Canadian Premium Sand Inc. ("CPS" or the "Company") (TSXV: CPS) is pleased to comment on a meaningful development in the North American solar industry. The Biden administration announced yesterday that any potential tariffs on solar panel imports from four Southeast Asian nations currently under investigation by the Department of Commerce will be waived for two years in order to maintain near-term solar panel installation growth. Simultaneously, the Defense Production Act will be invoked to spur domestic solar panel manufacturing in order to foster a North American supply chain that can accommodate the continent’s longer-term demand profile without being dependent on traditional Asia-Pacific sources.
This policy announcement is consistent with the overall US Federal Government’s goal of accelerating renewable energy installations to meet the objective to have 100% of electricity coming from zero-carbon sources by 2035. This announcement also reflects growing concerns that there is an inadequate supply of solar panels in the near-term to support the strong growth forecasts the industry has for solar panel installations including the Solar Energy Industry Association’s (SEIA) forecast for a 21% compound annual growth in solar installations in the US over the next 8 years.
CPS believes it is well positioned to be a beneficiary of the initiative to establish a robust North American solar panel manufacturing supply chain. This initiative will expand market demand for its locally manufactured patterned solar glass, 100% of which is currently imported from the Asia-Pacific region.
Since the Company’s announcement of its intention to develop North America’s only patterned solar glass manufacturing facility, CPS has received enthusiastic support from existing solar panel manufacturers, as well as certain global entities that are planning to establish a North American presence. To date, the Company has secured Expressions of Interest for the purchase of solar glass in excess of the first phase of planned facility output, which is strong evidence of industry support for the project.
"We are excited to participate in a rapidly-growing solar panel manufacturing market with a first-mover advantage in North America," said Glenn Leroux, President & CEO of CPS. "This announcement provides increased visibility into the trajectory of solar panel installation growth and offers clear support for the domestic solar panel manufacturing industry. Our plan to be the only North American supplier of patterned solar glass is a timely and required element of establishing a North American supply chain for solar panel manufacturing. We look forward to continued discussion with our solar panel manufacturing customers with regards to how our future supply of low-carbon ultra-clear, patterned solar glass will help to accelerate the growth in their business plans.”
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
