Less than a year ago, CubicPV, which manufactures components for solar panels, announced that it had secured more than $100 million in financing to build a $1.4 billion factory in the United States.
The company planned to produce silicon wafers, a critical part of the technology that allows solar panels to turn sunlight into electrical energy.
But a surge of cheap solar panels from China upended that project.
As CubicPV was gearing up to make wafers in the United States, prices of those components were dropping by 70 percent.
The setback underscores the concerns rippling across the U.S. solar industry and within the Biden administration about whether President Biden’s industrial policy agenda can succeed.
Persons:
CubicPV, Biden
Locations:
United States, Massachusetts, Texas, China