Why These Energy Stocks Are Gaining This Week

4. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Share Price Gains Between June 18 – June 26: 18.17%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a global leader in smart energy technology. The company produces current optimized inverter systems for solar photovoltaic installations in the United States, Germany, the Netherlands, Italy, the rest of Europe, and internationally.

SolarEdge Technologies, Inc. (NASDAQ:SEDG) gained this week following reports that Congress may not cut federal tax incentives for residential rooftop solar installations. The potential for clean energy tax credits to remain intact has caused a strong wave of positive investor sentiment throughout the solar energy sector.

Moreover, SolarEdge Technologies, Inc. (NASDAQ:SEDG) revealed this week that it has begun full production and shipment of its Home Battery at a new factory in Salt Lake City, Utah. This means that the company is now manufacturing its full residential offering — inverter, power optimizer, and battery — on American soil.

Marty Rogers, General Manager at SolarEdge Technologies, Inc. (NASDAQ:SEDG), stated:

“We’re proud to be part of the manufacturing resurgence in America, as our investments represent a strategic commitment to the domestic market. This expansion not only supports our growth objectives, but reinforces our promise to customers: reliable, high-quality technology with shorter lead times and greater supply chain stability. The American energy tax credits have enabled the company to onshore its manufacturing and add to the critical energy infrastructure needed to meet growing U.S. energy demand. As Congress considers changes to clean energy tax credits, we encourage lawmakers to recognize how vital these incentives are for businesses to continue investing in domestic manufacturing and drive America’s future energy dominance.”