ARRAY Technologies, a provider of structural balance-of-system (SBOS) solutions for utility-scale solar, and Shoals Technologies Group, a provider of electrical balance-of-system (EBOS) solutions for utility-scale solar and battery storage, have signed a definitive agreement to combine in a stock-for-stock merger.
The companies say the deal brings together foundations, trackers, fixed-tilt racking, electrical infrastructure, wire management, and power delivery systems under one platform.
ARRAY will be the legal acquirer and corporate parent. Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share, leaving them with about 65% of the combined company’s basic shares and ARRAY shareholders with about 35%.
Shoals CEO Brandon Moss will lead the combined company, and ARRAY CEO Kevin Hostetler will become a special advisor. Brad Forth, chairman of both companies’ boards, will chair the combined board, which is expected to have ten directors.
“Having had the privilege of serving as Chairman of both ARRAY and Shoals, I have seen firsthand the complementary products, talented teams and shared commitment to customers offered by both companies,” said Brad Forth, Chairman of the Board of Directors of ARRAY and Shoals, in a statement. “Together, ARRAY and Shoals are well positioned to deliver enhanced value to customers, shareholders and employees.”
The companies say customers will get a unified design package, coordinated purchasing, and integrated warranty support across structural and electrical systems, with deeper integration over time aimed at lowering installation and maintenance costs.
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