Shoals Technologies Group Collaborates with EY for Electric Vehicle Charging Solutions

Rhea-AI Summary

Shoals Technologies Group (Nasdaq: SHLS) has partnered with Ernst & Young to enhance its electric vehicle (EV) charging solutions. This collaboration aims to achieve a 20%–30% reduction in installation costs compared to traditional systems. The EV charging market is projected to grow from $300 million to $1.2 billion by 2023, emphasizing the need for efficient deployment. The partnership also seeks to optimize investments from the Federal Government's infrastructure plan, aimed at improving capital efficiency and expanding charging station deployment.

Positive

• Collaboration with EY aims for 20%-30% reduction in installation costs.
• EV charging market expected to grow from $300 million to $1.2 billion by 2023.
• Partnership enhances capital efficiency for EV charging infrastructure.

Negative

• None.

EV charging BOS solutions to deliver 20%–30% reduction in installation costs

PORTLAND, Tenn., Aug. 30, 2021 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Shoals or the Company) (Nasdaq: SHLS), a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure, will collaborate with Ernst & Young LLP (EY US) for Shoals’ electric vehicle (EV) charging systems solutions. Shoals launched four EV charging product offerings, which are expected to reduce installation costs by 20%–30% compared with conventional solutions.

Electrification in mobility is gathering pace, demanding the reinvention of strategies, operating models and supply chains. Spending on EV charging stations is forecasted to quadruple from $300 million to $1.2 billion by 2023. For the EV charging market to expand and meet customer demand, deployment must become more efficient and less costly. EV BOS components and installation are nearly half the cost of EV charging infrastructure deployment. Shoals’ EV solutions deliver much-needed EV BOS innovation and value by reducing installation cost, lowering material cost and requiring significantly less time on-site during deployment.

The relationship leverages EY US teams’ experience in economic modeling and operational plan development with Shoals’ innovative EV solution offering for broad system deployments. The two companies will collaborate on methods to optimize deployment time and capital efficiency.

“As infrastructure is electrified and supply chains are reimagined, the challenges are too big for one sector or one company to solve alone. Only through collaboration can organizations thrive in the emerging e-mobility ecosystem, win customers, and drive returns while advancing sustainability in transport. This joint effort provides value to the market by leveraging the deep e-mobility and economical experience of EY US teams with the innovative cost-reducing offerings from Shoals,” said Jeff Tolnar, Senior Vice President of EV Solutions for Shoals Technologies Group. “We are thrilled to work with a company of the caliber of EY US in such an important market and expect that the abilities of the two companies will make a powerful combination for our customers.”

“EY US and Shoals both recognize the enormous opportunity within the EV infrastructure market and that cost of deployment is a major hurdle for the ROI of deployed charging stations,” said Steve Patton, EY Americas Mobility Sector Leader. “Our client base is expecting more cost-effective solutions to meet their EV infrastructure needs. We feel that Shoals’ EV solutions are unique and will improve the capital efficiency of our customers as they deploy charging systems.”

The companies anticipate that through collaboration they can optimize the EV-related investments that are part of the Federal Government’s proposed infrastructure plan, which includes a significant investment in EV charging infrastructure. “Together with EY, Shoals will help charge point operators to improve their ROI, increase capital efficiency and drive more pervasive deployment of charging stations,” said Jason Whitaker, CEO of Shoals Technologies Group. “In other words, leverage funding from the infrastructure bill to deploy more charging stations, more economically.”

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.

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy.

EY member firms do not practice law where prohibited by local laws.

Contacts:

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

Media:
Email: media@shoals.com

FAQ

What are the benefits of the Shoals and EY partnership for SHLS?

The partnership aims to reduce installation costs by 20%–30%, enhancing capital efficiency and making EV infrastructure more cost-effective.

How is the EV charging market projected to change by 2023?

The EV charging market is expected to quadruple from $300 million to $1.2 billion by 2023, increasing demand for efficient deployment solutions.

What financial implications does the partnership with EY have for Shoals Technologies Group?

The collaboration with EY is anticipated to optimize deployment time and improve return on investment for EV charging systems.

What are Shoals' new EV charging product offerings?

Shoals launched four new EV charging product offerings aimed at reducing installation and material costs.

What does the partnership with EY aim to achieve?

The partnership seeks to leverage EY's experience in economic modeling to enhance Shoals' EV solutions and optimize capital efficiency.