Non-FEOC Compliance

1. What ‘FEOC’ Means

‘Foreign Entity of Concern’ (FEOC) is a regulatory category established under the Inflation Reduction Act of 2022 (P.L. 117-169) and defined in detail by Treasury and Department of Energy guidance issued in December 2023 (10 CFR 791).

An entity is treated as a FEOC if it is owned by, controlled by, or subject to the jurisdiction or direction of a covered nation — currently the People’s Republic of China, the Russian Federation, the Democratic People’s Republic of Korea, or the Islamic Republic of Iran.

Specifically, FEOC status is triggered when any of the following is true:

• ≥25% of board seats, voting rights, or equity interest is held by the government of a covered nation, an entity organized under its laws, or a person subject to its jurisdiction
• ≥25% of board seats, voting rights, or equity interest is held by entities themselves majority-owned by covered-nation persons
• The entity has entered into a contractual relationship that grants effective control to a covered-nation person

2. Why FEOC Matters

Non-FEOC sourcing gates two major IRA tax credits relevant to PVMAXX customers:

For a US module assembler claiming §45X, sourcing cells from a FEOC supplier disqualifies the entire production credit. For a project owner claiming the §48E ITC bonus, FEOC-linked equipment reduces or eliminates the 10% domestic-content adder.

3. PVMAXX’s Non-FEOC Position

Parent company

• Legal name: Smart Solar Technologies A.Ş.
• Country of incorporation: Republic of Türkiye
• Public listing: Borsa Istanbul (BIST), ticker SMRTG, listed since 2022

Manufacturing locations

• Aliağa Integrated Plant — Izmir Province, Türkiye (wafer + cell + module)
• Gebze Module Plant — Kocaeli Province, Türkiye (module assembly)
• Headquarters: Istanbul, Türkiye
• US office: Marietta, Georgia (sales and customer support)

Supply chain

Non-Chinese polysilicon from verified suppliers (see UFLPA compliance page for full supply-chain detail). Wafer, cell, and module production all conducted at Smart Solar Technologies facilities in Türkiye. Material Assistance Cost Ratio (MACR) for PVMAXX is over 50%.

4. IRA Credits Enabled by PVMAXX’s Non-FEOC Status

PVMAXX’s non-FEOC status enables US customers to claim:

• Section 45X — for US assemblers using PVMAXX cells, $0.07/Wp module production credit
• Section 48E ITC bonus — domestic content adder (subject to domestic-content calculation methodology)

5. Documentation We Provide on Request

The single authoritative document we provide to qualified buyers under NDA is:

• FEOC memorandum prepared by American Law Firm — covering ownership, board composition, 25% control-test analysis, and credit-eligibility opinions

6. How to Request the FEOC Memorandum

Buyers, US module assemblers, project owners, and their tax advisors can request the FEOC memorandum by emailing us@pvmaxx.com with the project or product reference and intended use (procurement, tax-credit substantiation, lender due diligence). We return a mutual NDA within 24 hours and the memorandum within 48 hours of NDA execution.

7. Quick FAQ