ARRAY Technologies and Shoals merge to create integrated solar hardware platform
Key facts
- ARRAY Technologies and Shoals Technologies Group agreed to an all-stock merger valued at approximately $1.32 billion
- The combined entity projects full-year 2027 pro forma revenue between $2.2 billion and $2.4 billion
- Projected Adjusted EBITDA for the combined company in 2027 is estimated between $410 million and $480 million
- The merger is expected to close in the first quarter of 2027, subject to regulatory approvals
- The deal unites structural tracking hardware with electrical balance-of-system solutions under one corporate structure
ARRAY Technologies and Shoals Technologies Group have entered into a definitive agreement to combine in an all-stock transaction valued at approximately $1.32 billion, bringing together utility-scale structural tracking and racking hardware with electrical balance-of-system solutions.
The transaction unites ARRAY’s single-axis trackers and fixed-tilt mounting systems with Shoals’ electrical power delivery, wire management, and combiner box hardware. While structural foundation systems and electrical infrastructure must integrate seamlessly on utility-scale solar and battery storage projects, the two product categories have traditionally been designed, specified, and procured through separate supply chains.
By consolidating both technology suites under one roof, the combined company plans to deliver pre-integrated equipment packages, streamlined purchasing, and single-source warranty support across foundation, racking, and electrical systems. The company stated that the unified engineering approach is designed to eliminate site-level integration friction, cut field installation labor, and improve system reliability over the operational life of utility-scale assets.
The combined platform projects full-year 2027 pro forma revenue between $2.2 billion and $2.4 billion, with Adjusted EBITDA estimated at $410 million to $480 million. The companies also expect to capture more than $100 million in annual run-rate EBITDA cost synergies within three years.
Beyond traditional solar and storage projects, the combined entity aims to leverage its technical portfolio to expand into high-growth power infrastructure segments, including long-duration energy storage and data center power delivery systems.
Brandon Moss, current chief executive officer of Shoals, will lead the combined company as CEO. Kevin Hostetler, chief executive officer of ARRAY, will transition to a role as special advisor. Brad Forth, who currently serves as chairman of the board for both companies, will serve as chairman of the combined 10-member board.
Under the terms of the merger agreement, ARRAY will act as the legal acquirer, and the combined business plans to launch a new corporate brand name and stock ticker symbol prior to closing. The deal has been approved by the voting members of both corporate boards and is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
Pvola take
This consolidation signals a major shift toward single-source procurement for utility-scale solar and storage developers. By integrating structural and electrical hardware, the combined entity aims to reduce field installation labor and eliminate site-level integration friction. This approach could significantly lower operational risks and improve long-term system reliability for large-scale project owners.
Frequently asked questions
What is the estimated value of the all-stock transaction between ARRAY Technologies and Shoals Technologies Group?
The definitive agreement values the all-stock transaction at approximately $1.32 billion. This merger combines ARRAY’s structural tracking hardware with Shoals’ electrical balance-of-system solutions under a single corporate entity.
What pro forma revenue and EBITDA does the combined ARRAY and Shoals platform project for 2027?
The combined platform projects full-year 2027 pro forma revenue between $2.2 billion and $2.4 billion. Adjusted EBITDA is estimated to range from $410 million to $480 million for the same period.
How does the merger of ARRAY and Shoals impact procurement and installation for utility-scale solar developers?
The merger enables pre-integrated equipment packages and single-source warranty support for foundation, racking, and electrical systems. This approach is designed to eliminate site-level integration friction and cut field installation labor for developers.