Shoals Technologies Group, Inc. Strengthens Board of Directors With Three New Members

Rhea-AI Summary

Shoals Technologies Group (Nasdaq: SHLS) announced the addition of three experienced executives, Lori Sundberg, Toni Volpe, and Ty Daul, to its Board of Directors. These appointments are expected to enhance Shoals' strategic direction in renewable energy and infrastructure. Sundberg brings HR expertise from Western Digital; Volpe leads Falck Renewables with significant growth experience; and Daul has extensive solar project development experience at Primergy Solar. Their collective expertise aims to support Shoals' growth ambitions in the renewable sector.

Positive

• Appointment of seasoned executives enhances strategic direction.
• Lori Sundberg offers extensive HR expertise to optimize talent management.
• Toni Volpe's leadership in renewables can drive geographic and sector growth.
• Ty Daul brings valuable solar project development experience.

Negative

• None.

Seasoned Executives Bring Added International and Domestic Expertise in Renewable Energy, Technology, Infrastructure, and Talent Management

PORTLAND, Tenn., March 15, 2021 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of systems (“EBOS”) solutions for solar, storage, and electric vehicle charging infrastructure, today announced that Ms. Lori Sundberg, Mr. Toni Volpe and Mr. Ty Daul will be joining its Board of Directors.

“I am thrilled to welcome these highly successful and talented executives to our Board of Directors,” said Brad Forth, Chairman of Shoals Technologies. “Lori, Toni and Ty provide Shoals with invaluable expertise in renewable energy, energy technology and infrastructure, and talent management. With success building companies internationally and domestically, we will significantly benefit from their guidance in the future growth of Shoals’ corporate strategy and the execution of our global aspirations in the coming years.”

Ms. Sundberg is Executive Vice President and Chief Human Resources Officer for Western Digital Corporation, leading key global human resources initiatives and people strategies. Ms. Sundberg has more than 30 years of experience in developing and aligning HR strategy with business needs. She has led large corporate initiatives focused on culture, organization effectiveness, diversity, leadership development, merger and acquisition, and total rewards. Before joining Western Digital, she served as SVP, Global Human Resources at Jacobs, a global provider of technical, professional and construction services. Sundberg has also served as SVP, Human Resources and Ethics at Arizona Public Services Company, the largest electric utility in Arizona, and advanced through a series of HR leadership roles at American Express. Ms. Sundberg holds a Bachelor of Science degree in Business Management from Brigham Young University.

Mr. Volpe is Chief Executive Officer and Board Member of Falck Renewables S.p.A., a global leader in the development, design, construction and management of renewable energy plants and infrastructure. Under his leadership, the company expanded geographically in Europe and the U.S. with growth in wind and solar energy, and into the energy flexibility and efficiency sectors in Italy, implementing a significant investment plan in both digital and physical assets. Prior to Falck Renewables, Mr. Volpe served in various senior leadership positions at Enel Green Power (EGP). As President and Chief Executive Officer of EGP North America, Mr. Volpe led the company’s portfolio diversification geothermal, solar, mini-hydro, wind, and biomass, and built pipelines of projects in various technologies. Substantial growth in installed capacity and gross margin allowed EGP NA to become a leading owner and operator of renewable energy plants in the United States and Canada. He graduated magna cum laude in Management, Economics and Industrial Engineering, at Polytechnic of Milan and obtained his MBA from Columbia Business School.

Mr. Daul is Chief Executive Officer and a member of the Board of Directors of Primergy Solar, a developer, owner and operator of both distributed and utility scale solar PV and energy storage projects across North America. Prior to Primergy, Mr. Daul served as Vice President of Canadian Solar’s energy project development business throughout North and South America and was President of Recurrent Energy Group, a wholly owned subsidiary of Canadian Solar that functions as the company’s U.S. project development arm. In addition, Mr. Daul served on the Board of 8point3 Energy Partners, the SunPower-First Solar publicly traded Yieldco. Prior to joining SunPower, he co-founded Element Power in 2009 and oversaw the company’s wind and solar businesses in the Americas for five years. With more than three decades of experience in the power generation industry, Mr. Daul has been integrally involved in more than 8 GW of operating renewable projects representing well over $11 billion of total investment. A seasoned leader with an ability to execute complex transactions across diverse technologies and teams, Ty’s energy industry experience also includes seven years at PPM Energy/Iberdrola Renewables, Entergy and Newport Generation. He was on the Board of Directors of the Solar Energy Industries Association for nearly three years and served on the Wind Solar Alliance Board for more than seven years. He earned a B.S. in mechanical engineering from the University of Washington and an MBA from Texas A&M University.

“On behalf of our entire team, I would like to welcome these talented and experienced executives to Shoals,” said Jason Whitaker, Chief Executive Officer of Shoals. “Our world class Board of Directors brings a diverse range of industry expertise and insights that will further support our mission of delivering innovative products that reduce the cost and improve the reliability and safety of renewable energy.”

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

Who are the new executives joining Shoals Technologies Group's Board?

The new executives are Lori Sundberg, Toni Volpe, and Ty Daul.

What expertise do the new board members bring to Shoals?

They bring extensive experience in renewable energy, HR, and project development.

How might the new board appointments affect Shoals' business strategy?

The appointments are expected to enhance Shoals' strategic direction and support growth in renewable energy.

What is Lori Sundberg's background?

Lori Sundberg is the EVP and CHRO of Western Digital, with over 30 years of HR experience.

What positions did Toni Volpe hold before joining Shoals?

Toni Volpe was the CEO of Falck Renewables and has held senior roles at Enel Green Power.

What is Ty Daul known for in the renewable energy sector?

Ty Daul is known for developing solar projects and has over $11 billion in investments.