FTC Solar Closes Acquisition of HX Tracker

Rhea-AI Summary

FTC Solar, Inc. (Nasdaq: FTCI) has officially acquired HX Tracker, a China-based supplier of 1P solar tracker systems. This strategic acquisition enhances FTC Solar's international reach, especially in markets like China, the Middle East, and Africa. The deal introduces a 1P tracker solution that optimizes costs in low-labor markets, complementing FTC Solar's existing 2P Voyager solution. The company's President, Sean Hunkler, emphasized the acquisition's potential to accelerate growth and improve product offerings for customers. FTC Solar aims to leverage this acquisition to strengthen its market position in the solar energy sector.

Positive

• Acquisition of HX Tracker boosts international expansion, especially in China, Middle East, and Africa.
• Introduction of a 1P tracker solution optimizes for low-labor cost markets, complementing existing offerings.
• Strengthened platform enhances growth prospects and product offerings.

Negative

• None.

AUSTIN, Texas, June 14, 2022 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider of solar tracker systems, software and engineering services, today announced that it closed the acquisition of HX Tracker, an emerging China-based supplier of 1P tracker systems.

“This complementary acquisition accelerates our international expansion with a strengthened platform to accelerate growth in China, the Middle East, Africa and other markets,” said Sean Hunkler, FTC Solar’s President and Chief Executive Officer. “At the same time, we’re adding a 1P tracker solution that is optimized for low-labor cost markets, which is a strong complement to our Voyager 2P solution that is designed to be truly differentiated based on its ease of construction and reduced labor hours. We’re thrilled to officially welcome the HX team to the FTC Solar family and look forward to providing our customers with the best products and services for years to come.”

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a fast-growing, global 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.

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. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements because of several factors, including those described in more detail 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 contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Source: FTC Solar, Inc.

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
On behalf of FTC Solar
T: (336) 908-7759

FAQ

What is the significance of FTCI's acquisition of HX Tracker?

The acquisition strengthens FTCI's market presence in international regions like China and optimizes their product range with a cost-effective 1P tracker solution.

How will the HX Tracker acquisition impact FTC Solar's growth?

It is expected to accelerate FTC Solar's growth by expanding its footprint in emerging markets and enhancing its product offerings.

When was the acquisition of HX Tracker completed by FTC Solar?

The acquisition was officially closed on June 14, 2022.

What types of tracker systems does FTC Solar provide?

FTC Solar provides 1P and 2P solar tracker systems designed to optimize energy production and reduce installation costs.