Greetings, solar explorers! Just stumbled upon some exciting news about one of the ever-growing solar companies that I felt inclined to share with you. Shoals Technologies Group, a leading electrical balance of systems provider for the solar industry, has announced an extensive expansion in the heart of Tennessee, promising a brighter future for both the region and the growth of solar power.
Tennessee Governor Bill Lee, together with the Department of Economic and Community Development announced this game-changing news that encapsulates a noteworthy $80 million investment by Shoals. The company aims to move its thriving operations to a new, considerably larger location in Portland, Tennessee, thereby helping to illuminate the path for powering your home with solar panels.
To shed a little more light on what this announcement suggests for the solar sphere, it translates into an additional 550 jobs at the facility. This expansion culminates the total regional employment at an impressive 1,400 individuals. The company’s ambitious move will be to a massive new 638,000 square-foot plant, which will not only foster economic growth but also contribute decisively to a greener, more sustainable future.
The primary driver behind this expansion decision, it seems, is the increased demand for solar electrical balance of systems (EBOS) products. The global appetite for clean, sustainable energy is rapidly surging as more and more homeowners prefer solar arrays for their homes- a trend that shows no signs of slowing.
By expanding its manufacturing capacity to a groundbreaking 35 GW, Shoals is underlining their commitment to being a leading solar company. Such steadfast development assures clients that Shoals is prepared to meet booming demand well into the year 2025.
Peeling back the financial layers, Shoals’ last earnings report recorded a remarkable $132.2 million in revenue. Shoals also revealed a growing backlog and newly awarded orders valued at $633.3 million, highlighting a year-on-year growth of 34%. The figures reinforce the assertion that the company’s growth has been chiefly powered by the domestic demand for solar EBOS.
Taken together, these achievements herald an even brighter future for the solar industry. Homeowners seeking to integrate solar panels for their homes or install a comprehensive solar array should take note. The expansion of Shoals Technologies Group is shining proof that the solar industry is expanding, providing more efficient and reliable services to homeowners across the nation in the process. As promising as the state of solar is now, the tomorrow for solar seems even more radiant!
Stay tuned for more enlightening updates from the world of solar. In the meantime, feel free to explore and embrace the idea of a greener, more sustainable lifestyle with solar. Together, let’s light up the world with the power of solar!
Original Articlehttps://pv-magazine-usa.com/2024/02/22/shoals-to-invest-80-million-in-tennessee-manufacturing-expansion/
