Thornova’s 2023 Review: A Year of Solar Milestones, and Looking Ahead to 2024

It’s been a phenomenal year at Thornova with so much to celebrate as we close out 2023. Since opening our manufacturing facility in Vietnam in December 2022, we have achieved many significant milestones. All of these efforts lay the groundwork for continued success in 2024 as the North American solar market expands at a record pace.

With the introduction of the Inflation Reduction Act and the Bipartisan Infrastructure Law, the U.S. is rapidly accelerating its transition to clean energy. Meanwhile, Canada’s plan to achieve zero emissions by 2050 is creating strong momentum for solar in a market that is ripe for expansion.

Thornova is well-positioned in both markets, with direct shipping to customers from our Vietnam factory. In 2024, Thornova plans to establish a US manufacturing site to meet the growing demand for US-made modules, while continuing to invest in research and development to provide our customers with exceptional products.

Volume Manufacturing with a Strong Focus on Quality Standards

Since early 2023, Thornova has been successfully manufacturing modules at full volume from our Vietnam production base. This 200,000-square-meter facility, with over 200 employees, has a production capacity of 2.5GW of PERC and TOPCon modules for immediate deployment on utility-scale, commercial and residential projects in North America. With our constant focus on product quality, all Thornova products are UL-certified and pass the 100% EL test. Subjected to technical and safety tests provided by internationally recognized test institutes such as TUV Rheinland and the International Electrotechnical Commission (IEC), Thornova panels are guaranteed to maintain datasheet performance under extreme conditions, ranging from high temperatures to high humidity to hail and heavy snow loads.

Thornova's Bankability and Reliability Fully Recognized by International Authorities

In the recently released BloombergNEF Tier 1 PV Module Maker List, 4Q 2023, Thornova has once again been recognized as a Tier 1 module manufacturer. BNEF’s Tier 1 list includes those module manufacturers considered bankable for large-scale projects based on successful projects and deals closed, tracked by the Bloomberg database. This honor confirms the industry’s recognition of our module quality, reliability, brand reputation, and commitment to the clean energy sector.

Assessed by Enertis and PV Evolution Labs' (PVEL) Product Qualification Program (PQP), and endorsed in Black & Veatch‘s Bankability studies, Thornova is able to deliver a robust product with higher quality assurance and objective reviews for every development stage.

In our continued growth, we are also expanding our relationships with financing partners for residential solar. Thornova has joined the Approved Vendors Lists (AVLs) at Sunlight Financial, Goodleap and Mosaic. These consumer financing platforms make it easy and affordable for homeowners to access financing for home solar projects.

Managing a Sustainable Supply Chain

The solar industry has been facing persistent challenges in terms of supply chain security and industrial competition in 2023. Thornova has always placed a high priority on supply chain traceability. Through our sophisticated Manufacturing Execution System (MES), we ensure complete transparency and end-to-end traceability of our supply chain. The company’s dedicated supply chain team conducts regular audits of its suppliers to ensure that the products are fully compliant with US regulations. Thornova also works closely with US Customs to ensure a seamless importation process and regularly commission traceability reports from third-party organizations to demonstrate our strong commitment to transparency and accountability.

To ensure operational efficiency and transparency in procurement, Thornova signed significant supply chain agreements with leading PV ancillary material manufacturers in 2023, which guarantee access to a long-term and stable supply of key components, including encapsulation films, backsheets and junction boxes, from local production capacity in Vietnam. Thornova fully complies with the SEIA Supply Chain Protocol to ensure complete supply chain traceability and conflict-free minerals in all its modules. Our goal is to provide a solid and safe solution applicable to our North American customers, providing zero risk in the supply chain.

Looking Forward to 2024: Record Solar Growth Continues

As the clean energy transition expands in the US and Canada, prospects are bright for continued record growth of the solar industry.

The U.S. is expected to record 33 gigawatts (GW) of solar capacity by the end of 2023, according to the latest U.S. Solar Market Insight report, representing 55% growth over 2022. Solar continues to account for nearly half of all new generation additions, with California and Texas leading the states in terms of installations. Canada’s 2030 Emissions Reduction Plan has a goal to reach its emissions reduction target of 40% to 45% below 2005 levels by 2030. Canada needs to expand solar and wind energy capacity almost ten-fold in order to meet its vision to achieve net-zero GHG emissions by 2050.

Thornova’s 2024 Plans

Thornova has finalized its market assessment for establishing our manufacturing hub in the US. We are bullish on the prospect of producing both cells and modules within the U.S in 2024, enabling buyers to take full advantage of US tax credits for solar modules with domestic content.

With a careful eye on U.S. policy development, our goal is to create a reliable and sustainable supply choice for our customers. We are planning to expand our capacity with the construction of a U.S. solar module manufacturing site in 2024, as well as establish two solar cell manufacturing facilities in Southeast Asia. Our Indonesian cell plant is already under construction, and is on schedule to commence manufacturing in Q1 2024.

Our commitment to transparency and accountability extends to all aspects of our business, including our supply chain and production processes. We will continue to work closely with our suppliers, customers, and third-party organizations to ensure the highest standards of quality and performance in our products and services. As of the end of 2023, Thornova has finalized MOUs for the sale of approximately 1GW of solar through 2025. We believe that 2024 will be a crucial year as we expand our North American presence and take a significant step forward on our global manufacturing journey.

December 27. 2023