Sean Hunkler, the president and CEO of Houston-based FTC Photo voltaic, has stated that the ultimate hurdle to a restoration within the US photo voltaic trade shall be “efficiently navigating” import restrictions on modules below the Uyghur Compelled Labor Prevention Act (UFLPA). The UFLPA bans imports of photo voltaic panels that function polysilicon produced by pressured labor.
In a second-quarter replace revealed this week, the US photovoltaics tracker maker stated that its April-June income fell from $50.1 million in 2021 to $30.7 million. Hunkler stated ongoing photo voltaic panel provide shortages are inflicting a “solar-module constrained US market.”
He warned that the present quarter which is able to signify “the low-water mark when it comes to income” for FTC Photo voltaic. It expects an enormous rebound anticipated within the remaining three months of the yr, however Hunkler acknowledged that the enterprise is “nonetheless searching for incremental readability on how a lot module provide shall be obtainable.”
FTC Photo voltaic stated it expects income of $16.5 million to $19 million within the present quarter. It stated new challenge wins will carry that determine to $75 million to $90 million within the October-December interval. Regardless of the year-on-year decline in second-quarter income, it diminished its three-month losses from $52.4 million within the second quarter of final yr to $30.7 million within the April-June 2022 interval.
“We imagine that efficiently navigating UFLPA import restrictions on photo voltaic modules stays the final hurdle for the trade to beat to make sure a really robust restoration in 2023,” stated Hunkler.