adplus-dvertising
Connect with us

Investment

Biden to Announce $60 Million Enphase Energy Investment

Published

1 year ago

 on

An array of solar panels in Hammond, Minnesota, US, on Friday, June 2, 2023. Stung by high fuel costs and a labor squeeze, some clean energy companies are turning to an unlikely ally — flocks of sheep — to keep their solar panels out of the shade. Photographer: Ben Brewer/Bloomberg Photo by Ben Brewer /Bloomberg

(Bloomberg) — President Joe Biden will announce a $60 million investment from Enphase Energy Inc., a manufacturer of solar-energy equipment, when he travels Thursday to South Carolina, the latest effort to underscore his administration’s economic agenda as he seeks reelection.

The investment will create 1,800 new jobs across the US, including 600 jobs in South Carolina between Enphase and its partner, multinational manufacturing giant Flex Ltd, according to the White House. Enphase intends to open up six new manufacturing lines, bolstering clean-energy supply chains and helping power as many as 1 million homes per year with solar energy.

The trip to South Carolina comes as the president is heightening his reelection campaign with a series of events to champion his administration’s accomplishments — in particular his economic agenda, which the White House has taken to calling Bidenomics.

He has been highlighting his efforts to create manufacturing jobs in the US as a centerpiece of his efforts, boosted in part by legislation he signed into law including the $370 billion Inflation Reduction Act and the $52 billion CHIPS and Science Act.

Biden has argued that those laws will bring deep and lasting changes to the American economy, yet despite a boom in factory construction, many of those facilities won’t come online for years — a challenge for a president whose economic record will be central to his reelection prospects.

Read More: The US Middle Class’s Economic Anxiety Will Decide the 2024 Election

Voters are worried about the threat of a potential recession and still struggling with unusually high inflation. The president has been weighed down by low polling numbers and has sought to combat perceptions that he has accomplished little in office.

Biden will announce the investment at a Flex facility in West Columbia, South Carolina. Flex will make products for Enphase at the plant. Enphase sells microinverters and batteries for solar arrays but its products are manufactured at factories in China, Mexico and India. Thursday’s announcement will mark Enphase’s first US-based contract manufacturing facility.

Biden has focused his political efforts on South Carolina, pushing the Democratic National Committee to revamp its presidential primary calendar to move the state first, rewarding its Black voters, whom Biden credits with helping him turn around his campaign in 2020.

Biden is slated to be joined at the event by Flex Chief Executive Officer Revathi Advaithi and Badri Kothandaraman, president and CEO of Enphase.

The president has touted the Inflation Reduction Act’s subsidies and tax credits for green investments as a centerpiece of his climate agenda, even as some green groups have criticized the administration’s support for other energy projects. The White House agreed to expedite the Mountain Valley Pipeline, a $6.6 billion project, that would carry natural gas across West Virginia, the home state of influential Democratic Senator Joe Manchin, as part of the debt-ceiling deal.

Last month, Biden defended his climate record as he received the endorsement of top environmental groups, including the Sierra Club, National Resources Defense Council’s Action Fund, the League of Conservation Voters and the NextGen political action committee.

—With assistance from David R. Baker.

728x90x4

Source link

Related Topics:
Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

1 day ago

 on

October 16, 2024

By

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

6 days ago

 on

October 11, 2024

By

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

1 week ago

 on

October 10, 2024

By

 

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending