Long-standing Agreement Between Array Technologies and Extruded Aluminum Corporation Boosts US Manufacturing with Nearly $35 Million Investment in Michigan Facility Expansion

Rhea-AI Summary

Array Technologies reinforces their 10-year partnership with Extruded Aluminum Corporation (EAC) to expand U.S. manufacturing footprint with additional aluminum extrusion capacity. The collaboration enhances Array's capability to source over 85% domestic content, reducing supply chain risk and supporting customers in meeting IRA requirements. EAC's $35 million capital expansion adds jobs and enables design innovation. The partnership strengthens the U.S.-based supply chain and contributes to a self-reliant renewable energy sector.

Positive

• Array's collaboration with EAC strengthens supply chain resilience and supports customers in meeting IRA requirements.
• EAC's $35 million capital expansion adds jobs and enables design innovation.

Negative

• None.

LAS VEGAS, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a global leader in utility-scale solar tracking solutions, reinforces their long-standing, 10-year partnership with Extruded Aluminum Corporation (EAC) which expands Array’s U.S. manufacturing footprint with additional aluminum extrusion capacity. EAC, based in Belding, Mich., manufactures multiple extrusion profiles that are highly recyclable and contain recycled aluminum within their extrusions, including structural fastening clamps. This manufacturing collaboration underscores Array's robust commitment to fostering a sustainable domestic supply chain while supporting economic development and job growth in Michigan.

"Our relationship with EAC enhances our industry-leading capability to source in excess of 85% domestic content, the highest percentage in our sector," said Kevin Hostetler, CEO of Array. "This strategic alliance not only elevates the dependability of our supply chain but also offers our customers a reduced risk profile. By focusing on proven U.S. manufacturers like EAC, we can enhance on-time delivery and exceptional quality, supporting our clients in meeting stringent Inflation Reduction Act (IRA) requirements."

This long-term collaboration supports EAC’s nearly $35 million dollar capital expansion, which includes adding 180,000 square feet to their existing facility and the addition of one of the largest aluminum presses in Michigan. The new press will expand the aluminum extrusion possibilities for EAC’s customers and enable further design innovation for Array’s products. Once fully operational, the expansion is expected to add 35-40 new jobs in the surrounding communities. With a strong focus on environmental health and safety, EAC is actively working toward an ISO 14001 registration.

“We are excited to fortify our long-term partnership with Array Technologies,” said Charlie Hall, CEO of EAC. “Our alignment in sustainable business practices, as well as our contribution to Array’s ever-strengthening U.S. supply chain, reflects our shared goals of industry leadership and commitment to renewable energy.”

Array’s chief procurement officer, Gary Bennett, said, "In a time when supply chain resilience is crucial, our collaboration with EAC is not just a win for sustainability and quality, but also a significant commitment to Michigan's economy. We are proud to be fortifying our U.S.-based supply chain, benefiting our customers and contributing to a more self-reliant renewable energy sector."

Array Technologies remains committed to enhancing the resilience of America’s renewable energy supply chain. The Company’s flexible approach to domestic content allows it to adapt its supply chain to offer in excess of 85% of U.S.-sourced materials for projects, thereby empowering customers to align with IRA requirements effectively. Array has been at the forefront of utilizing domestic resources for U.S. projects, even before the enactment of the IRA, and will continue to light the path toward a brighter, more sustainable future.

About Array Technologies
Array Technologies 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 and is based upon Array’s current interpretation of the IRA. 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 there to. 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: 
Katharine Fraser
H+K Strategies
281-409-9351
katharine.fraser@hkstrategies.com

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