CPS said its customers in the United States have expressed a desire for domestic solar glass supply. Solar panel manufacturing capacity is expected to increase from 12 GW in 2022 to 52 GW by the end of 2025, following higher demand driven by the industrial policies set forth in the US Inflation Reduction Act (IRA). IRA policies also provide an incentive to end users of solar panels to maximize domestic content in solar panel installations, driving solar energy suppliers to locate and expand their manufacturing facilities in the United States.

The company’s wholly owned US subsidiary, CPS Glass USA Corp., has filed for the US Department of Energy’s investment tax credit. The allocation decision for this application is expected in the first quarter of 2025.