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Boviet Solar’s United States (US) business will now operate under INOX Solar Americas, strengthening its position in the United States renewable energy market. Boviet Solar has announced that it has agreed with Ningbo Boway Alloy Material Co., Ltd. 
Under the agreement, INOX Solar Americas, LLC—part of the broader renewable energy platform under INOX Clean Energy will acquire 100% equity of Boviet Solar Technology (North Carolina) LLC, its U.S.-based solar module manufacturing facility with an annual capacity of approximately 3 GW.
The company added that this strategic decision reflects a proactive response to evolving United States regulatory frameworks, including Foreign Entity of Concern (FEOC) considerations. It is also aimed at ensuring long-term business stability, regulatory compliance, and continued support for customers and partners.
The transaction is currently underway and remains subject to customary approvals and closing conditions. Boviet Solar stated that the agreement will not disrupt current operations, with all contracts, deliveries, and project timelines remaining unchanged and continuing as planned. Furthermore, all product warranties and service commitments will remain fully valid.
According to the U.S. Department of Energy (DOE), the Foreign Entity of Concern (FEOC) rule was issued in May 2024 to reduce reliance on FEOCs in battery supply chains and to bolster the growth of domestic and friend-shored battery materials and manufacturing.
The guidance has been largely finalised as proposed in December 2023, with refinements and clarifications to help automakers and other stakeholders identify FEOCs within their battery supply chains.
The Bipartisan Infrastructure Law (BIL) provides that a foreign entity is defined as a “foreign entity of concern” if it is “owned by, controlled by, or subject to the jurisdiction or direction of a government of a foreign country that is a covered nation.” Covered nations are defined as the People’s Republic of China, Russia, Iran, and North Korea.
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