Array Technologies has more big plans for the next few years following its $1 billion initial public offering. The company builds solar trackers, or mechanisms that move solar panels depending on the position of the sun.
The company, which went public on the Nasdaq Global Market in October, filed a new analyst presentation that sheds light on its plans for growth and where it sees opportunities. Among the opportunities highlighted is the potential for increased demand for utility-scale solar under President Joe Biden's administration.
Biden has several stated policy objectives that could increase the need for renewable energy sources, such as solar and wind. His 2020 presidential campaign advocated for net-zero carbon emissions by no later than 2050. Shortly after taking office, Biden signed an order to rejoin the Paris climate agreement, an international agreement intended to mitigate global warming.
Those things, and others, could lead to a quicker adoption of solar in the U.S., which could benefit Array Technologies and its shareholders. The domestic market accounts for much of its business, but it is a global company. It reportedly plans to follow its larger customers to other markets around the globe, expanding its presence in the process.
The company's growth strategy also includes acquisitions, according to the analyst presentation.
Following its IPO, Array Technologies announced two new work agreements. A November release says Lightsource bp, which specializes in the financing, development and management of solar energy projects, entered into a purchase agreement with Array. Around the same time, it announced another purchase agreement with RP Construction Services, which works on solar tracker projects.
Array Technologies is headquartered at 3901 Midway Place NE in Albuquerque. It also leases 2.7 million square feet of space elsewhere in the country, according to SEC filings. As of the end of September, the company had 369 full-time employees, according to its most recent quarterly report.
Reuters reported that Array was valued at $2.8 billion after the IPO. The company later closed a secondary offering which consisted of more than 36 million shares, according to a release.
