Solar tracker and racking manufacturer ARRAY Technologies and electrical balance of systems (eBOS) provider Shoals Technologies have initiated a stock-for-stock merger to combine both companies.
“This transaction represents a compelling opportunity to create meaningful value for customers of both ARRAY and Shoals by bringing together our complementary strengths. Although structural and electrical systems must operate seamlessly together in the field, they have historically been designed and sourced through separate channels. This combination changes that. Together, we expect to deliver a differentiated, technically integrated and interoperable platform that simplifies project execution, enhances project economics and accelerates innovation for customers,” said Kevin Hostetler, CEO of ARRAY.
According to the press announcement, ARRAY will be Shoals’ parent company after the transaction, with Shoal’s CEO Brandon Moss assuming the role as CEO for the overall company. ARRAY’s CEO Kevin Hostetler will transition to a special advisor role for the company.
“Today marks an important milestone for Shoals, ARRAY and the customers we serve. By bringing together two highly complementary businesses with experienced teams, we are creating an integrated platform with broader capabilities, deeper customer relationships and a stronger foundation for long-term growth. We believe the combined company will be positioned to better service customers, deliver more innovative and integrated solutions, realize meaningful synergies and pursue expansion opportunities across the solar value chain, data center markets and beyond,” said Brandon Moss, CEO of Shoals.
The companies plan to create packaged warranties across their structural and eBOS products. As manufacturers, both ARRAY and Shoals have supplied their products to solar and energy storage projects globally.
ARRAY is known for producing single-axis solar trackers that use an inter-row rotating mechanism. Over the years, the company has iterated on its trackers to use multi- and dual-row architectures, and to be deployed on undulating topographies. These rotating solar structures are supported with proprietary tracker operations software with considerations such as shading and hail and wind stowing.
Shoals manufactures combiner boxes and cable management solutions for multi-market scale solar and energy storage projects, as well as data centers.
“Having had the privilege of serving as chairman of both ARRAY and Shoals, I have seen firsthand the complementary products, talented teams and shared commitment to customers offered by both companies,” said Brad Forth, chairman of the board of directors of ARRAY and Shoals. “Together, ARRAY and Shoals are well positioned to deliver enhanced value to customers, shareholders and employees. I also want to thank Kevin for his leadership and important contributions to ARRAY, as well as his valuable insights as he transitions to a Special Advisor role. I look forward to continuing to work with Brandon, who brings proven leadership, deep industry expertise and strategic vision to lead the combined company in this next phase of growth.”
Both ARRAY’s and Shoals’ boards have reportedly unanimously approved the merger, with Forth abstaining from the vote. The merger is expected to complete in Q1 2027.
While not mergers, ARRAY Technologies has been acquiring companies producing technologies complementary to solar trackers. Last year, ARRAY acquired fixed-tilt racking and foundations manufacturer APA Solar Racking, and just acquired Affordable Wire Management, a cable management solutions provider, this past September.
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