First Solar, Inc. (Nasdaq: FSLR) today announced that it has
selected Lawrence County, North Alabama, as the location for its
fourth American photovoltaic (PV) solar module manufacturing
facility. The new factory is part of a previously announced
investment in scaling First Solar’s American manufacturing
footprint to over 10 gigawatts (GW)DC by 2025, and is expected to
create over 700 new direct jobs in the state.
The planned factory in Lawrence County’s Mallard
Fox Industrial Park represents an investment of approximately $1.1
billion and is expected to be commissioned by 2025, with a planned
annual capacity of 3.5 GWDC. The new fully vertically integrated
facility will join three factories in Ohio, including one that is
scheduled to come online in the first half of 2023, to form part of
First Solar’s expanded domestic manufacturing footprint.
“First Solar is a world-class manufacturer, and
its solar modules are poised to play an increasingly important role
in US energy self-sufficiency,” said Governor of Alabama, Kay Ivey.
“I’m thrilled to see the company’s growth project headed to
Lawrence County because I know it will create good jobs and have a
major economic impact on this rural region.”
The new facility is expected to advance a
strategic push by the company to scale its US manufacturing base in
support of the effort to decarbonize the American economy and
achieve self-sufficiency in reliable and competitive renewable
energy technologies.
“The passage of the Inflation Reduction Act of
2022 has firmly placed America on the path to a sustainable energy
future,” said Mark Widmar, chief executive officer, First Solar.
“This facility, along with its sister factories in Ohio, will form
part of the industrial foundation that helps ensure this transition
is powered by American innovation and ingenuity.”
Designed and developed at its research and
development (R&D) centers in California and Ohio, First Solar’s
advanced thin film PV modules set industry benchmarks for quality,
durability, reliability, design, and environmental performance.
Widmar added, “Our commitment to Responsible
Solar includes operating facilities that are among the cleanest,
safest, and most diverse in the country, and we’re pleased to bring
our model of responsible solar manufacturing to Alabama. We are
proud of the role that this facility will play in creating stable,
good-paying manufacturing jobs in the state, demonstrating the
economic and social value that clean energy can deliver.”
First Solar is unique among the world’s ten
largest solar manufacturers for being the only US-headquartered
company and for not manufacturing in China, and its latest
investment is expected to bring the company’s total investment in
American manufacturing to over $4 billion.
“As it works to develop the next generation of
solar technologies, First Solar represents the kind of innovative,
technology-forward company that can help power Alabama’s economy
into the future,” said Greg Canfield, Secretary of the Alabama
Department of Commerce. “This investment supports sustainability
and advances America’s energy security — and it’s great news for
Alabama.”
In addition to the new Alabama facility, the
company previously announced that it is investing $185 million in
upgrading and expanding its Northwest Ohio manufacturing footprint,
currently the largest vertically-integrated complex of its kind in
the Western Hemisphere, by 0.9 GWDC. In October this year, First
Solar also announced that it plans to invest approximately $270
million in a dedicated R&D innovation center in Perrysburg,
Ohio. The new facility is believed to be the first of its scale in
the United States and is expected to accelerate American leadership
in the development and production of advanced thin film
photovoltaics.
First Solar estimates that its new investments
in Alabama and Ohio, now estimated at $1.3 billion, will add at
least 850 new manufacturing and over 100 new R&D jobs, taking
its total number of direct jobs in the US to over 3,000 people in
four states by 2025, which is believed to make it the largest
employer in the American solar manufacturing sector. By 2025, First
Solar is also expected to support an estimated 15,000 indirect and
induced jobs1 as a result of its ongoing and future manufacturing
operations.
Tabitha Pace, president and chief executive
officer of the Lawrence County Industrial Development Board, said,
“Our team, from the State down to the local level, has worked
extremely hard to make this project a reality. First Solar will
have a tremendous impact on our economy and region. We look forward
to building those relationships for a successful future.”
Tennessee Valley Authority (TVA) president and
chief executive officer, Jeff Lyash, said, “First Solar and TVA
share a commitment to sustainability and innovation, as well as
supporting our local communities. As the nation’s largest solar
panel manufacturer, First Solar is bringing hundreds of quality
jobs to the region. We are proud of our partnership with Joe
Wheeler Electric Membership Corp., the State of Alabama and other
economic development agencies to help make North Alabama the region
of choice for First Solar’s newest location.”
About First Solar, Inc.First
Solar is a leading American solar technology company and global
provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film PV
modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV modules. From raw material
sourcing and manufacturing through end-of-life module recycling,
First Solar’s approach to technology embodies sustainability and a
responsibility towards people and the planet. For more information,
please visit www.firstsolar.com.
For First Solar InvestorsThis
press release contains various “forward-looking statements” which
are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements concerning
our plans to invest approximately $1.1 billion in a 3.5 GWDC
manufacturing facility in Lawrence County, North Alabama; our
expectation that this facility will be commissioned by 2025; our
forecast that this facility is part of an investment that will
scale our American manufacturing footprint to over 10 GWDC by 2025
and create over 700 new direct jobs in Alabama; our expectation
that our third factory under construction in Ohio will come online
in the first half of 2023; our expectation that this investment
will bring the Company’s total investment in America to $4 billion;
our plan to invest $185 million in upgrading and expanding our
Northwest Ohio manufacturing footprint by 0.9 GWDC; our intention
to invest approximately $270 million in a dedicated R&D
innovation center in Perrysburg, Ohio; our estimation that the new
investments will add at least 850 new manufacturing jobs and over
100 new R&D jobs, taking our total number of direct jobs in the
US to over 3,000 people in four states by 2025; our belief that
this will make us the largest employer in the American solar
manufacturing sector; and our expectation to support an estimated
15,000 indirect and induced jobs in the US by 2025. These
forward-looking statements are often characterized by the use of
words such as “estimate,” “expect,” “anticipate,” “project,”
“plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,”
“likely,” “may,” “should,” “goal,” “target,” “might,” “will,”
“could,” “predict,” “continue” and the negative or plural of these
words and other comparable terminology. Forward-looking statements
are only predictions based on First Solar’s current expectations
and First Solar’s projections about future events and therefore
speak only as of the date of this release. You should not place
undue reliance on these forward-looking statements. First Solar
undertakes no obligation to update any of these forward-looking
statements for any reason, whether as a result of new information,
future developments or otherwise. These forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause First Solar’s actual results, levels of activity,
performance, or achievements to differ materially from those
expressed or implied by these statements. These factors include,
but are not limited to, the matters discussed under the captions
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” of our most recent
Annual Report on Form 10-K and our subsequently filed Quarterly
Reports on Form 10-Q, as supplemented by our other filings with the
Securities and Exchange Commission.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsRichard RomeroFirst
Solar Investor Relationsinvestor@firstsolar.com |
______________1 Assuming five workers added in the overall US
economy for every one manufacturing job (Source: National
Association of Manufacturers (NAM), using 2020 IMPLAN data)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/304f37ed-7859-4c14-8597-69b88badb291
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