First Solar, the largest solar panel maker in the US, announced today that it will supply clean energy company National Grid Renewables with 1.6 gigawatts (GW) of solar panels – and that’s a very big deal.
Minneapolis-based National Grid Renewables is part of the Ventures division of National Grid plc, one of the world’s largest publicly listed utilities with its HQ in the UK. National Grid Renewables has a portfolio of solar, wind, and energy storage projects throughout the US in various stages of development, construction, and operation.
First Solar is supplying National Grid Renewables with its Series 7 thin-film solar modules. The up to 540-watt panels combine the company’s thin-film cadmium telluride technology with a larger form factor and have up to 19.3% efficiency and a 30-year warranty.
The Series 7 panels are designed and developed at First Solar’s factories in California and Ohio.
First Solar says that the Series 7 panels’ frameless design improves soiling and show shedding, and it also says that it offers the solar industry’s only solar cell cracking warranty.
This new 1.6 GW order expands First Solar’s supply of solar panels to National Grid Renewables to over 4 GW, as the two companies made an agreement for 2 GW of solar panels in June of this year.
National Grid Renewables and First Solar have also partnered on multiple projects over a decade, including the 200-megawatt (MW) Prairie Wolf Solar Project, in Illinois, and, in Texas, the Noble Solar (275 MW) and Storage Project (125 MW).
Last month, First Solar announced that it will invest up to $1.2 billion to ramp up production of US-made solar panels.
Electrek’s Take
This may look like a typical business story – X company orders Y product from Z company – but here’s why it’s noteworthy.
Secondly, every time news like this is announced, it’s evidence that the Biden administration’s Inflation Reduction Act is giving American manufacturing a major shot in the arm.
This will create even more jobs, and domestic manufacturing will also smooth out US supply chain snags. US manufacturing also means the distance the solar panels need to travel will be shorter, which means less transport emissions are created.
There’s also accountability here when it comes to ethical manufacturing, as First Solar is the only company among the 10 largest solar manufacturers globally to be a member of the Responsible Business Alliance, the world’s largest industry coalition that supports the rights and well-being of workers and communities in the global supply chain.
This agreement is yet more evidence of a major shift in US renewables manufacturing. And that never fails to be exciting.
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An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images
Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
Revenues: $90 billion, vs. $93.94 billion expected
The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.
The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.
Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.
The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.
This is a developing story. Please check back for updates.
Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.
Shares were up 2.6% in the premarket following the report’s release.
The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.
Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.
Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $2.51 adjusted, vs. $2.43 expected
Revenue: $50.67 billion, vs. $48.99 billion expected
Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.
Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.
The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.
Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.
Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.
The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.
Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.
ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.
Chalinee Thirasupa | Reuters
Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.
The company has reportedlysaid that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.
The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.
Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.
Xpeng launched Mona M03 in late August with prices starting at $16,812.
Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.
BYD and Aito had not yet released their October deliveries as of Friday afternoon.
Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.
The company only launched its first car — the SU7 — in late March.
Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.