Shoals Announces Partnership in the Kingdom of Saudi Arabia
Shoals Technologies Group (Nasdaq: SHLS), a leader in electrical balance of system (EBOS) solutions, has signed a non-binding memorandum of understanding (MoU) with United Utilities Environmental Services (UUES) in Riyadh. The partnership aims to localize solar EBOS manufacturing for the Kingdom of Saudi Arabia (KSA) and the region.
The KSA plans to develop up to 130 GW of renewable power generation in the next six years, with a significant focus on solar power. Shoals' plug-and-play, prefabricated EBOS solutions are expected to accelerate this development in a market lacking the necessary trade skills.
The localization of Shoals' products will include solutions that have proven successful in the United States for improving utility-scale project reliability, enhancing developer IRR, and eliminating the need for a skilled workforce in EBOS installation.
Shoals Technologies Group (Nasdaq: SHLS), un leader nelle soluzioni di equilibrio elettrico del sistema (EBOS), ha firmato un memorandum di intesa (MoU) non vincolante con United Utilities Environmental Services (UUES) a Riyadh. L'obiettivo della partnership è localizzare la produzione di EBOS solari per il Regno dell'Arabia Saudita (KSA) e la regione.
Il KSA prevede di sviluppare fino a 130 GW di energia rinnovabile nei prossimi sei anni, con un'importante attenzione all'energia solare. Le soluzioni EBOS prefabbricate e pronte all'uso di Shoals dovrebbero accelerare questo sviluppo in un mercato privo delle competenze commerciali necessarie.
La localizzazione dei prodotti di Shoals includerà soluzioni che hanno dimostrato il loro successo negli Stati Uniti per migliorare l'affidabilità dei progetti su larga scala, aumentare il rendimento delle imprese (IRR) degli sviluppatori e eliminare la necessità di una forza lavoro specializzata nell'installazione di EBOS.
Shoals Technologies Group (Nasdaq: SHLS), un líder en soluciones de equilibrio eléctrico del sistema (EBOS), ha firmado un memorando de entendimiento (MoU) no vinculante con United Utilities Environmental Services (UUES) en Riad. La asociación tiene como objetivo localizar la fabricación de EBOS solares para el Reino de Arabia Saudita (KSA) y la región.
El KSA planea desarrollar hasta 130 GW de generación de energía renovable en los próximos seis años, con un enfoque significativo en la energía solar. Se espera que las soluciones EBOS prefabricadas y listas para usar de Shoals aceleren este desarrollo en un mercado que carece de las habilidades comerciales necesarias.
La localización de los productos de Shoals incluirá soluciones que han demostrado ser exitosas en los Estados Unidos para mejorar la fiabilidad de los proyectos a gran escala, aumentar la Tasa Interna de Rendimiento (IRR) de los desarrolladores y eliminar la necesidad de una mano de obra especializada en la instalación de EBOS.
Shoals Technologies Group (Nasdaq: SHLS)는 전기 시스템 균형(EBOS) 솔루션의 선두주자로서, United Utilities Environmental Services (UUES)와 리야드에서 비구속적 양해각서(MoU)를 체결했습니다. 이 파트너십은 사우디 아라비아(KSA) 및 해당 지역을 위한 태양광 EBOS 생산의 현지화를 목표로 하고 있습니다.
KSA는 향후 6년 동안 최대 130 GW의 재생 에너지 발전을 개발할 계획이며, 태양광 발전에 중점을 두고 있습니다. Shoals의 플러그 앤 플레이, 조립식 EBOS 솔루션은 필요한 상업적 기술 부족이 있는 시장에서 이 개발을 가속화할 것으로 예상됩니다.
Shoals의 제품 현지화는 전력망 규모 프로젝트의 신뢰성을 향상시키고, 개발자의 내부 수익률(IRR)을 높이며, EBOS 설치에 숙련된 인력의 필요성을 없애는 데 성공적인 것으로 입증된 솔루션을 포함할 것입니다.
Shoals Technologies Group (Nasdaq: SHLS), un leader dans les solutions d'équilibre électrique du système (EBOS), a signé un mémorandum d'entente (MoU) non contraignant avec United Utilities Environmental Services (UUES) à Riyad. Le partenariat vise à localiser la fabrication des EBOS solaires pour le Royaume d'Arabie Saoudite (KSA) et la région.
Le KSA prévoit de développer jusqu'à 130 GW de production d'énergie renouvelable au cours des six prochaines années, avec un accent particulier sur l'énergie solaire. Les solutions EBOS préfabriquées et prêtes à l'emploi de Shoals devraient accélérer ce développement dans un marché dépourvu des compétences commerciales nécessaires.
La localisation des produits de Shoals comprendra des solutions qui ont fait leurs preuves aux États-Unis pour améliorer la fiabilité des projets à grande échelle, améliorer le taux de rendement interne (IRR) des développeurs et éliminer le besoin d'une main-d'œuvre qualifiée pour l'installation des EBOS.
Shoals Technologies Group (Nasdaq: SHLS), ein führendes Unternehmen im Bereich der elektrischen Systembalance (EBOS), hat ein nicht verbindliches Memorandum of Understanding (MoU) mit United Utilities Environmental Services (UUES) in Riad unterzeichnet. Ziel der Partnerschaft ist es, die Herstellung von solarer EBOS im Königreich Saudi-Arabien (KSA) und der Region zu lokalisieren.
Die KSA plant, in den nächsten sechs Jahren bis zu 130 GW erneuerbare Energie zu entwickeln, mit erheblichem Fokus auf Solarenergie. Die modularen und sofort einsatzbereiten EBOS-Lösungen von Shoals sollen diese Entwicklung in einem Markt beschleunigen, der es an den erforderlichen Handelsfähigkeiten mangelt.
Die Lokalisierung der Produkte von Shoals wird Lösungen umfassen, die sich in den Vereinigten Staaten als erfolgreich erwiesen haben, um die Zuverlässigkeit von Großprojekten zu verbessern, die Eigenkapitalrendite (IRR) für Entwickler zu steigern und die Notwendigkeit einer qualifizierten Arbeitskraft bei der EBOS-Installation zu beseitigen.
- Partnership with UUES to develop localized solar solutions for KSA and the region
- Potential to tap into KSA's planned 130 GW renewable power generation market
- Shoals' plug-and-play solutions address the lack of trade skills in the market
- Localization of products expected to improve project reliability and developer IRR
- None.
Insights
This partnership signals Shoals' strategic expansion into the Saudi Arabian renewable energy market, aligning with the Kingdom's ambitious goal of 130 GW renewable power generation in six years. The move could potentially unlock significant revenue streams for Shoals, given the scale of Saudi Arabia's solar energy plans.
However, investors should note that this is a non-binding MoU, not a finalized deal. The
While promising, it's important to monitor how this partnership translates into tangible financial benefits for Shoals in the coming quarters.
Shoals' plug-and-play, prefabricated EBOS solutions address a critical skills gap in the Saudi market, potentially accelerating solar project deployments. The technology's focus on pre-designing and pre-fabricating solar EBOS components offers several advantages:
- Faster installation times
- Reduced on-site errors
- Lower dependency on skilled labor
These benefits could give Shoals a competitive edge in a rapidly growing market. However, the success of this localization effort will hinge on how well Shoals can adapt its technology to local conditions and regulatory requirements. Investors should watch for updates on the progress of product localization and any initial project implementations.
Memorandum of Understanding with United Utilities Environmental Services (UUES) Riyadh intended to localize solar EBOS manufacturing
PORTLAND, Tenn., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical balance of system (“EBOS”) solutions for the energy transition market, announced today that it has executed a non-binding memorandum of understanding (MoU) with UUES to work together in developing localized solar solutions for KSA and the region. As part of the MoU, Shoals and UUES will work to establish a business to localize solar EBOS manufacturing for the region.
The Kingdom of Saudi Arabia has planned to develop up to 130 GW of renewable power generation in the next six years, with solar power being a significant portion. In a market that lacks the trade skills required to execute on this ambitious target, Shoals believes its plug-and-play, prefabricated EBOS solutions will help to accelerate this development.
“I am delighted to be partnering with UUES, a highly capable and agile company that is well established in the region with the right relationships,” said Gary Uren, Senior Vice President and General Manager for International Business at Shoals. “We believe this new partnership demonstrates the vast potential to grow our business on a global scale.”
“After visiting its facilities in Tennessee, I was convinced that Shoals has what is needed to see the Kingdom deliver on its bold objectives for Solar,” stated Samer Mazloum, CEO of UUES. “Shoals’ approach of pre-designing and pre-fabricating the solar EBOS will greatly speed up installation time and avoid installation failures that have plagued the region.”
Shoals’ product localization will include solutions that have been successful in the United States at improving the reliability of utility scale projects, improving the IRR for developers, and eliminating the need for a skilled workforce to install EBOS on utility scale solar projects.
About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 70 GW of solar systems globally. For additional information, please visit: www.shoals.com.
About United Utilities Environmental Services, Inc.
UUES is a regional leader involved in the water and power sectors. With offices in the three major regions of the Kingdom of Saudi Arabia and a headquarters in Riyadh, UUES serves its clients throughout the MENA region providing solutions such as desalination plants, wastewater treatment plants, as well as power generation solutions.
UUES investors including the Attar family have signaled their support for the partnership and will assist the business as it develops the necessary capabilities that will enable the Kingdom to succeed in its core Vision 2030. Mohammad Saddik Attar, UUES Board Member, is quoted saying; “this partnership continues our journey with globally recognized businesses and brands and will support the country’s objectives of introducing technological solutions and help deliver environmental sustainability for the Kingdom of Saudi Arabia”.
Forward Looking Statement:
This press release contains certain forward-looking statements that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These forward-looking statements relate to, among other things, the Company’s new product offerings and the Company’s international expansion and growth efforts. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things: our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks; a further increase in interest rates or a reduction in the availability of tax incentives or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a solar energy system and could reduce the demand for the Company’s products; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; developments in alternative technologies may have a material adverse effect on demand for the Company’s offerings; and if demand for solar energy projects does not continue to grow or grows at a slower rate than the Company anticipates, the Company may not be able to achieve the Company’s anticipated level of growth and the Company’s business will suffer.
These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission, and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this release. You should read this release with the understanding that the Company’s actual future results may be materially different from what the Company expects.
Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For media inquiries, please contact:
Public Relations
Lindsey Williams, VP of Marketing
Lindsey.williams@shoals.com
Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com
FAQ
What is the purpose of Shoals Technologies Group's partnership with UUES in Saudi Arabia?
How much renewable power generation does Saudi Arabia plan to develop in the next six years?
How will Shoals' EBOS solutions benefit the Saudi Arabian market?
What advantages does Shoals (SHLS) expect from localizing its products in Saudi Arabia?
