Picture: Shoals Applied sciences Group
From pv journal USA
Shoals Applied sciences Group was joined by Tennessee Governor Invoice Lee and different officers this week to announce an enlargement of its manufacturing operations in Portland, Tennessee.
Shoals stated it can make investments $80 million to maneuver its Tennessee operations to a brand new, bigger location. It’s anticipated so as to add 550 new jobs on the facility, bringing whole employment within the area to roughly 1,400 folks.
The EBOS service supplier focuses on the photo voltaic, vitality storage, and electrical mobility industries. It stated rising demand for photo voltaic EBOS merchandise drove its enlargement determination. It gives huge lead assemblies, interconnection elements, combiner packing containers, transition packing containers, service and design and extra for photo voltaic tasks.
Shoals stated its whole manufacturing capability is now 35 GW, with the flexibility to broaden to 42 GW at current websites. At present capacities, Shoals can serve demand properly into 2025, stated the corporate.
Shoals joined the Nasdaq change in January 2021 with a $1 billion preliminary public providing. It’s set to report earnings on Feb. 28, 2024.
In its final earnings report, Shoals posted a document quarter with $132.2 million in income. This represents year-over-year development of 48% for the third quarter. The income whole got here in barely under Wall Road expectations.
Shoals stated its development is primarily being pushed by home demand for photo voltaic EBOS. Its stability sheet confirmed whole property of $840.1 million, with present property at $214.2 million.
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