PV balance of system (BOS) solutions provider Shoals Technologies will invest US$80 million into expanding its manufacturing operations in Tennessee, US.
Over the next five years, Shoals will relocate its manufacturing operations to a new, 638,000 square-foot facility in Portland, Tennnessee. The company currently has a smaller location in Portland and another in Muscle Shoals, Alabama.
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Prior to this expansion announcement, Shoals posted strong financial results in the first three quarters of 2023. Q3 saw the company post adjusted EBITDA of US$48 million and a backlog of orders of US$633.3 million. This followed a Q2 earnings call that featured a 10GW master supply deal with Minnesota-based engineering, procurement and construction (EPC) firm Blattner Company and Q1 results which saw EBITDA increase by 119% year-on-year.
The company has attributed its recent growth and performance to high demand and favourable conditions in the US solar market. In March 2022, Shoals announced plans to double its US manufacturing capacity in response to a growing backlog of orders from projects in the US.
As a BOS provider, Shoals produces cabling and wiring products, combiners, trackers and optimisation services for solar PV, battery energy storage and emobility projects.