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U.S. Attracts Europe's Beleaguered Solar Companies

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EU,Renewables,Solar

The unfolding situation poses a dilemma for European governments amid the continent's booming clean energy sector Either offer more support to local companies to ensure they remain competitive or allow cheaper imports to keep flowing in.

It’s nearly two years since the United States Congress passed the historic Inflation Reduction Act IRA, with the country’s solar sector expected to be one of its biggest beneficiaries. According to the U.S. Solar Energy Industries Association SEIA, the IRA will drive an additional 160 gigawatts GW of solar capacity over the next 10 years and lead to over $565 billion in new investments.

Manufacturers in the continent have been pushing the European Union to take urgent action to protect the industry from the growing danger of going under. Similarly, battery company Freyr which operates mostly in Norway, has stopped work at a half-finished plant near the Arctic Circle and plans to relocate to the U.S. and establish a plant in the state of Georgia. Back in February, Freyr announced it had changed its registration to the U.S. from Luxembourg.

Source: News Formal (newsformal.com)

EU Renewables Solar Wind Energy Tech Decarbonization

 

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