The European solar market has been under immense pressure from low-cost imports from China for years. In 2024 the price pressure has intensified further due to oversupply from China and Southeast Asia. Insufficient market regulations in Europe have contributed to a collapse in prices and solar energy components are now sold below manufacturing cost. As a result of this, the solar manufacturing industry in Europe has faced widespread closures of factories.
Due to the challenging market situation in Europe, NorSun’s manufacturing operations in Norway will be discontinued. The operations are organized under NorSun AS, a wholly owned subsidiary of NorSun Holding AS.
"The discontinuation of our operations in Norway is a result of oversupply and lack of regulations in Europe. NorSun will now concentrate all efforts on our US project, capitalizing on the NorSun global reputation in the industry to spearhead rebuilding the US PV value chain and help reshoring American Manufacturing jobs", says the CEO in NorSun Holding AS, Erik Løkke-Øwre.
NorSun will now concentrate all efforts on our US project, capitalizing on the NorSun global reputation in the industry
Over the last year, NorSun has reoriented its focus towards the US market to develop a state-of-the-art 5 GW ingot and wafer factory in Tulsa, Oklahoma. The project has great momentum and is founded on NorSun’s experience and global recognition as a premium wafer supplier. The project has entered into long-term sales agreements for the planned production volume, contracts for the delivery of all critical production equipment, and an engineering and construction contract for the factory. The financing of the project is ongoing with an objective to make the final investment decision in Q1-2025.
For more information, please also contact:
Erik Løkke-Øwre
CEO
NorSun Holding AS
e-mail: erik.lokke-owre@norsun.no
Tel. +47 948 887 12
Todd Templeton
Regional Director Americas
NorSun Holding AS
E-mail: todd.templeton@norsun.no
Tel. +1 (972) 983-8121
