Gujarat-based solar module manufacturer Navitas Solar is establishing a 1.2 GW module factory in the United States through a strategic partnership with local entities, including Sustainable Equity and Colby Solar. The facility, known as Navitas Solar USA by Colby, will be constructed within the Midwest region of the U.S. The company is yet to finalize between two undisclosed locations. According to a source Mercom spoke to, the facility is expected to be operational by the fourth quarter of 2024. It will be designed to eventually reach a capacity of 10 GW over the next few years.

The U.S. Department of Energy has allocated up to $30 million to support the cost reduction related to extracting rare earths and other essential minerals and materials from domestic coal-based sources within the country. The financial support, made possible by the Bipartisan Infrastructure Law, aims to address the increasing requirement for critical minerals in the U.S. while diminishing the need for overseas sources. These critical minerals, including rare earth minerals, play a significant role in clean energy technologies, including solar panels, wind turbines, electric vehicles, and hydrogen fuel cells.

Northvolt, a Sweden-based manufacturer of lithium-ion batteries, has announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America. The latest funding represents an extension of the $1.1 billion convertible note that was initially signed in July 2022. This financial injection has garnered investments from funds characterized as “dark green,” aligning with Article 9 of the EU’s Sustainable Finance Disclosure Regulation.

Denmark-based renewable energy project developer Ørsted has reported a net loss of DKK 538 million (~$78.29 million) in the second quarter (Q2) of 2023, compared to a profit of DKK 269 million (~$39.14 million) in Q2 2022. The loss could be attributed to increased financial expenses driven by exchange rate adjustments related to internal loans and a considerable revenue drop. The company’s revenue registered a drop of 37% year-over-year in Q2 2023 and stood at  DKK 16.48 billion (~$2.39 billion).

Fraunhofer Institute for Solar Energy Systems has integrated 120 PERC (passivation emitter rear contact cell) shingle solar cells into a passenger car’s sheet metal hood to fabricate a 115-watt rated solar-active surface for onboard power generation. To make the most efficient use of the available surface area on the hood, the Fraunhofer team constructed their prototypes using a selection of interdigitated back contact, PERC shingle, and TOPCon shingle solar cells. In principle, any solar cell technology can be used.