SolarEdge Technologies, Inc. Secures $40 Million from Tax Credits Sale
- SolarEdge Technologies, Inc. completed its first sale of $45X Advanced Manufacturing Production Tax Credits.
- The credits were generated from the sales of U.S.-made inverters at the Austin, Texas facility.
- This sale strengthens SolarEdge's cash position and supports its U.S. manufacturing expansion.
On November 5, 2024, SolarEdge Technologies, Inc. announced its first transaction involving the sale of $45X Advanced Manufacturing Production Tax Credits for approximately $40 million. These credits were generated by the sale of U.S.-made inverters produced at SolarEdge's facility in Austin, Texas, during the first half of 2024. The company’s Interim Chief Executive Officer, Ronen Faier, highlighted the positive impact of the Inflation Reduction Act, which has enabled the resurgence of energy technology manufacturing in the U.S. Furthermore, SolarEdge’s Chief Financial Officer, Ariel Porat, emphasized that this sale enhances the company's cash position and supports the growth of its U.S. manufacturing infrastructure. The Austin facility achieved significant production milestones, producing over 500 MW of inverters and expecting to increase manufacturing output in the fourth quarter of 2024. In addition, a second facility in Florida is set to begin additional production in 2025.