ARRY - Array CEO Kevin Hostetler Testifies Before Congress on the Solar Manufacturing Boom from the Inflation Reduction Act | Benzinga
ALBUQUERQUE, N.M., June 12, 2024 (GLOBE NEWSWIRE) -- Today, Kevin G. Hostetler, chief executive officer of Array Technologies (NASDAQ:ARRY), a leading provider of tracker solutions and services for utility-scale solar energy projects, testified before the Congressional Joint Economic Committee. The hearing, "Made in America: The Boom in U.S. Manufacturing Investment," addressed the growth of the solar and manufacturing industries following the passage of the Inflation Reduction Act.
Committee Chair, U.S. Senator Martin Heinrich (D-NM), joined Hostetler in April for the groundbreaking of Array's new $50 million manufacturing facility in Albuquerque, NM, which will employ 300 local residents in the near term to facilitate the production, assembly, design, engineering, and customer service of solar tracking technology. Array's expansion was made possible by the production tax credit in the Inflation Reduction Act (IRA), which has spurred growth in renewable energy and created jobs in manufacturing.
"The IRA has spurred a true manufacturing resurgence, and Array is just one example of how this legislation is paying dividends," Hostetler said in his testimony. "With policies that supercharge solar manufacturing and create new jobs, together we are paving the way for a brighter, more sustainable future."
Hostetler's remarks, as prepared for delivery are included below.
"Thank you, Mr. Chairman, Mr. Vice Chairman, and all members of this committee. It's an honor to be here today.
My name is Kevin Hostetler, and I am the CEO of Array Technologies. Our U.S. footprint includes Albuquerque, New Mexico, where we have our manufacturing facility, and our R&D hub in Chandler, Arizona. Array is a leading American manufacturer and global provider of tracker solutions for utility-scale solar energy projects. Our solar trackers are an integral part of solar farms, rotating panels to follow the sun, which increases energy production by up to 25%.
Founded in 1989 in Albuquerque, New Mexico as one of the first U.S. solar manufacturers, Array is a true American manufacturing success story. We're proud to be an American company, sourcing low-carbon domestic steel, supporting local ...