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Qcells President of Corporate Affairs Statement on Biden Administration’s Latest Clean Energy Manufacturing Guidance

WASHINGTON (Dec. 14, 2023) – The U.S. Treasury Department today released guidance on the Inflation Reduction Act’s (IRA) Section 45X Advanced Manufacturing Production Credit. Section 45X intends to incentivize domestic production of key clean energy components and equipment that are necessary to support the United States’ transition to renewables. The release of this guidance represents the Biden administration’s next phase in implementing the IRA and establishing a clean energy economy.

Danny O’Brien, President of Corporate Affairs at Qcells, released the following statement:

“The Inflation Reduction Act that President Biden signed into law just over a year ago is proving to be transformative in advancing solar energy manufacturing in the U.S. It is the IRA’s landmark 45X tax credits, championed by Senators Jon Ossoff and Raphael Warnock, that enabled Qcells’ historic, multi-billion investments in Georgia and other states. The guidance on the 45X production tax credit released today is another important step in promoting domestic solar manufacturing but long-term success is not guaranteed given the intense market challenges the industry is facing here in the U.S. As it did today, we hope the administration will continue to prioritize U.S. solar manufacturers by issuing future domestic content guidance that incentivizes the entire solar supply chain that Qcells is committed to building.”

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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 the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Qcells strives to offer 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 Europe, North America, 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: www.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 Q CELLS’ 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, Q CELLS does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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