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.
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