First Solar Inaugurates $1.1 Billion Alabama Facility, Adds 3.5 GW of Vertically Integrated American Solar Manufacturing Capacity

Business Wire 26-Sep-2024 9:00 AM

New Lawrence County facility creates more than 800 energy technology manufacturing jobs

First Solar, Inc. (NASDAQ:FSLR) inaugurated its new $1.1 billion fully vertically integrated thin-film solar manufacturing facility in Lawrence County, Alabama. The facility, which adds 3.5 gigawatts (GW) of fully vertically integrated nameplate solar manufacturing capacity in the United States, is expected to create over 800 new energy technology manufacturing jobs in the state.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240926270735/en/

First Solar inaugurated its new $1.1 billion fully vertically integrated thin-film solar manufacturing facility in Lawrence County, Alabama. The facility, which adds 3.5 gigawatts (GW) of fully vertically integrated nameplate solar manufacturing capacity in the United States, is expected to create over 800 new energy technology manufacturing jobs in the state. (Photo: Business Wire)

"This represents a great day for First Solar and for Lawrence County because this production facility is destined to become a major player in the US renewable energy market," said Alabama Governor Kay Ivey. "Moreover, the Alabama workers at this facility will help break the nation's dependence on foreign-made solar panels and contribute to our energy independence."

The Lawrence County facility along with First Solar's three operating factories in Ohio brings the company's domestic nameplate manufacturing capacity to almost 11 GW and its global capacity to over 21 GW, once fully ramped. First Solar, the largest fully vertically integrated solar manufacturer in the Western Hemisphere, is also constructing a $1.1 billion, 3.5 GW facility in Louisiana, which is expected to be commissioned in the second half of 2025. The company expects to have over 14 GW of annual nameplate capacity in the United States and 25 GW globally by the end of 2026.

"This is the first of two fully vertically integrated solar manufacturing facilities that solidify the role of the Gulf Coast states in enabling America's all-of-the-above energy strategy," said Mark Widmar, chief executive officer, First Solar. "This energy technology manufacturing facility produces American solar panels, with American-made components sourced from a supply chain that spans the country. The hundreds of people that operate this facility represent the next generation of American energy workers and are joined by thousands more steelworkers, glassworkers, miners, truck drivers, railroad workers, and others that enable our mission to support our country's energy security."

First Solar's advanced, highly differentiated manufacturing process allows it to transform a sheet of glass into ready-to-ship thin film solar panels in approximately four hours. The Alabama facility's entire solar value chain – equivalent to transformation from semiconductor to wafer to cell to module – operates under one roof, using one tightly controlled process with rigorous quality assurance and control. The Series 7 modules produced in Lawrence County use Alabama-sourced steel, smelted, rolled, and fabricated within a 25-mile radius of the facility.

First Solar is unique among the world's largest solar manufacturers because it is the only US-headquartered company and does not manufacture in China. The company's operational manufacturing footprint in Ohio and Alabama and Louisiana represent over $4 billion in US manufacturing investments.

A study commissioned by First Solar and conducted by the University of Louisiana at Lafayette projects that as the company grows to 14 GW in annual US nameplate capacity by the end of 2026, it will support an estimated 30,060 direct, indirect, and induced jobs across the country, representing $2.8 billion in annual labor income. Additionally, the study estimates that every direct job First Solar supports in 2026 will support 7.3 jobs nationwide.

Quotes

Ellen McNair, secretary of the Alabama Department of Commerce: "First Solar's $1.1 billion manufacturing facility in Lawrence County is likely the largest investment project ever undertaken in one of our rural counties, demonstrating that our rural communities are prepared to meet any challenge. This is also a highly positive development for Alabama's expanding green energy sector and strengthens our state's growing leadership in the US clean energy industry."

Amard Martin, commissioner, Lawrence County: "The inauguration of First Solar is a tremendous milestone for Alabama, particularly for Lawrence County and District One. First Solar's investment is not only a step forward in clean energy but also a major boost for our local economy. This project brings much-needed jobs, strengthens our infrastructure, and reinforces Alabama's position as a leader in innovation and sustainability. We are excited about the opportunities this facility will create for our community and future generations."

Bobby Burch, commissioner, Lawrence County: "From a micro level, having First Solar is great for Lawrence County and its neighboring counties. And from a macro level, American-made First Solar panels, with their advanced technology, will greatly influence the global renewable energy market for future generations."

John Bradley, SVP of Economic Development, TVA: "This marks a significant step forward in advancing our shared goals toward a clean energy future. We are proud to partner with the Alabama Department of Commerce and the Lawrence County Industrial Development Board to support companies creating jobs and investment in our communities and look forward to First Solar's future business success here in Alabama."

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 Investors

This 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 First Solar's expectations that i) the solar manufacturing facility in Lawrence County, Alabama is expected to create over 800 new energy technology manufacturing jobs; (ii) the company will have over 25 GW of annual global nameplate capacity and 14 GW of US nameplate capacity by the end of 2026; iii) the company will commission its new manufacturing facility in Louisiana in the second half of 2025; and iv) First Solar's Ohio, Alabama, and Lousanna investments are expected to bring the company's total investment in American manufacturing to over $4 billion. 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. This press release contains references to data and information generated by an economic study conducted by the Kathleen Babineaux Blanco Public Policy Center at the University of Louisiana at Lafayette. The economic study is based on numerous assumptions, estimates and other data as more fully described in the report summarizing the study's findings, which is available at www.firstsolar.com/USeconomy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240926270735/en/