PVTIME – Corning Incorporated (NYSE: GLW) , one of the world’s leading innovators in materials science, announced its plan to build a solar wafer factory in mid-Michigan, USA, using tax credits created by the Inflation Reduction Act and the CHIPS and Science Act.
The new facility will have an estimated investment of US$900 million and will receive tax credits from the Biden administration. It is expected to support Michigan’s solar manufacturing initiative announced by the Michigan Economic Development Corporation in February 2024.
The upstream supply chain for the solar PV industry is being encouraged in the US. The Corning wafer plant announcement comes after the US Department of the Treasury announced a 25% tax credit for solar ingots and wafers, and in the same week finalised rules for the 45X Advanced Manufacturing Production Tax Credit.
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