SolarEdge announces U.S. manufacturing milestones

SolarEdge announced that it has reached significant milestones in the company’s U.S. manufacturing strategy, driven by the incentives offered by the Inflation Reduction Act, or IRA, of 2022. SolarEdge is now manufacturing in the U.S. through global electronics contract manufacturers. The first facility in Austin, Texas, opened in late 2023 and reached a quarterly manufacturing run rate of 50,000 residential Home Hub Inverters in Q2. Following the opening of a second facility in Seminole, Florida, the company has most recently shipped the first 20,000 “domestic content” Power Optimizers in Q2. When fully ramped, the Florida facility is expected to produce approximately 2M domestic content Power Optimizer units per quarter, and has plans to begin commercial inverter and Power Optimizer production, in early 2025. The Company is also announcing its intention to produce DC optimized inverter systems for residential applications that meet the requirements of the domestic content definition currently set forth as guidelines by Treasury in Q4 and for commercial applications in early 2025. This will enable such SolarEdge systems to qualify for the full 35.6% of domestic content provided by a module-level power electronic system and support its customers’ ability to reach the required 40% domestic content threshold, in order to access additional tax credits in residential and commercial solar installations.