SunPower Corporation (NASDAQ:SPWR) stock climbed on Wednesday after the producer of solar products got an exclusion from the wide-ranging tariffs being imposed by US President Donald Trump.
The company said some of the solar cells and panels it produces in Mexico and the Philippines will be exempted. It had publicly argued that funds it would spend on duties would divert money from investments in US jobs in research and development and domestic manufacturing.
SunPower produces high-efficiency interdigitated back contact cells and modules. These are different from the commoditzed imports which dominate the solar market.
READ: SunPower to buy SolarWorld Americas in deal that will blunt impact of Trump tariffs on imported panels
Shares of the stock were up 7% in the premarket on Wednesday at US$8.08, having settled on Tuesday 14.74% higher at US$7.55.
The exemption will be published in the US Federal Register on Wednesday.
SunPower bought a US solar manufacturing facility in Oregon to expand production in the US market. The deal will close in the last quarter of the year.
The company's majority owner is France's Total SA. SunPower is based in San Jose, California.