Premier PV, a Primoris Services Corporation Company, Reaches $55 Million in Backlog

Rhea-AI Summary

Premier PV, a Primoris Services (NYSE: PRIM) subsidiary, has achieved over $55 million in backlog. The company specializes in electrical balance of systems (eBOS) solutions for solar, battery energy storage, and operations and maintenance markets, focusing on utility-scale applications. Premier PV offers a comprehensive range of eBOS products, including combiner boxes, load break disconnects, and wire harnesses.

Headquartered in Crossett, Arkansas, Premier PV has produced and deployed over ten gigawatts of eBOS products at its ISO9001 certified facility. The company emphasizes environmental stewardship through sustainable packaging practices. As part of Primoris, Premier PV leverages extensive renewable energy expertise and resources to serve a diverse clientele, including contractors, owners, and developers in the renewables sector.

Positive

• Achieved over $55 million in backlog, indicating strong demand for eBOS solutions
• Produced and deployed over ten gigawatts of eBOS products, demonstrating significant market presence
• ISO9001 certified facility, ensuring quality standards in production
• Diverse product offerings covering various aspects of eBOS solutions
• Part of Primoris Services , providing access to extensive resources and expertise

Negative

• None.

Insights

Financial Analyst

Premier PV's achievement of $55 million in backlog is a positive indicator for Primoris Services (NYSE: PRIM). This substantial backlog suggests a strong pipeline of future revenue for the company's renewable energy segment. The backlog's size relative to Premier PV's scale implies robust demand for their eBOS solutions in the utility-scale solar and energy storage markets.

While specific financial impacts aren't disclosed, this backlog likely contributes to improved revenue visibility and potentially higher profit margins for Primoris, given Premier PV's focus on value-added products. The company's expansion into new markets and opportunities could further diversify revenue streams and mitigate risks associated with market fluctuations.

Investors should monitor how efficiently Primoris converts this backlog into recognized revenue and its impact on the company's overall financial performance in upcoming quarters.

Renewable Energy Expert

Premier PV's $55 million backlog signifies a growing demand for eBOS solutions in the utility-scale solar and energy storage sectors. This trend aligns with the rapid expansion of renewable energy infrastructure across the U.S. The company's comprehensive product range positions it well to capitalize on this growth.

Their focus on sustainable packaging and product lifecycle management addresses a critical industry challenge of reducing environmental impact during installation and operation. This approach could provide a competitive edge in an increasingly sustainability-conscious market.

The integration of Premier PV into Primoris' broader renewables business creates synergies that could accelerate growth and innovation in the sector. This vertical integration strategy may lead to improved project execution and cost efficiencies for Primoris' clients, potentially driving further market share gains.

DALLAS--(BUSINESS WIRE)-- Premier PV, part of specialty contractor Primoris Services Corporation’s (NYSE: PRIM) (“Primoris” or the “Company”) family of companies, announced today that it has reached over $55 million in backlog. Premier PV is a provider of electrical balance of systems (eBOS) solutions to the solar, battery energy storage systems, and operations and maintenance markets, with a focus on utility-scale applications. Its product offerings include combiner boxes, load break disconnects, splice boxes, wire harnesses, and jumpers and extenders – making it a complete eBOS provider to its clients.

“We’re proud to achieve this backlog milestone, which is a true testament to our talented team, respected partners, and exceptional clients,” said Ryan Schofield, Vice President of Operations for Premier PV. “We deeply appreciate the trust and collaboration as our business has experienced tremendous growth over the last few years – this is an exciting time for our company as we explore new markets and opportunities. We look forward to continuing to deliver best-in-class products and value to our clients as we shape a sustainable energy future together.”

Premier PV is headquartered in Crossett, Arkansas and works with a variety of engineering, procurement, and construction contractors throughout the U.S. – since its inception, it has produced and deployed over ten gigawatts of eBOS products at its ISO9001 certified facility. With environmental stewardship and responsibility at its core, the company utilizes sustainable packaging to eliminate on-site waste, ensure product protection, and promote reusability.

Dedicated to delivering solutions that redefine eBOS, Premier PV’s leadership team is comprised of industry veterans with over 55 years of combined experience. As part of Primoris Services Corporation, Premier PV offers its clients the benefits of vast renewable energy knowledge, experience, resources, and proven technology.

“Premier PV is not only a value-add for our Primoris clients, but is a standalone operation that can service a wide range of contractors, owners, and developers across the renewables landscape,” said Stephen Jones, President of Primoris’ Renewables business. “We’re constantly challenging ourselves to drive innovation, reduce total cost of ownership, deliver exceptional results, and expand our service offering in utility-scale solar, battery energy storage, operations and maintenance, and more. As the renewable energy landscape rapidly evolves, Premier PV is an example of how we’re providing impactful solutions to power positive change and improve the design life of our clients’ assets.”

About Premier PV

Premier PV is a trusted leader in solar photovoltaic solutions, specializing in the manufacturing of complete eBOS solutions. Headquartered in Crossett, AR, we proudly create our products in our ISO9001 certified facility in the heart of the South, embodying the spirit of American craftsmanship and ensuring we meet the evolving needs of our clients with unmatched efficiency and scale. Led by a team of experienced industry veterans, we are dedicated to delivering cutting-edge solutions that redefine industry standards, maintain the highest levels of quality, and help shape a sustainable future in the energy industry. Premier PV is a Primoris Services Corporation company. Learn more at www.prempv.com.

About Primoris Services Corporation

Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240819976045/en/

Investor Contact

Blake Holcomb

Vice President, Investor Relations

(214) 545-6773

bholcomb@prim.com



Media Contact

Rachel Weiss

Senior Communications Manager

rweiss@prim.com

Source: Primoris Services Corporation

FAQ

What is Premier PV's current backlog value?

Premier PV, a Primoris Services company (NYSE: PRIM), has reached over $55 million in backlog.

What products does Premier PV offer in the renewable energy sector?

Premier PV offers electrical balance of systems (eBOS) solutions, including combiner boxes, load break disconnects, splice boxes, wire harnesses, and jumpers and extenders for solar, battery energy storage systems, and operations and maintenance markets.

How many gigawatts of eBOS products has Premier PV deployed?

Premier PV has produced and deployed over ten gigawatts of eBOS products at its ISO9001 certified facility.

Where is Premier PV headquartered?

Premier PV is headquartered in Crossett, Arkansas.