A New Mexico solar manufacturing firm whose success is growing intends to go public with an initial offering of $100 million.
Array Technologies, based in Albuquerque filed paperwork this week indicating plans to take the company public, according to a report by Greentech Media.
The report indicated the move would make Array the second-largest publicly owned solar tracker company in the world in terms of shipments. Array, which would trade under the ticker ARRY declined comment on a date to go public.
Trackers allow solar panels to follow the sun and absorb more light, and they are becoming increasingly common equipment on large-scale solar installations worldwide. In the next five years, Wood Mackenzie anticipates the market will grow by 45 percent.
Their use is becoming especially common in the U.S., which accounted for half of global shipments last year, in part due to the safe-harboring provision of the federal Investment Tax Credit. That allows developers and engineering, procurement and construction providers to buy up equipment to use in later installations, thus ensuring projects can capture the tax credit with less dependence on construction dates
In the tracker space, Array ranks second behind California-based NEXTracker, which claimed nearly 30 percent of the global market in 2019. Array’s market share, by comparison, is a little over half that. But the two are much more closely matched in the United States, according to Wood Mackenzie. Flex, the parent company of NEXTracker, is also a public company.
Source: Greentech Media