Maxeon Solar Technologies (MAXN) Stock: Why It Surged 19.38%

Jul 30th, 2022 1:19 EST
  • The stock price of Maxeon Solar Technologies Ltd (NASDAQ: MAXN) surged by 19.38% in the previous trading session. This is why.

The stock price of Maxeon Solar Technologies Ltd (NASDAQ: MAXN) surged by 19.38% in the previous trading session. Investors responded positively to Maxeon Solar Technologies expressing strong support for the recently introduced Inflation Reduction Act of 2022 in the United States Senate.

The legislation as currently proposed calls for incentive levels that would help support Maxeon’s continued investment in the U.S., including the construction of a 3-gigawatt solar manufacturing facility on U.S. soil.

KEY QUOTES:

“Maxeon strongly supports the recently proposed Inflation Reduction Act of 2022 and urges Congress to quickly enact this legislation. As a solar industry technology leader with a legacy of over 35 years’ experience in the U.S. market, Maxeon believes the proposed measures will catalyze significant investment in U.S. solar manufacturing, facilitate the creation of a stable domestic solar supply chain, and allow the U.S. to aggressively pursue the decarbonization of its economy with less reliance on imported solar products.”

“Maxeon is well positioned and willing to help achieve these objectives. In April of last year, we announced our intention to construct a 3-gigawatt manufacturing facility in the U.S. pending the implementation of appropriate incentives and the successful application for a DOE loan. Since that time, we have conducted an extensive site selection process, completed preliminary engineering studies for the factory, and submitted a Part 2 application to DOE’s Loan Program Office. We are ready to move forward with this project quickly and strongly encourage Congress to pass the Inflation Reduction Act as soon as possible in its current form.”

— Jeff Waters, Chief Executive Officer of Maxeon Solar Technologies

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