Array Technologies (NASDAQ: ARRY) closed a deal last quarter that could later lead to an acquisition. The Albuquerque company makes solar trackers, which can move solar panels depending on the position of the sun.
As part of the company's most recent quarterly update, which came on Tuesday, Array disclosed that it "made an investment in a technology company that has the potential to significantly reduce the cost of installing [solar] trackers."
Array did not disclose the name of the company it invested in, nor the terms of the deal. But the deal gives Array certain rights "that we believe will give us an opportunity to acquire the business" if the firm were to be sold, according to a release from Array.
Array also announced the opening of its Array Tech Research Center, a facility dedicated to researching, developing and field testing advanced solar tracker technology. The research center is located in Phoenix and will act as a "proving ground where customers can explore product prototypes that address common utility-scale solar challenges," the release says.
Last year, Array Technologies added dozens of new customers and recorded a revenue increase of 35% for a total of $872 million. The revenue jump was due to an increase in the number of tracker systems delivered, according to the company. Operating expenses stood at $107 million, and the company expects another bump in revenue in 2021, during which it expects to make between more than $1 billion.
The last year has been a busy one for Array Technologies. In October, the company went public on the NASDAQ Global Market with an initial public offering of more than $1 billion. Reuters reported that the offering valued Array at $2.8 billion. Following its IPO, the company announced new work agreements.
As of the end of September, the company had 369 full-time employees, according to its third quarter report from last year.
