Array Technologies and Lock Joint Tube Collaborate on New Steel Tube Mill in Texas

Rhea-AI Summary

Array Technologies (NASDAQ: ARRY) has entered into an agreement with Lock Joint Tube to secure supply from a new steel mill in Texas dedicated to manufacturing utility-scale solar tubing. The collaboration aims to boost the integrity of the domestic solar supply chain, create new manufacturing jobs, and support Array’s continued expansion in the U.S., including in Texas and throughout the central U.S. The agreement aligns with Array’s intent to provide the highest US domestic content in the industry, in response to domestic content requirements in the Inflation Reduction Act (IRA).

Positive

• The collaboration between Array Technologies and Lock Joint Tube will create new manufacturing jobs and use automation technology for optimal efficiency in production, boosting the integrity of the domestic solar supply chain and supporting Array’s continued expansion in the U.S.
• The agreement aligns with Array’s intent to provide the highest US domestic content in the industry, in response to domestic content requirements in the Inflation Reduction Act (IRA).

Negative

• None.

• New mill dedicated to manufacturing steel tubes for utility-scale solar projects will use domestically sourced steel
• The agreement supports continued expansion in utility-scale solar sector in central U.S., including the fast-growing Texas market
• Buildout of U.S. solar manufacturing base boosts domestic supply chain, provides economic benefit to local communities, and expands access to clean energy
• Aligns with Array’s intent to provide the highest US domestic content in the industry

ALBUQUERQUE, N.M., July 20, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, entered into an agreement with Lock Joint Tube, a manufacturer of mechanical and structural-grade steel tubing, to secure supply from a new steel mill in Texas dedicated to manufacturing utility-scale solar tubing.

Located in Temple, Texas, where Lock Joint Tube has established operations, the new mill will use locally sourced steel in the production of solar tubing in response to domestic content requirements in the Inflation Reduction Act (IRA). The collaboration between the two companies will create new manufacturing jobs and use automation technology for optimal efficiency in production.

“Lock Joint Tube’s newest mill will provide Array with domestic tubing under the IRA, which our customers are demanding in this high-growth market for utility-scale solar,” said Kevin Hostetler, Chief Executive Officer at Array Technologies. “This investment in American manufacturing will provide jobs aligned with the renewable energy market to the local community, boost the integrity of the domestic solar supply chain, and support Array’s continued expansion in the U.S., including in Texas and throughout the central U.S.”

Lock Joint Tube is a top supplier of steel tubing for solar panels and also provides torque tubing for tracker systems or solar tracker tube. Partnering with established steel suppliers around the globe enables Array to secure high-quality products on a regional basis to our customers and mitigate supply chain challenges.

“Our collaboration with Array Technologies advances our market leadership in serving the evolving needs of the U.S. solar power and solar manufacturing sectors,” said Kevin Marks, President at Lock Joint Tube. “By utilizing domestically sourced steel, Lock Joint Tube enables our customers to maximize domestic steel content, which has become essential to the expansion of clean, renewable energy throughout the country underpinned by a growing U.S.-based supply chain.”

A ribbon cutting for the facility was held on June 28 in Temple, TX. Lock Joint Tube also produces tubing for Array at a steel torque tube mill in South Bend, Indiana.

About Array Technologies
Array Technologies (NASDAQ: ARRY) is a leading American company and global provider of utility-scale solar tracker technology. Engineered to withstand the harshest conditions on the planet, Array’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, Array relies on its diversified global supply chain and customer-centric approach to deliver, commission and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on Array, please visit arraytechinc.com.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors.

Media Contact: 
Steve Brecken
H+K Strategies
832-285-4620
Steve.Brecken@hkstrategies.com

Investor Relations Contact:
Array Technologies, Inc.
Investor Relations
505-437-0010
investors@arraytechinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb8c487b-7baf-487c-8408-e65018395004.

FAQ

What is the purpose of the collaboration between Array Technologies and Lock Joint Tube?

The collaboration aims to boost the integrity of the domestic solar supply chain, create new manufacturing jobs, and support Array’s continued expansion in the U.S., including in Texas and throughout the central U.S.

What is the significance of domestically sourced steel in the production of solar tubing?

Domestically sourced steel enables customers to maximize domestic steel content, which has become essential to the expansion of clean, renewable energy throughout the country underpinned by a growing U.S.-based supply chain.

When was the ribbon cutting for the new facility held?

The ribbon cutting for the facility was held on June 28 in Temple, TX.