SunPower, other solar stocks surge on Biden tariff plans
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Many U.S. clean technology stocks are rallying Monday, led by SunPower (NASDAQ:SPWR) +20.4% and Maxeon Solar Technologies (MAXN) +15.9%, as the Biden administration plans tariffs on Chinese solar firms.
Other gainers – all still higher but below earlier highs of the day – include Sunnova Energy (NOVA) +4.9%, SolarEdge Technologies (SEDG) +4.4%, Shoals Technologies (SHLS) +2.8% and Enphase Energy (ENPH) +2.6%.
The Invesco Solar ETF (TAN) +1.6% after earlier rising as much as 3.7%.
Other alternative energy names are climbing too, including Plug Power (PLUG) +12.3%, Ballard Power Systems (BLDP) +6.8%, FuelCell Energy (FCEL) +4.8%, Bloom Energy (BE) +3.5%.
Biden reportedly will quadruple tariffs on Chinese electric vehicles and sharply increase levies for other key industries this week, while excluding some items, including machinery used to make solar panel components.