HEADLINES IN THE SPOTLIGHT
FIRST SOLAR ANNOUNCES FIFTH U.S. FACTORY
SURGING FROZEN FOOD DEMAND MAY STRESS CRITICAL COLD STORAGE SUPPLY CHAINS U.S. FACTORY Virtually all American households purchase frozen food at least once a year, but without resilient cold storage supply chain infrastructure, the growth and safety of the massive $265 billion global frozen food market may be put at risk. In 2022, frozen food sales in the U.S. reached more than $72 billion, according to the American Frozen Food Institute. During the coronavirus lockdowns in 2020, frozen food sales reached more than $65 bil - lion, according to the institute. There’s a sophisticated supply chain keeping perish - ables frozen. Products have to maintain proper tem - perature throughout a complex network of refrigerat - ed trucks and cold storage facilities. Approximately 13% of all food produced globally is lost due to poor cold storage supply chains every year, according to a study from Columbia University’s Climate School.
FANATICS TO LAUNCH LIVE EVENTS BUSINESS AS IT SEEKS TO CREATE A SPORTS VERSION OF COMIC-CON U.S. FACTORY Fanatics will launch a new live events business that will look to recreate the Comic-Con experience for sports collectibles. The new venture, called Fanatics Events, will be a partnership with events and talent manage - ment giant IMG, which is part of Endeavor. Fanatics will be the majority owner. Fanatics, which had been known primarily as an e-com - merce platform, has sought to diversify its business as it moves toward an initial public offering. In June, it held a second investor day in nearly a year with major firms such as Goldman Sachs and Barclays. The company has agreed to buy PointsBet’s U.S. op - erations as it expands into sports betting. Initially, Fa - natics offered $150 million, but it later raised its bid to $225 million, surpassing an offer of $195 million made by competitor DraftKings. Fanatics Events plans to organize global events through partnerships and acquisitions. Fanatics said it will first prioritize the collectibles sector and explore opportuni - ties to expand and innovate beyond that.
NOVAVAX SHARES JUMP AFTER COVID VACCINE MAKER POSTS SURPRISE QUARTERLY PROFIT U.S. FACTORY Shares of Novavax jumped as much as 20% in premar - ket trading after the Covid vaccine maker reported a sur - prise second-quarter profit. The results come as Novavax works to strengthen its fi - nancial position, particularly after it raised doubts about its ability to stay in business earlier this year. The company is pinning its hopes on the launch of its updated Covid shot in the U.S. commercial market this fall, a global cost-cutting push announced in May, and a promising vaccine pipeline to help it stay afloat. The Maryland-based company’s stock has dropped more than 23% this year, putting its market value at around $650 million.
First Solar, the nation’s largest solar panel man - ufacturer, announced that it will build its fifth U.S. factory as the Inflation Reduction Act spurs a do - mestic manufacturing boom. The company said it will invest as much as $1.1 billion in the new factory, the location of which has yet to be decided. The new site will increase First Solar’s nameplate manufacturing capacity by 3.5 gigawatts, reaching 14 GW in the U.S. by 2026, the year it’s slated to come online. Included in the announcement, First Solar said it invested $2.8 billion over the past year to ramp up production, including a new site in Alabama and expansions to existing Ohio facilities. Still, First Solar has been unable to meet surging demand, and in April, the company said it was sold out through 2026.
SPOTLIGHT ON BUSINESS MAGAZINE • VOL 23 ISSUE 3
VOL 23 ISSUE 3 • SPOTLIGHT ON BUSINESS MAGAZINE
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