Shoals Technologies Group to Launch Global Suite of Solutions at Intersolar Europe

PORTLAND, Tenn., June 17, 2024 (GLOBE NEWSWIRE) — Shoals Technologies Group, Inc. (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS) solutions for the energy transition market, today announced its launch of a comprehensive range of system-solutions focused on international developers and engineering, procurement and construction (EPC) contractors.

The new product launch will take place at Intersolar Europe, June 19-21 and will introduce the most comprehensive suite of solutions by Shoals to-date, specifically designed with global customers in mind. The rollout will include solutions that enable unobstructed rows, agri-solar, as well as North-South configurations in addition to existing East-West configuration solutions.

“Our new suite of solutions is bringing exciting innovations in the utility scale solar industry,” explains Josep Tienda, Vice-President of International Sales at Shoals. “These new plug-and-play solutions were developed leveraging Shoals DNA and maintain the high standard we have set over the past two decades, which our customers have come to expect.”

In developing this new line of solutions, Shoals has listened to customers and market feedback, and recognized that the world of utility scale solar is evolving. The innovation team has delivered plug-and-play, industrialized product solutions to meet the needs of today and the future. Shoals products are prefabricated and negate the need for insulation piercing connectors that do not meet developers’ strict quality standards needed to withstand the time and extreme weather experienced in large scale systems. In addition to globally certified versions of existing products which Shoals offers in the US, the new innovations include:

  1. SuperJumper – a prefabricated home-run solution.
  2. Trenched BLA – for applications where a messenger wire is an obstacle.
  3. Mini BLA – for smaller installations or where topography dictates a segmented configuration of trackers.
  4. Smart Combiner – boxes that integrate seamlessly with SCADA systems.

These solutions are supported by Shoals Cable Management Solution, a comprehensive package containing the essential components for solar project wiring systems. The solution offers the easiest EBOS installation, operation, and maintenance in the industry, setting a new standard.

In addition to the new system solutions, Shoals is also localizing some of its solutions. The new ranges of combiner boxes will be built in Europe and in Australia, ensuring that in addition to offering industry leading EBOS solutions, the company can also meet delivery expectations for Europe, Australia, and other expansion markets.

About Shoals Technologies Group, Inc.

Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 62 GW of solar systems globally. For additional information, please visit: https://www.shoals.com/

Contacts
Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
Email: investors@shoals.com

Media Relations
Sara Jo Walker
Senior Director of Communications
(615) 500-4349
Sarajo.walker@shoals.com

Forward-looking Statements:

This press release contains certain forward-looking statements that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These forward-looking statements relate to, among other things, the Company’s new product offerings and the Company’s international expansion and growth efforts. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things; our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks; a further increase in interest rates or a reduction in the availability of tax incentives or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a solar energy system and could reduce the demand for the Company’s products; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; we may experience delays, disruptions, quality control or reputational problems in our manufacturing operations in part due to our vendor concentration; the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share; developments in alternative technologies may have a material adverse effect on demand for the Company’s offerings; and if demand for solar energy projects does not continue to grow or grows at a slower rate than the Company anticipates, the Company may not be able to achieve the Company’s anticipated level of growth and the Company’s business will suffer.

These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company’s actual future results may be materially different from what the Company expects.

Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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