Array Technologies Diversifies Global Supply Chain with POSCO

Rhea-AI Summary

Array Technologies (NASDAQ: ARRY) announced a multi-year supply agreement with POSCO, a leading steelmaker, to enhance its global supply chain for solar projects. This partnership will grant Array access to POSCO's PosMAC® corrosion resistant steel, produced in collaboration with a local fabricator in South Korea. The arrangement aims to reduce logistics costs and improve service efficiency across the U.S., Australia, and emerging markets. Array's COO emphasized the strategic value of this collaboration, highlighting a commitment to quality and ESG values.

Positive

• Multi-year supply agreement with POSCO enhances supply chain resilience.
• Access to PosMAC® material improves product quality for solar projects.
• Strategic partnership aims to reduce logistics costs for U.S. and global operations.

Negative

• None.

South Korean steelmaker to supply to Array’s global projects

ALBUQUERQUE, N.M., Sept. 02, 2021 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array”), one of the world’s largest manufacturers of ground-mounted systems used in solar energy projects, today announced it has entered into a multi-year supply arrangement with POSCO, one of the world’s largest steelmakers, to diversify and strengthen its global supply chain. Array will now have access to POSCO’s proprietary PosMAC^® material, an alloy coated corrosion resistant steel. POSCO will cooperate with a Korean local fabricator to convert the products into components for use at Array’s global solar project sites. POSCO’s South Korean headquarters will position Array to serve customers in the U.S., Australia, and other emerging solar markets more efficiently with a stable supply.

“The arrangement with POSCO is indicative of our ability to reliably supply our global customer base with the highest quality materials,” said Stuart Bolland, Chief Operations Officer of Array. “This strategic partnership will enable us to reduce trucking mileage to West Coast of the U.S. project sites and ultimately bring greater flexibility and resilience to our supply chain. Further, we are thrilled to offer our customers a superior product in the PosMAC^® corrosion resistant technology and partner with a company that shares our commitment to ESG values.”

PosMAC^® has anti-corrosive and anti-sand erosion properties that make it resistant to chemicals, red rust and various solutions encountered in the steelmaking machine process.

“As the first Asian steelmaker to commit to carbon neutrality, POSCO is taking initiative to build clean energy infrastructure and move toward a new energy era. We are thrilled to be a supplier of choice for Array, an established leader in the renewable energy space,” said Sanggyun Kim, Head of Construction Steel Materials Marketing Office of POSCO. “We believe this fruitful partnership will showcase the many benefits of our manufacturing process and the advantages of our product. We look forward to being a meaningful contributor to Array’s advanced solar tracking.” 

About Array Technologies, Inc. 

Array Technologies (NASDAQ: ARRY) is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world's largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company's focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry's best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia. Contact us at arraytechinc.com or view our LinkedIn page. 

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:
James McCusker
203-585-4750
jmccusker@soleburytrout.com

Investor Relations Contact:
505-437-0010
investors@arraytechinc.com

FAQ

What is the significance of Array Technologies' supply agreement with POSCO?

The agreement strengthens Array's supply chain and provides access to high-quality materials for solar projects.

How will the partnership with POSCO benefit Array Technologies?

It will reduce logistics costs and improve service efficiency for projects in the U.S. and other markets.

What material will Array Technologies utilize from POSCO?

Array will use POSCO's PosMAC® corrosion resistant steel for its solar project components.

When was the supply arrangement between Array and POSCO announced?

The arrangement was announced on September 2, 2021.

What markets will Array Technologies serve with the new supply arrangement?

Array will serve customers in the U.S., Australia, and emerging solar markets.