FTC Solar and Primoris Announce 500 Megawatt Tracker Supply Agreement

Rhea-AI Summary

FTC Solar, Inc. (Nasdaq: FTCI) announced its selection by Primoris Renewable Energy to supply a minimum of 500 megawatts of its Pioneer 1P tracker technology across several U.S. project sites. The Pioneer tracker offers a 18%-36% reduction in pile count per megawatt compared to competitors and enables significant reductions in labor and material costs, leading to enhanced energy output. Primoris emphasized the partnership's ability to add value to clients and promote increased domestic content in solar projects.

Positive

• FTC Solar secured a contract to supply 500 megawatts of Pioneer 1P trackers, indicating strong demand for its innovative technology.
• The Pioneer tracker technology provides a significant pile count reduction, leading to lower installation costs and increased energy output.
• The partnership with Primoris reinforces FTC Solar's position in the renewable energy market and supports its strategy for innovation.

Negative

• None.

New Pioneer 1P Tracker Selected for its ease of installation, fewer required foundations and low capital and labor cost

AUSTIN, Texas, Sept. 15, 2022 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, announced today that it has been selected by Primoris Renewable Energy (Primoris) to supply at least 500 megawatts of its solar tracker technology for multiple project sites in the U.S. Primoris is expected to utilize FTC Solar’s new and differentiated Pioneer 1P tracker technology on multiple projects to optimize performance while reducing capital and labor costs.

"We are honored to be selected by Primoris, a leading solar EPC, to further strengthen our relationship and supply a number of future projects including with our latest tracker technology, Pioneer,” said Patrick Cook, Chief Commercial Officer. “By selecting Pioneer, Primoris is receiving a truly differentiated 1P tracker that achieves a full 18%-36% pile count reduction per megawatt vs. other leading trackers, along with a high-density design, resulting in reduced labor and materials cost and greater energy output.”

Designed for ease of construction, Pioneer boasts a significantly reduced pile count relative to competing solutions, reduced pile embedment depth enabled by a zero-degree stow, as well as fast assembly, with proprietary fast-module hang technology and fewer fasteners. Pioneer also accommodates a 17.5% slope along with a shorter row length to enable more than a 5% greater energy output for a given parcel of land.

Anthony Vorderbruggen, SVP, Operations for Primoris said “Primoris and FTC Solar are pleased to announce this partnering agreement that will allow Primoris to provide additional value to select clients. This agreement, which is based on our strong business relationship and FTC’s commitment to innovation, will also support our ability to provide increased domestic content to the market.”

About FTC Solar 
FTC Solar is a fast-growing, global provider of solar tracker systems, software, and engineering services. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage. Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is headquartered in Austin, Texas, and maintains a sales and support presence in the Middle East, Asia, Europe, Australia, India, and Africa. For more information, please visit https://www.ftcsolar.com/

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com

FTC Solar Media Contact:
Scott Deitz
For FTC Solar
T: (336) 908-7759

FAQ

What is the new contract announced by FTC Solar with Primoris Renewable Energy?

FTC Solar has been selected to supply at least 500 megawatts of its Pioneer 1P tracker technology for multiple project sites in the U.S.

How does the Pioneer 1P tracker technology benefit project installations?

The Pioneer 1P tracker offers an 18%-36% reduction in pile count per megawatt, which helps lower labor and material costs while improving energy output.

What are the key features of FTC Solar's Pioneer 1P tracker?

Key features include reduced pile count, lower embedment depth, fast assembly technology, and the capability to accommodate a 17.5% slope.

What advantages does the partnership with Primoris provide FTC Solar?

The partnership enhances FTC Solar's market presence, allows for increased domestic content in projects, and provides added value to Primoris's clients.