Active Stocks
Tue Nov 28 2023 15:55:00
  1. Tata Steel share price
  2. 126.85 0.75%
  1. Tata Motors share price
  2. 697.6 3.56%
  1. Power Grid Corporation Of India share price
  2. 210.15 -0.19%
  1. ICICI Bank share price
  2. 926.05 -0.33%
  1. State Bank Of India share price
  2. 564.55 0.76%
Business News/ News / World/  Joe Biden to announce $60 million investment from Enphase Energy
Back Back

Joe Biden to announce $60 million investment from Enphase Energy

US President Joe Biden will announce a $60 million investment from Enphase Energy Inc, a manufacturer of solar-energy equipment, creating 1,800 new jobs across the US.

Joe Biden to announce $60 million Enphase Energy Investment.Premium
Joe Biden to announce $60 million Enphase Energy Investment.

US 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, according to a report published by Bloomberg. 

With this move, around 1,800 new jobs will be created across the United States including 600 in South California between Enphase and its partner multinational manufacturing giant Flex Ltd, the White House said in an official statement. 

Enphase aims to open up six new manufacturing lines, bolstering clean-energy supply chains and helping power as many as one million homes per year with solar energy, Bloomberg reported. 

The manufacturer's visit to South California comes as the US 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.

Joe Biden 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.

However, 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, as per Bloomberg reports. 

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. 

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


(With Bloomberg inputs)

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 06 Jul 2023, 07:05 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App