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Array Technologies CEO, Kevin G. Hostetler, has testified before the Congressional Joint Economic Committee on the growth of the solar and manufacturing industries following the introduction of the Inflation Reduction Act. Hostetler stated the Act has resulted in a manufacturing resurgence, with company Array as a prime example of the legislation’s success. The Act enabled Array’s $50 million expansion, employing 300 people and furthering the development of solar technology.
Array Technologies CEO Testifies on Solar Industry Growth in Congressional Hearing
Kevin G. Hostetler, CEO of Array Technologies (NASDAQ: ARRY), a leader in tracker solutions for large-scale solar energy projects, testified at the Congressional Joint Economic Committee’s hearing, “Made in America: The Boom in U.S. Manufacturing Investment.” The meeting addressed the solar and manufacturing industry’s growth after the Inflation Reduction Act passage.
U.S. Senator Martin Heinrich (D-NM), Committee Chair, joined Hostetler in April for Array’s new $50 million manufacturing facility groundbreaking in Albuquerque, NM. The facility, made possible by the Inflation Reduction Act’s production tax credit, will provide jobs to 300 locals for the production and servicing of solar tracking technology advances.
Hostetler’s comments emphasized how the Inflation Reduction Act has triggered a manufacturing resurgence. “The legislation contributes significantly to solar manufacturing and job creation, setting the stage for a brighter, more sustainable future,” he said.
Array Technologies Making Strides in Solar Energy
Kevin Hostetler discussed Array Technologies’ growth and commitment to sustainable energy. The company, headquartered in Albuquerque, New Mexico, specializes in providing tracker solutions for utility-scale solar energy projects. Their solar trackers, a crucial part of solar farms, rotate panels to follow the sun, enhancing energy production by up to 25%.
Array has been leading the American solar manufacturing sector since its establishment in 1989 in Albuquerque, New Mexico. Implementing a traceable U.S. supply chain with trusted partners, Array contributes to local job creation and uses low-carbon domestic steel.
Array’s new manufacturing campus in Albuquerque will house the production of clamps, center structures, drive system components, and electrical controllers, thanks to the IRA and 45x credits. This $50+ million expansion will create jobs for over 300 local residents and further enhance onshore capacity for solar technology development.
Array’s collaborations with educational institutions like Central New Mexico Community College are building a pipeline of talent, preparing students, and job seekers for the expected tripling of solar manufacturing jobs over the next decade.
Impact of Federal Investments on Solar Manufacturing
The IRA and 45X tax credits have fueled domestic production growth. These initiatives have enabled Array to double their manufacturing capacity in Albuquerque and shore up critical components. The legislation has also spurred new solar manufacturing facility announcements across the supply chain, driven by its provisions and the expected increase in solar demand.
Array’s growth has also triggered expansion for partners. Copper State Bolt and Nut Co., Priefert Steel, Lock Joint Tube, and Nucor have all invested in facilities to support their solar businesses.
Array’s New Mexico presence augments the local economy and positions the region as a renewable energy innovation and manufacturing hub. Companies like Enchanted Machine Works, Knockout Metalworks and Precision Sharpening are benefiting from this growth, contributing to a resilient and diverse economic landscape.
A photo accompanying this announcement is available at globenewswire.com
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