SolarEdge said is actively planning to expand its inverter and battery manufacturing footprint in the U.S. in response to the Inflation Reduction Act, the company’s CEO told investors on Nov. 7.
SolarEdge recently concluded a record quarter for revenue driven by the company’s solar segment and growth in the European market, where revenues grew 90% compared to the same quarter a year prior.
During an earnings call with investors, SolarEdge CEO Zvi Lando said demand for the company’s inverter and battery products continues to exceed supply, due in part to persistent supply chain challenges.
Lando said part of SolarEdge’s expansion plan includes establishing manufacturing capacity in the U.S. in 2023 to take advantage of incentives for domestic manufacturing included in the Inflation Reduction Act. He added that SolarEdge is in the “active planning and site selection” stage.
The Factor This! podcast, recorded live from RE+ in Anaheim, analyzed the impact of the Inflation Reduction Act on domestic solar manufacturing. “The race is on to meet demand with made-in-America solar modules” featured Lightsourcebp Americas CEO Kevin Smith, Cypress Creek Renewables VP of Engineering Luke O’Dea, and Qcells North America Head of Market Strategy and Public Affairs Scott Moskowitz. Subscribe wherever you get your podcasts!
Globally, SolarEdge shipped 7 MWh of batteries, 7 GW (AC) of inverters, and 2.7 GW of DC-optimized inverters in Q3 2022.
Revenues in the U.S. were lower in Q3 2022 as SolarEdge prioritized the European market due to “challenging winds expected there,” according to Lando. He did not specifically attribute that focus to the Russian invasion of Ukraine or Europe’s intention to lessen its dependance on natural gas from Russia.
SolarEdge saw revenue grow by 125% quarter-over-quarter in Germany, where the government has implemented a multi-year plan to cut off Russian gas and incentivize renewables.
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Author: John Engel