Qcells’ Historic Manufacturing Investment Receives Loan from the U.S. Department of Energy

Loan supports Qcells’ first-of-its-kind solar supply chain facility in Cartersville, Georgia

WASHINGTON – December 19, 2024 – Today, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced the closing of a $1.45 billion loan to support Qcells’ highly anticipated solar supply chain manufacturing facility in Cartersville, Georgia. The office announced a conditional commitment to support the project in August 2024.

LPO, a public provider of financing for high-impact, large-scale energy infrastructure projects in the U.S., supports Qcells, a global leader in complete clean energy solutions and the largest producer of silicon-based solar panels in the Western Hemisphere, as it constructs a facility that will reestablish critical parts of the domestic solar supply chain.

Qcells has committed to investing nearly $2.8 billion to build the nation’s first complete and sustainable solar supply chain. With its facility in Cartersville, Georgia, Qcells will manufacture ingots, wafers, cells and finished panels at a multi-gigawatt scale. Across the state, Qcells’ full solar production capacity is anticipated to reach 8.4 GW, which is nearly 46,000 panels per day.

In addition to boosting domestic solar manufacturing and innovation to accelerate the U.S. clean energy transition, Qcells’ investments will create an estimated 4,000 American jobs. Further stimulating the local economy, nearly 50% of the construction work has been awarded to local contractors. The finalized loan is offered through LPO’s Title 17 Clean Energy Financing Program, which includes financing opportunities for innovative energy and supply chain projects and projects that reinvest in existing energy infrastructure.

In response to today’s announcement, Qcells issued the following statement:

“Since Qcells opened its doors in Dalton, Georgia in 2019, Qcells has invested billions of dollars in creating a full solar supply chain, resulting in thousands of American jobs, progress towards energy independence and lower energy costs. The Department of Energy’s backing highlights the importance of this critical industry, and the collective effort needed to ensure American manufacturers have a chance to compete on a global scale and see long-term success.”

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About Qcells

Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers across the world. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea. Qcells offers Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning North America, Europe, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit:  https://qcells.com/us.

Safe-Harbor Statement

This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contacts

Debra DeShong, VP, Corporate Communications
Qcells North America us-media@qcells.com