To accelerate investments and manufacturing in the United States, following the board's approval of the investment resolution to establish a subsidiary in the U.S., HIUV, together with its U.S. partner H.B. Fuller , conducted intensive visits to numerous global Tier 1 and Tier 2 module brands that have already set up or are planning to set up manufacturing facilities in the U.S.
During the visits, the parties engaged in in-depth discussions about the current situation of the U.S. PV market. Considering the existing PV module production capacity in the U.S. exceeding 20 GW, an additional 20 GW under construction, and planned investments surpassing 20 GW, there was a consensus that, under the strong support and subsidy incentives of the IRA Act, the U.S. market will face significant challenges. These include a severe shortage of key upstream PV materials such as cells and even more critical shortages and trade imbalances for auxiliary materials such as glass, frames, and encapsulation films.
In addition, the current implementation of the secondary anti-dumping and countervailing duties (AD/CVD) policies against four Southeast Asian countries by the U.S., along with the impending Section 301 ruling on China, has raised significant concerns within the industry and among stakeholders regarding the future trade environment of the U.S. photovoltaic market. In particular, the potential trade war and rumored tariffs exceeding 60% that could emerge after January 20, 2025, have caused deep apprehension among many companies.
Several companies have expressed that the secondary AD/CVD measures, coupled with the additional 30-50 GW of new module investment, will further exacerbate the imbalance in the domestic supply chain and the impact of imports in the U.S. market. This could potentially trigger a new wave of anti-dumping and countervailing duties on both primary and auxiliary materials.
Currently, some customers in the United States have already achieved production capacities exceeding the GW scale. By 2025, they plan to further expand their capacity to meet increasing orders. There is widespread support and enthusiasm for HIUV and H.B. Fuller’s joint investment in establishing a facility in the United States to produce locally manufactured encapsulant films. Many customers are eagerly anticipating the early commissioning of HIUV and H.B. Fuller’s U.S. project.
HIUV and H.B. Fuller have announced their collaboration to jointly develop competitive technologies, products, services, and brands. The partnership aims to leverage local competitive advantages to achieve large-scale production, ensuring localized supply to meet the demands of the U.S. market. Additionally, H.B. Fuller stated that it will strive to achieve U.S.-based manufacturing to qualify for IRA subsidies.
