Shoals Technologies Group Awarded 53.4 MWdc Honduras Solar Project

Rhea-AI Summary

Shoals Technologies Group, Inc. (Nasdaq: SHLS) has signed an agreement with Consultoria e Inversiones Hondureñas en Energia S.A. (CIHESA) to provide its BLA system for the 53.4 MWdc San José solar project in Honduras. The BLA system is recognized for reducing field work and enhancing safety, quality, and reliability. CIHESA noted that the above-ground design minimizes soil disturbance and accelerates installation time. Power generation is set to commence by the end of Q4 2023, boosting Shoals' international presence in the renewable energy sector.

Positive

• Agreement with CIHESA to supply BLA system for a significant solar project.
• BLA system enhances installation efficiency and reduces field work.
• Increased international market presence anticipated with this partnership.
• Expected power generation to begin by Q4 2023.

Negative

• None.

PORTLAND, Tenn., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a leading provider of electrical balance of systems (“EBOS”) solutions for solar, storage, and electric vehicle (EV) charging infrastructure, today announced it has entered into an agreement with Consultoria e Inversiones Hondureñas en Energia S.A. (“CIHESA”) to supply its BLA system solution for the 53.4 MWdc San José solar project, located in Olanchito, Honduras.

“We’re proud to partner with CIHESA to supply our BLA system for the San José solar project in Honduras,” said Ben Macias, Senior Vice President of Sales and Marketing at Shoals. “As we expand our footprint internationally, our partners abroad are realizing the benefits of our BLA system that significantly reduces field work while improving quality, reliability, and safety.”

“We chose the BLA system due to its above-ground aerial architecture, which substantially reduces soil disturbance and the need for trenching,” said Erik Rodriguez, General Manager for CIHESA. “Additionally, the factory-assembled BLA system will help us eliminate redundant string wiring, reduce failure points, and will enable us to significantly reduce the amount of time spent on-site with its plug and play design.”

The project is expected to begin power generation by the end of fourth quarter 2023.

About Shoals Technologies Group, Inc.

Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. 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 20 GW of solar systems globally. For additional information, please visit: https://www.shoals.com/.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the initial public offering. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its 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. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those in the Company’s registration statement filed with the Securities and Exchange Commission.

Contacts:

Investors:
Email: investors@shoals.com 
Phone: 615-323-9836

Media:
Email: media@shoals.com 

FAQ

What is the significance of Shoals Technologies' agreement with CIHESA?

The agreement allows Shoals to supply its BLA system for the 53.4 MWdc San José solar project, marking an expansion of its international presence.

When will the San José solar project begin power generation?

Power generation for the San José solar project is expected to start by the end of Q4 2023.

How does the BLA system help in solar project installations?

The BLA system reduces field work, minimizes soil disturbance, and accelerates installation with its factory-assembled, plug-and-play design.

What is Shoals Technologies' stock symbol?

Shoals Technologies is traded under the stock symbol SHLS on Nasdaq.