TSX, NYSE: STN
With a historic $2.5 billion investment, Qcells is building a
solar power manufacturing facility in Georgia, United States. This
is the largest solar investment in US history and will offer
significant benefits to the state and national economies. Gray, a
leading global builder in the manufacturing industry, and Stantec,
a global leader in sustainable design, were selected to provide
construction, architecture, mechanical/electrical/plumbing
engineering, structural/civil engineering, as well as
environmental, water, and wastewater services.
Qcells is a subsidiary of Hanwha Solutions, one of the world’s
largest and most recognized photovoltaic (PV) manufacturers, known
for its high-quality solar cells and modules. The company
anticipates increasing its solar module production capacity in the
United States from 1.7 gigawatts in 2022 to 8.4 gigawatts by 2024.
Qcells intends to hire 2,500 people in Georgia to support its
leadership in the solar energy sector.
“Having worked with Qcells, Gray is honored to continue our
relationship on such a monumental investment,” said Brian
Jones, president and CEO of Gray Construction. “These projects will
tremendously impact the people of Georgia, the American economy,
and the solar industry.”
The new facility will house the entire solar panel manufacturing
process, including ingot production, wafer processing, cell
processing, and module production.
“With a shared commitment to quality and innovation, we are
proud to be part of establishing a reliable solar supply chain to
the United States,” said Leonard Castro, executive vice president
for Stantec’s global Buildings practice. “Together with our
partners at Gray, we are inspired by the opportunity to help Qcells
create energy solutions that will support a more sustainable
future.”
Inflation Reduction Act helps investment move
forwardThe passage of the Inflation Reduction Act
last year was a major driver in helping this project move forward.
Under that Act, solar companies making solar panel components can
claim tax credits. This project will help to significantly reduce
the United States dependency on foreign PV manufacturers.
New focus on bringing production facilities closer to
homeStantec’s industry-leading integrated architectural
and engineering team works within the global industrial sector,
helping advanced manufacturing clients improve their operations,
reduce costs, and optimize production flows. Disruptions in the
global economy over the past three years have increased fragility
and expenses related to supply-chain management, making offshoring
less enticing.
In response, manufacturers are increasingly seeking to simplify
their supply chains, bringing production closer to demand, with
many companies opting to add new factories in North America to
increase net capacity. Developing PV manufacturing in the United
States can mitigate global supply chain challenges and lead to
tremendous benefits for the climate as well as for US workers,
employers, and the economy. Learn more about Stantec’s innovative
industrial building solutions.
About GrayConsistently ranked among the top
industrial contractors in the US and internationally, Gray focuses
on the following markets for domestic and international
customers: Food & Beverage,
Manufacturing, Automotive, Distribution, Mission
Critical, and Commercial, with nearly 30 offices across North
America, Europe, and Asia.
Founded in 1960, Gray has grown to encompass a complementary
family of brands designed to augment and enhance each other’s
specialized capabilities without gaps or redundancies. Our robust
offering enables us to create one-of-a-kind solutions at the
highest levels of customization, delivering unmatched precision and
partnership to some of the world’s most sophisticated
organizations.
For more information on Gray, visit gray.com and follow
us @Gray.
About StantecCommunities are fundamental.
Whether around the corner or across the globe, they provide a
foundation, a sense of place and of belonging. That’s why at
Stantec, we always design with community in
mind.
We care about the communities we serve—because they’re our
communities too. This allows us to assess what’s needed and connect
our expertise, to appreciate nuances and envision what’s never been
considered, to bring together diverse perspectives so we can
collaborate toward a shared success.
We're designers, engineers, scientists, and project managers,
innovating together at the intersection of community, creativity,
and client relationships. Balancing these priorities results in
projects that advance the quality of life in communities across the
globe.
Stantec trades on the TSX and the NYSE under the symbol STN.
Visit us at stantec.com or find us on social media.
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains forward-looking
statements regarding the project described above. Forward-looking
statements also include any other statements that do not refer to
historical facts. By their nature, forward-looking statements are
based on assumptions and subject to inherent risks and
uncertainties. There is a risk that the project described above may
be delayed, cancelled, suspended, or terminated. This could cause
future results to differ materially from the forward-looking
statements made in this news release. Except as may be required by
law, Stantec undertakes no obligation to publicly update or revise
any forward-looking statements. Forward-looking statements are
provided herein for the purpose of giving information about the
project referred to above and their expected impact. Readers are
cautioned that such information may not be appropriate for other
purposes.
Media
Contact |
Investor Contact |
Ashley Warnock |
Jess Nieukerk |
Stantec Media Relations |
Stantec Investor Relations |
Ph: (403) 472-0122 |
Ph: (587) 579-2086 |
ashley.warnock@Stantec.com |
ir@stantec.com |
Design with community in mind
Stantec (TSX:STN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Stantec (TSX:STN)
Historical Stock Chart
From Mar 2023 to Mar 2024