Image: Shoals Technologies Group
Shoals Technologies Group was joined this week by Tennessee Governor Bill Lee and other officials 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 that 550 new jobs will be created, bringing total employment in the region to approximately 1,400 people.
The EBOS service provider focuses on the solar energy, energy storage and electric mobility sectors. It said rising demand for EBOS solar products prompted its expansion decision. It offers large lead assemblies, interconnect components, combiner boxes, transition boxes, service and design and more for solar projects.
Shoals said it was total production capacity is now 35 GW, with the option to expand to 42 GW at existing locations. With current capacity, Shoals can meet demand well into 2025, the company said.
Shoals joined the Nasdaq stock exchange in January 2021 with a $1 billion initial public offering. Earnings are expected to be reported on February 28, 2024.
In its latest earnings report, Shoals posted a record quarter with revenue of $132.2 million. This represents year-over-year growth of 48% for the third quarter. Total revenues came in slightly lower than Wall Street expectations.
Shoals said the growth is primarily driven by domestic demand for solar EBOS. The balance sheet showed total assets of $840.1 million, with current assets of $214.2 million.
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