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Array Technologies, Inc. (NASDAQ: ARRY) stands as the global leader in solar tracking, boasting over 9 gigawatts of operational capacity and nearly three decades of industry experience. Based in Albuquerque, New Mexico, Array Technologies specializes in manufacturing ground-mounting systems for solar energy projects worldwide. The company's flagship single-axis tracker integrates steel supports, electric motors, gearboxes, and electronic controllers to optimize solar panel orientation throughout the day, thereby maximizing energy production.
Array Technologies is dedicated to delivering robust, reliable, and innovative solar tracking solutions that promise the lowest cost of ownership. Their products feature engineered simplicity, ensuring efficient installation and high reliability. The company serves various international markets, including the United States, Australia, Spain, Brazil, and numerous other regions, with the U.S. contributing the majority of its revenue.
Recent achievements highlight Array Technologies' commitment to expanding its global footprint and advancing renewable energy. Notably, the company has formed a strategic partnership with Aluminum Products Company (ALUPCO®) to support renewable energy projects in the Middle East. This collaboration is expected to facilitate the growth of solar capacity in the region, contributing to Saudi Arabia's Vision 2030 initiative aimed at achieving 130 gigawatts of renewable energy by 2030.
Array Technologies continues to innovate, evidenced by the introduction of their Hail Alert Response system. This technology employs advanced weather prediction algorithms to preemptively stow solar trackers approximately 30 minutes before a predicted hail event, safeguarding solar assets and enhancing their longevity.
The company recently announced its Fourth Quarter and Full Year 2023 financial highlights, showcasing its robust financial health and strategic growth. With ongoing investments in technology and a commitment to sustainable energy, Array Technologies is poised to maintain its leadership in the solar tracking market.
Array Technologies (NASDAQ: ARRY) has signed a definitive agreement to acquire STI Norland, a top European solar tracker manufacturer, for approximately €570 million. The merger aims to establish Array as the global leader in solar trackers, enhancing its presence in key markets including Brazil. The combined entity anticipates generating over $200 million in Adjusted EBITDA in 2022. This acquisition is expected to bolster margins and earnings per share significantly, with synergies to be realized post-transaction. The deal is set to close in Q1 2022, pending regulatory approvals.
Array Technologies, Inc. (Nasdaq: ARRY) will announce its third quarter 2021 results on November 11, 2021, post-market. A conference call, accessible at 5:00 p.m. ET, will follow the earnings release. Interested parties can join by phone or listen to a live webcast via the Investor Relations section of the company's website. Additionally, a replay of the call will be available for a limited time after the event. Array is recognized for its advanced solar tracker technology, enhancing energy production and supporting global solar projects.
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.
Array Technologies announces the addition of Bilal Khan of Blackstone, Paulo Almirante, and Gerrard Schmid to its Board of Directors, following a $500 million capital commitment from Blackstone.
Khan, a senior managing director at Blackstone, aims to leverage this funding to accelerate growth and enhance shareholder value. Almirante brings 25 years of renewable energy experience, while Schmid has 20 years in banking and technology. The new appointments replace past members Jason Lee and Frank Cannova, reflecting Array's strategic focus on expanding its clean energy capabilities.
Array Technologies reported a robust Q2 2021 with revenues reaching $202.8 million, a 76% increase year-over-year, despite facing a challenging supply chain. Adjusted EBITDA rose by 23% to $16.2 million. However, the company experienced a net loss of $17,000 compared to a net income of $2.4 million in Q2 2020. Gross margin fell to 13.2% due to rising input costs. Executed contracts soared to a record $882 million.
The company anticipates full-year 2021 revenues between $850 million and $940 million.
Array Technologies (Nasdaq: ARRY) announced an agreement to sell up to $500 million of perpetual preferred stock to Blackstone Energy Partners. The initial sale involves $350 million with an optional additional $150 million before June 30, 2023. The preferred stock will yield annual cash dividends of 5.75%, while Blackstone will acquire approximately 5.8% of Array's common stock. Proceeds will be used to repay debt and fund growth. This partnership underscores Array’s strong market position and potential for future consolidation in the solar industry.
Johnson Fistel is investigating potential claims against Array Technologies (NASDAQ: ARRY) following a class action lawsuit filed for securities purchasers during a specified class period. The lawsuit alleges that Array misled investors by failing to disclose rising costs of essential materials like steel and increased freight costs, which negatively impacted the company's operations. Shareholders who held shares before December 2020 may have grounds to pursue claims against the company's officers and directors for alleged misconduct.
Array Technologies (NASDAQ: ARRY) announced its second quarter 2021 results will be released after market hours on August 11, 2021, followed by a conference call at 5:00 p.m. ET. Interested parties can join the call by dialing (877) 451-6152 for domestic or (201) 389-0879 for international access. A replay will be available after the call. Array Technologies, a leading global provider of solar tracker solutions, emphasizes efficient installation and lower energy costs, showcasing its commitment to innovation and customer service.
Array Technologies (NASDAQ: ARRY) has appointed Ken Stacherski as Senior Vice President of Operations, bringing over 30 years of supply chain expertise. Stacherski, previously with Honeywell's aerospace division, will oversee Array's global supply chain strategy and manufacturing operations. His extensive experience is expected to strengthen existing supplier relationships and enhance operations for growth. Array's leadership believes this strategic addition will reinforce its position as a leader in the solar industry through improved product delivery and operational efficiency.
Array Technologies (NASDAQ: ARRY) has appointed Erica Brinker as Chief Marketing Officer and Tyson K. Hottinger as Chief Legal Officer. Brinker, with over 20 years of marketing experience from Honeywell, focuses on driving growth and enhancing ESG initiatives. Hottinger, previously with Maschoff Brennan, brings expertise in legal and compliance matters. CEO Jim Fusaro emphasized the importance of building a strong leadership team to seize opportunities in the booming solar market. Both executives aim to position Array as a leader in renewable energy solutions.
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