FTC Solar Announces 1GW Tracker Supply Agreement with Dunlieh Energy

Rhea-AI Summary

FTC Solar (Nasdaq: FTCI) has secured a significant agreement with Dunlieh Energy to supply trackers for over one gigawatt of solar projects starting in 2025. The first project under this agreement is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility in Banner County, Nebraska. The project is expected to create over 225 local construction jobs and contribute $1.4 million annually in nameplate capacity taxes. Tracker delivery will begin in second half of 2025. This agreement follows recent partnerships with Strata Clean Energy and Sandhills Energy.

Positive

• Secured major 1GW tracker supply agreement with Dunlieh Energy
• First project includes 500MW utility-scale solar facility
• Project will generate $1.4 million annually in nameplate capacity taxes
• Creation of 225 local construction jobs

Negative

• Project implementation delayed until second half of 2025

Insights

Energy Infrastructure Analyst

The 1GW tracker supply agreement represents a significant win for FTC Solar, potentially worth $100-150 million based on current industry pricing. The initial 500MW Situla Energy Project in Nebraska marks a substantial deployment, with expected annual tax contributions of $1.4 million to local communities. This deal strengthens FTC Solar's market position in utility-scale solar infrastructure and demonstrates growing demand for their tracker technology.

The agreement's timing aligns with projected solar industry growth, particularly in the U.S. Midwest. The inclusion of battery storage capabilities in the Situla project enhances its grid integration value. This contract, combined with recent partnerships with Strata Clean Energy and Sandhills Energy, indicates strong momentum in FTC Solar's order pipeline and potential revenue growth starting H2 2025.

AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI) (“FTC Solar”), a leading provider of solar tracker systems, and Dunlieh Energy, (“Dunlieh”) announced today that FTC will be supplying trackers for over one gigawatt of solar projects for Dunlieh beginning in 2025.

The first project expected under the agreement is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility under development in Banner County, Nebraska, approximately 30 miles east of the Wyoming border. In addition to providing clean, renewable energy, the project is expected to generate more than 225 local construction jobs and contribute more than $1.4 million annually in nameplate capacity taxes, most of which will go to local schools and the county. Tracker delivery on the project is expected to begin in the second half of 2025.

“FTC Solar has impressive, high-quality tracker technology that is incredibly fast, safe, and easy to install,” said Thaer Flieh, CEO of Dunlieh Energy. “The Situla project is poised to provide great value to the community, and FTC’s highly constructible design will lend itself incredibly well for that and other future developments.”

“We’re very pleased to have been selected by Dunlieh for this one-gigawatt agreement,” commented Yann Brandt, FTC Solar’s President and CEO. “With our robust product lineup across 1P and 2P technologies, along with excellent customer service, we stand ready to help our new customer, Dunlieh, optimize each individual project site.”

FTC Solar adds this material supply agreement to a recently announced relationship with Strata Clean Energy as well as new project details with Sandhills Energy in the past quarter.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

About Dunlieh Energy 
At Dunlieh Energy, we're on a mission to accelerate the transition to clean energy by solving energy problems and bringing new generation capacity to areas that lack energy supply. Developing sustainable energy projects including solar PV, energy storage and green hydrogen, our goal is to build a green future for the next generation.

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

Dunlieh Contact:
contact@dunlieh-energy.com
www.dunlieh-energy.com 

Forward-Looking Statements 
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our 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.  In addition, this press release contains statements about third parties and their commercial activity.  We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements.  You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law. 

FAQ

What is the size of FTC Solar's (FTCI) new tracker supply agreement with Dunlieh Energy?

FTC Solar has secured a 1 gigawatt tracker supply agreement with Dunlieh Energy, beginning in 2025.

What is the first project under FTC Solar's (FTCI) agreement with Dunlieh Energy?

The first project is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility in Banner County, Nebraska.

When will FTC Solar (FTCI) begin tracker delivery for the Situla Energy Project?

Tracker delivery for the Situla Energy Project is expected to begin in the second half of 2025.

What are the economic benefits of FTC Solar's (FTCI) Situla Energy Project?

The project will create over 225 local construction jobs and contribute more than $1.4 million annually in nameplate capacity taxes, primarily benefiting local schools and the county.