FTC Solar Announces 300MW Tracker Agreement in Spain and Italy to Include Utility-Scale Agrivoltaic Projects

Rhea-AI Summary

FTC Solar has been selected by European renewables developer Five-E to supply at least 300 megawatts of its solar tracker technology for projects in Italy and Spain. The company's Voyager tracker is expected to be utilized for most projects. Delivery is expected to begin in late 2023 and be completed by the end of 2025.

Positive

• FTC Solar selected to supply 300 MW of solar tracker technology for projects in Italy and Spain
• Voyager tracker offers high energy density and reduced foundation count, making it optimal for agrivoltaic projects

Negative

• None.

FTC solutions offer ease of installation, high energy density, and fewer required foundations

Voyager 2P tracker design also optimal for agrivoltaic projects

AUSTIN, Texas, Aug. 09, 2023 (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 European renewables developer Five-E to supply at least 300 megawatts of its solar tracker technology for multiple project sites in Italy and Spain. Five-E is expected to utilize FTC’s Voyager tracker for most projects.

"We are very pleased to be selected by Five-E for this portfolio of European projects, which includes multiple utility-scale agrivoltaic projects,” said Patrick Cook, Chief Commercial Officer. “Our trackers are always designed to offer benefits such as fast assembly, reduced part count, and high slope tolerance. For agrivoltaic projects, the high energy density and significantly reduced foundation count of our Voyager tracker, relative to competing products and higher ground clearance, makes Voyager the optimal solution. We couldn’t be happier to see more customers in more countries realize these benefits.

Iñigo Asensio, Founder and CEO of Five-E, said, “We’re pleased to sign this partnership agreement with FTC Solar. With compelling solutions and an offering that spans 1P and 2P trackers, software, and engineering services, FTC can meet us where we need to be to optimize each project.”

Delivery on these projects is currently expected to begin in late 2023 and be completed by the end of 2025.

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

Who has selected FTC Solar to supply solar tracker technology for projects in Italy and Spain?

European renewables developer Five-E has selected FTC Solar to supply solar tracker technology for projects in Italy and Spain.

What is the expected capacity of the solar tracker technology to be supplied?

FTC Solar will supply at least 300 megawatts of its solar tracker technology for the projects.

What type of tracker is expected to be utilized for most projects?

FTC Solar's Voyager tracker is expected to be utilized for most projects.

When is the expected delivery timeframe for the projects?

Delivery is expected to begin in late 2023 and be completed by the end of 2025.