First Solar is up over 12 per cent on the day, after announcing that it plans to ramp up production at its German plants, according to Reuters. The company said it has seen an “unexpected surge” in demand, which it will plan to meet before the closing of the two German plants.
In April, First Solar announced it would close its German manufacturing plants and cut 2,000 jobs, but planned to finish production through the year. Now, the demand has increased and First Solar plans to ramp up production before it closes the plants.
“We expect that we can run both plants at almost full capacity until October and slowly reduce production after that before we close them by the end of the year,” said a spokesman for First Solar.
The increased demand is certainly a positive for the solar panel company, as the entire industry has struggled with inventory issues after building too many plants as demand had slowed. Prices then dropped, but First Solar is looking to get back on track with the new inflow of demand.