Why First Solar Stock Is Rising Today

Why First Solar Stock Is Rising Today

First Solar Inc FSLR shares are trading higher Tuesday after the company announced plans to invest up to $1.2 billion in scaling production of American-made PV solar modules.

First Solar said the investment is expected to expand the company's ability to produce American-made solar modules for the U.S. solar market to over 10 gigawatts by 2025.

As part of its push to scale U.S. production of solar modules, the company intends to build its fourth fully vertically integrated domestic factory in the U.S. The company expects to invest up to $1 billion in the new factory. Additionally, First Solar said it will invest $185 million in upgrading and expanding its Northwest Ohio manufacturing footprint.

"This investment is an important step towards achieving self-sufficiency in solar technology, which, in turn, supports America's energy security ambitions, its deployment of solar at scale, and its ability to lead with innovation," said Mark Widmar, CEO of First Solar.

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. 

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FSLR Price Action: First Solar has a 52-week high of $126.17 and a 52-week low of $59.60.

The stock was up 4.08% at $126.41 at press time, according to Benzinga Pro.

Photo: andreas160578 from Pixabay.

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