Array Technologies to raise $100 million in IPO

From pv magazine USA

Array Technologies is listing on the Nasdaq exchange with an initial public offering of $100 million, according to its S-1.

The company – headquartered in Albuquerque, New Mexico – is the No. 2 global solar tracker manufacturer, behind Nextracker and ahead of PV Hardware, according to Wood Mackenzie. Oaktree Capital, an investor, will hold numerous seats on the public company’s board.

Different tracker vendors have different engineering approaches. According to the S-1, “Array Technologies uses less than one motor per megawatt which compares with more than 25 motors per megawatt for our largest competitor. Using fewer motors per megawatt lowers the cost, reduces the number of failure points, and minimizes the maintenance requirements of our system. Fewer motors per megawatt also reduces the number of motor controllers and the amount of wiring and other ancillary parts that are required for the system, which further reduces cost, simplifies installation and improves reliability.”

Array Technologies is going public the traditional way. Going public through a SPAC (a shell company that raises money through an IPO to buy a private operating company) is the exit method of choice these days for venture-funded startups, cleantech and otherwise. Aspiring automakers such as Nikola, Canoo and Fisker, hungry for growth capital, have gone the SPAC route. And two battery companies, QuantumScape and Eos Energy Storage  are set to go public via merger with a SPAC.