FTC Solar Introduces Automated Hail Stow Solution to Mitigate Solar Panel Damage

Rhea-AI Summary

FTC Solar (Nasdaq: FTCI) has launched its Automated Hail Stow Solution to protect solar panels from hail damage. This innovative solution integrates advanced technology with meteorological data to automatically adjust solar panel positions, reducing the risk of hail-related damage. Given the average insurance claims of $58.4 million per hail incident in the US, this solution is a significant advancement. Developed in collaboration with VDE Americas, the solution uses a hail stow strategy that positions solar modules at optimal angles to minimize hail and wind impacts. Key features include integration with FTC's SUNOPS management platform, real-time meteorological data updates, customizable stow thresholds, and both auto-stow and manual stow options. FTC Solar continues to focus on innovation and sustainability, aiming to enhance operational efficiency and asset protection in the renewable energy sector.

Positive

• FTC Solar's Automated Hail Stow Solution can significantly reduce hail-related damage to solar panels, potentially saving on average $58.4 million per hail incident in insurance claims.
• The solution integrates with FTC's SUNOPS management platform, offering enhanced control and monitoring of PV plants.
• Utilizes real-time, accurate meteorological data for timely damage mitigation.
• Customizable stow thresholds based on risk factors like hail size and probability, providing flexibility to users.
• Partnership with VDE Americas ensures industry expertise in the solution's development.

Negative

• The announcement lacks detailed financial projections or revenue expectations from the new solution.
• Potential high costs for implementation and integration of the Automated Hail Stow Solution.
• Dependence on the accuracy and reliability of meteorological data, which may vary.
• Lack of information on potential downtime or disruptions during hail stow activations.

Insights

Tech Expert

FTC Solar's introduction of the Automated Hail Stow Solution represents a significant technological advancement in the solar energy sector. Leveraging real-time meteorological data and advanced automation, the system intelligently repositions solar panels to minimize hail damage. This not only protects the physical assets but also helps maintain operational efficiency, which is important for the profitability of solar installations. The solution's integration with FTC's proprietary SUNOPS platform enhances its usability, offering seamless control and monitoring options. Furthermore, the flexibility to switch between auto-stow and manual stow adds a layer of customization that can cater to diverse user needs. The inclusion of real-time notifications ensures that operators are always informed about impending hail events, enabling proactive measures. Overall, this innovation could set a new industry standard for protective measures against weather-related damage in solar energy systems.

Financial Analyst

From a financial perspective, FTC Solar's Automated Hail Stow Solution could have positive implications for the company's revenue and shareholder value. By addressing the significant risk of hail damage—estimated at an average of $58.4 million per incident—the solution offers considerable cost-saving potential for solar farm operators. This risk mitigation could translate into lower insurance premiums and reduced operational downtime, improving the overall financial health of solar projects. Moreover, the innovative nature of this technology might attract new customers and strengthen relationships with existing clients, thereby driving sales growth. As FTC Solar continues to innovate, it positions itself as a leader in the renewable energy sector, which could enhance its market valuation and appeal to investors seeking sustainable growth opportunities.

AUSTIN, Texas, May 30, 2024 /PRNewswire/ -- FTC Solar, Inc. (Nasdaq: FTCI) a leading provider of innovative solar energy solutions, announces the launch of its Automated Hail Stow Solution, aimed at minimizing solar panel damage caused by hail storms. The solution integrates advanced technology with meteorological data to automatically adjust the positioning of solar panels, reducing the risk of hail-related damage.

Hail storms pose a significant threat to solar panel installations, with insurance claims in the US averaging about $58.4 million per incident. In response to this challenge, FTC Solar has developed an automated hail stow solution that leverages its expertise in solar tracker technology and strategic partnerships with industry experts.

FTC Solar collaborated with VDE Americas, a renowned third-party industry expert, to study hail events and their impact on solar panel installations. The research led to the development of a hail stow strategy that positions solar modules at the maximum angle allowed by the tracker, away from prevailing winds, to minimize direct hail and associated wind impacts.

Key features of FTC's Automated Hail Stow Solution include:

• Integration with FTC's proprietary operations management platform, SUNOPS, for enhanced control and monitoring of PV plants.
• Utilization of meteorological data combined with hail stow strategy to ensure automated and timely mitigation against hail events.
• Multi-radar approach for real-time, highly accurate meteorological data updates.
• Flexibility for users to choose between auto-stow or manual stow options.
• Notification feature to warn users of impending hail events.
• Customizable stow thresholds based on risk appetite and site location, including factors such as hail size, probability, and radius.
• Compatibility with leading meteorological data providers, ensuring seamless integration and data security through encryption.

"We're excited to introduce our Automated Hail Stow Solution, offering a proactive approach to mitigating hail-related damage to solar panel installations," said Andrew Morse, Senior Director of Software at FTC Solar. "By combining advanced technology with meteorological insights, we aim to provide our customers with greater peace of mind and protection for their solar assets."

The Automated Hail Stow Solution reflects FTC Solar's commitment to innovation and sustainability in the renewable energy sector. With a focus on enhancing operational efficiency and minimizing risk, FTC continues to drive progress towards a more resilient and sustainable future.

For more information about FTC Solar's Automated Hail Stow Solution, please visit: https://www.ftcsolar.com/start-conversation/

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.

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.

Media Contact:

Sarah Evans
Zen Media
sarah@zenmedia.com

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SOURCE FTC Solar Inc

FAQ

What is FTC Solar's Automated Hail Stow Solution?

FTC Solar's Automated Hail Stow Solution is a technology that adjusts solar panel positions to reduce hail-related damage, integrating meteorological data for timely responses.

How does the Automated Hail Stow Solution benefit FTC Solar?

The solution helps minimize hail-related damage to solar panels, potentially saving millions in insurance claims and enhancing the protection of solar assets.

What is the average cost of hail damage to solar panels in the US?

Hail storms in the US result in average insurance claims of about $58.4 million per incident for solar panel damage.

How does the Automated Hail Stow Solution integrate with FTC's SUNOPS platform?

The solution is integrated with FTC's SUNOPS platform, allowing enhanced control and monitoring of PV plants for better risk management and operational efficiency.

Who did FTC Solar collaborate with to develop the Automated Hail Stow Solution?

FTC Solar collaborated with VDE Americas, a third-party industry expert, to develop the hail stow strategy.

What customization options does the Automated Hail Stow Solution offer?

The solution offers customizable stow thresholds based on factors like hail size, probability, and radius, allowing users to set risk-based responses.