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Array Technologies Priced, Nasdaq: ARRY

Manufactures solar panel mounting systems that track the sun.

Industry: Industrials

Latest Trade: $51.05 0.00 (0.0%)

First Day Return: +65.7%

Return from IPO: +132.0%

Industry: Industrials

We are one of the world’s largest manufacturers of ground-mounting systems used in solar energy projects. Our principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers commonly referred to as a single-axis “tracker.” Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers generate up to 25% more energy and deliver a 22% lower levelized cost of energy (“LCOE”) than projects that use “fixed tilt” mounting systems, according to BloombergNEF. Trackers represent between 10% and 15% of the cost of constructing a ground-mounted solar energy project, and approximately 70% of all ground-mounted solar energy projects constructed in the U.S. during 2019 utilized trackers. Our trackers use a patented design that allows one motor to drive multiple rows of solar panels through articulated driveline joints. To avoid infringing on our U.S. patent (expires 2030), our competitors must use designs that we believe are inherently less efficient and reliable. For example, our largest competitor’s design requires one motor for each row of solar panels. As a result, we believe our products have greater reliability, lower installation costs, reduced maintenance requirements and competitive manufacturing costs.
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IPO News for Array Technologies
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IPO Data
IPO File Date 09/22/2020
Offer Price $22.00
Price Range $19.00 - $21.00
Offer Shares (mm) 47.5
Deal Size ($mm) $1,045
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
IPO Data
IPO Date 10/14/2020
Offer Price $22.00
Price Range $19.00 - $21.00
Offer Shares (mm) 47.5
Deal Size ($mm) $1,045
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
Underwriters
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Company Data
Headquarters Albuquerque, NM
Founded 1989
Employees 343
Website www.arraytechinc.com