimizers.
The new rules significantly enhance SolarEdge’s U.S. operations. The Austin, Texas facility achieved a quarterly production run rate of 50,000 residential Home Hub Inverters in Q2 2024 and continues to increase output. Meanwhile, the Tampa, Florida facility started shipping Domestic Content Power Optimizers in Q2 2024 and aims to reach a production capacity of approximately 2 million units per quarter by Q1 2025, with plans to add commercial inverter and Power Optimizer production at that time.
Ronen Faier, Interim CEO of SolarEdge, stated, “We commend the U.S. Department of the Treasury for these important production credits. They are vital in driving the clean energy transformation across the country and fostering domestic clean energy technology manufacturing. This initiative not only creates thousands of jobs but also strengthens American energy independence and security. Our mission is to deliver best-in-class technology that enhances solar energy production while ensuring safety and reliability for our installers, developers, and their customers.”
Bertrand Vandewiele, General Manager of SolarEdge in North America, added, “Our commitment to domestic manufacturing is strategically aligned with the needs of our installers, commercial developers, and customers. As a leading supplier of residential and commercial smart energy technology, providing our installer network with reliable, quickly accessible domestically produced technology is crucial. This final rule is essential to fulfilling that commitment.”
