ICYMI: BIDEN’S INFLATION REDUCTION ACT & INFRASTRUCTURE LAW SPUR BIG INVESTMENTS IN U.S. MANUFACTURING

New Manufacturing Announcements Were Made Possible Through Signature Biden Laws

In Case You Missed It — The largest American solar panel maker will spend up to $1.2 billion to boost domestic manufacturing by 75%, according to the Wall Street Journal. That investment is a direct result of the Inflation Reduction Act, which provides hundreds of billions in incentives for clean energy companies.

In addition, the fiber-optic cable company Corning is building a new manufacturing plant outside Phoenix, according to reporting from Axios. The move is in response to the $42.5 billion internet funding program from the Bipartisan Infrastructure Law, which will bring high-speed internet to areas of the country that have lacked access for too long and create good-paying jobs.

KEY POINTS: 

The Wall Street Journal: First Solar to Invest $1.2 Billion in U.S. Plants, Spurred by Climate Law

  • The biggest U.S. solar-panel maker said it plans to spend as much as $1.2 billion to boost manufacturing capacity at home by around 75%—the latest in a surge of domestic clean-energy investments spurred by the recently passed climate and healthcare legislation.

  • The new investment plans are a reversal for First Solar, the only major American-owned makes of solar panels. First Solar Chief Executive Mark Widmar had said until recently that although the company was eager to boost its manufacturing footprint, high costs and a lack of policy support meant it was considering adding capacity in Europe or India rather than at home.

  • The company pivoted after President Biden signed the Inflation Reduction Act into law earlier this month, Mr. Widmar said. The IRA contains hundreds of billions of dollars in incentives for companies to manufacture clean-energy equipment such as solar panels and electric-vehicle batteries, as well as tax credits for companies that build green-power projects using American-made components.

Axios: Corning building new factory in response to broadband internet boom

  • Corning said Tuesday it will build a new manufacturing facility outside Phoenix in response to a spike in demand for fiber-optic cable as the U.S. government ramps up a $42.5 billion internet funding program.

  • Building high-speed internet service to connect all Americans won’t happen without the right equipment — and, thanks to the infrastructure funding law’s “Buy America” provisions, it will need to be largely U.S.-made.

  • The fiber-optic cable factory will be built in Gilbert, Arizona. It’s expected to open in 2024 and will add about 250 jobs.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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