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FTC Solar, Inc. (Nasdaq: FTCI) is a technology-driven company specializing in the design, manufacturing, and servicing of solar tracker systems, complemented by proprietary software and engineering consulting services. Solar trackers are critical components in solar power installations, dynamically adjusting the orientation of solar panels to optimize energy production throughout the day. By leveraging advanced technology and innovative design, FTC Solar helps its clients maximize energy output while minimizing installation and operational costs.
Core Offerings
FTC Solar's comprehensive portfolio includes:
- Solar Tracker Systems: The company's flagship product line includes single-axis trackers, such as the AP90, which are engineered to deliver high performance, reliability, and cost efficiency. These systems are designed to adapt to various solar project applications, including ground-mounted, rooftop, and canopy installations.
- Proprietary Software Solutions: FTC Solar offers advanced software tools like SunDAT, a design automation platform, and SAM, a portfolio management solution. These tools enable streamlined project planning, optimization, and management, enhancing the overall efficiency of solar installations.
- Engineering and Consulting Services: The company provides specialized services such as development engineering, pay-for-performance consulting, and lean construction implementation, ensuring that projects are executed with precision and cost-effectiveness.
Market Position and Industry Significance
Founded in 2017 by renewable energy industry veterans, FTC Solar operates in the rapidly growing renewable energy sector, with a focus on utility-scale solar projects. The company has extensive experience, with over 1 GW of installations in the United States and 4 GW globally. Its innovative solutions address key industry challenges, such as reducing installation costs, increasing energy generation, and mitigating risks like hail damage through offerings like the Automated Hail Stow Solution.
FTC Solar is strategically positioned in a competitive landscape that includes major players like Nextracker and Array Technologies. The company's differentiation lies in its unique combination of cost-effective tracker designs, proprietary software, and value-added engineering services. This integrated approach provides clients with a comprehensive solution to optimize solar energy production and project economics.
Business Model and Revenue Streams
FTC Solar generates revenue through multiple channels, including the sale of solar tracker systems, licensing of proprietary software, and engineering consulting services. This diversified revenue model allows the company to cater to a wide range of customer needs, from project development to operational optimization. By focusing on cost reduction and efficiency, FTC Solar delivers significant value to its clients, which include solar project developers, EPC firms, and utility-scale operators.
Commitment to Innovation
Innovation is a cornerstone of FTC Solar's business strategy. The company continuously invests in research and development to enhance its product offerings and address emerging industry challenges. For example, the Automated Hail Stow Solution integrates advanced meteorological data to protect solar panels from hail damage, demonstrating FTC Solar's proactive approach to risk mitigation and asset protection.
Conclusion
FTC Solar, Inc. is a prominent player in the renewable energy sector, offering a unique blend of technology, engineering expertise, and innovative solutions. By focusing on maximizing energy generation and minimizing costs, the company plays a vital role in advancing the adoption of solar energy globally. Its commitment to innovation and customer-centric solutions positions FTC Solar as a valuable partner for solar project developers and operators seeking to optimize their investments in renewable energy.
FTC Solar, Inc. (Nasdaq: FTCI) will host a business insights call on January 18, 2022, at 8:30 a.m. ET, led by CEO Sean Hunkler. This call is part of Hunkler's commitment to provide analysts and investors with insights following his first 100 days in the role, which began on September 14, 2021. The update will cover strategies to enhance FTC Solar’s growth and ensure profitable expansion. Interested parties can access the call via the FTC Solar Investor Relations website, with a replay available for 30 days.
FTC Solar, Inc. (Nasdaq: FTCI), a leader in solar tracker systems and services, announced that CEO Sean Hunkler will present at the 24th Annual Needham Virtual Growth Conference on January 11, 2022, at 5:00 p.m. ET. This event will be available via live webcast from the Events section of FTC Solar’s website.
Founded in 2017, FTC Solar specializes in solar tracker technology that enhances energy production at solar installations by optimizing panel orientation. The company is recognized for its performance and cost-efficiency in the solar industry.
FTC Solar, Inc. (Nasdaq: FTCI) announced that CEO Sean Hunkler and CFO Patrick Cook will meet with investors at upcoming conferences. Hunkler will present at the Nasdaq Investor Conference on December 1, 2021, at 11:00 a.m. ET, with a live webcast available on FTC Solar’s website. Additionally, they will attend the Capital One Securities Annual Energy Conference on December 7, 2021. Founded in 2017, FTC Solar specializes in solar tracker systems that enhance energy production by optimizing panel orientation.
FTC Solar reported third-quarter revenue of $53.0 million, reflecting a 5.8% increase quarter-over-quarter but a decrease of 11% year-over-year. Nine-month revenue surged by 18% year-over-year. The company added contracts totaling $752 million YTD and announced a significant 1.7GW supply transaction. CEO Sean Hunkler noted strong long-term prospects despite project delays impacting Q4 revenue outlook, which has adjusted to $70.0-$80.0 million. Adjusted EBITDA loss was $16.1 million, with improved operating expenses attributed to cost controls.
FTC Solar has been awarded a substantial project in Arizona to provide its Voyager tracker for a 504 megawatts DC solar plus storage facility. The project, contracted by Moss Solar and a Tier 1 U.S. Developer, will also include 260 megawatts AC of energy storage, representing a significant capital investment in the region. Scheduled to begin operations in 2023, this innovative project aims to optimize energy capture while reducing installation costs. FTC Solar continues to grow as a leader in solar technology.
FTC Solar, Inc. (NASDAQ: FTCI) has announced its first project in Africa, located at Botswana University of Agriculture and Natural Resources (BUAN). The agrivoltaic project, utilizing FTC's Voyager+ tracker, will generate approximately 1MW of solar power starting early 2022. Collaborating with AAAS Energy and Soventix, the initiative aims to address climate resilience and energy needs while supporting agricultural research. The African solar market is forecasted to grow significantly, with over 100 gigawatts expected by 2030, representing a substantial market opportunity for FTC Solar.
FTC Solar, Inc. (Nasdaq: FTCI) is set to report its third quarter 2021 financial results before market open on November 10, 2021. An investor conference call will follow at 8:30 a.m. E.T. to discuss results and outlook. The call will be available via webcast on the company's Investor Relations website, with a replay accessible for 30 days post-webcast. FTC Solar, founded in 2017, specializes in solar tracker systems that optimize solar panel orientation for increased energy production.
FTC Solar has launched the Voyager+, a new 2P-design solar tracker, enhancing energy capture and reducing installation equipment needs. This tracker supports large-format modules of 550 watts and higher and boasts 46% fewer foundation piles, increasing energy density by nearly 2% compared to 1P models. With over 1GW of Voyager+ systems installed or contracted in the South Central US, the company emphasizes its robust design validated through collaboration with RWDI and Engineered Power Solutions. This tracker withstands winds up to 120 mph, positioning FTC Solar as a key player in utility-scale solar projects.
FTC Solar, Inc. announces the appointment of Sean Hunkler as President and CEO, effective September 24, 2021, following the resignation of Tony Etnyre. Hunkler brings extensive experience from leadership roles at Western Digital and NXP Semiconductors. The transition occurs amid unprecedented growth for FTC Solar, driven by increased demand for its solar tracker systems. Hunkler aims to leverage FTC Solar's strong foundation for further scaling and operational excellence while Etnyre will support the company through the transition until 2022.
AUSTIN, Texas, Sept. 08, 2021 — FTC Solar, a global provider of solar tracker systems, announces its CEO Tony Etnyre and CFO Patrick Cook will meet with investors at two upcoming conferences. Barclays CEO Energy-Power Virtual Conference is on September 9, starting at 10:20 a.m. Eastern Time, with a live webcast available on FTC Solar's website. The UBS Global Energy Transition Virtual Conference will follow on September 14-15. Founded in 2017, FTC Solar specializes in optimizing solar energy production with innovative tracker systems.
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