Shoals to invest $80 million to expand US manufacturing


From pv magazine USA

Shoals Technologies Group was joined by Tennessee Governor Bill Lee and other officials this week to announce an expansion of its manufacturing operations in Portland, Tennessee.

Shoals said it will invest $80 million to move its Tennessee operations to a new, larger location. It is expected to add 550 new jobs at the facility, bringing total employment in the region to approximately 1,400 people. 

The EBOS service provider focuses on the solar, energy storage, and electric mobility industries. It said rising demand for solar EBOS products drove its expansion decision. It provides big lead assemblies, interconnection components, combiner boxes, transition boxes, service and design and more for solar projects.

Shoals said its total manufacturing capacity is now 35 GW, with the ability to expand to 42 GW at existing sites. At current capacities, Shoals can serve demand well into 2025, said the company.

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Shoals joined the Nasdaq exchange in January 2021 with a $1 billion initial public offering. It is set to report earnings on Feb. 28, 2024.

In its last earnings report, Shoals posted a record quarter with $132.2 million in revenue. This represents year-over-year growth of 48% for the third quarter. The revenue total came in slightly below Wall Street expectations.

Shoals said its growth is primarily being driven by domestic demand for solar EBOS. Its balance sheet showed total assets of $840.1 million, with current assets at $214.2 million. 

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