Hanwha Q Cells, OCI to benefit from expanded US CHIPS Act subsidies

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According to industry sources on Thursday, the US Treasury plans to implement the revised CHIPS Act on Dec.23, offering solar cell companies subsidies to cover 25% of the cost of setting up solar ingot and wafer factories in the country.

Given that an ingot factory requires an investment of around 220 billion to 250 billion won ($160 million-$181 million) per GW and a wafer factory requires 180 billion to 220 billion won, Hanwha Q Cells will likely spend between 1.32 trillion won and 1.55 trillion won ($957 million-$1.1 billion) in total for its ingot and wafer plants in Cartersville.

South Korean solar cell companies such as Hanwha Q Cells Co.and OCI Holdings Co.are set to benefit from expanded subsidies covered by the US CHIPS and Science Act.

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Category: Economy

Markets: South KoreaGeorgiaTaiwan

Topics: Plants Chips Korean Companies Ingot Cells Subsidies Wafer Billion Hanwha Solar

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 20:23:37 (1 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 477 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 23348206

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