SPI Energy Co., Ltd. announced the formal registration of its solar wafer manufacturing business, SEM Wafertech Inc. Solar wafers are a key component used for manufacturing solar cells, which are used in the manufacturing of solar panels. The Company is targeting delivery and production of solar wafers in the U.S. by 2023 with an initial capacity of 1.5GW. The Company also plans to further increase its solar wafer manufacturing capacity to 3.0GW by 2024.

The Inflation Reduction Act of 2022 created attractive incentives for companies to produce solar wafers and solar modules in the United States. Under the Act, solar wafer manufacturers will receive $12 per square meter of solar wafers produced.