Shares of Array Technologies ($ARRY) surged out of the gate Thursday after reportedly raising more than $1 billion in capital through an initial public offering that brought the company's value to $2.79 billion. The stock was up more than 64 percent to $36.45 per share at the close.
The New Mexico-based solar part manufacturer is currently riding a wave of a renewed interest in electrification and decarbonization worldwide, as states and companies embrace renewable mandates and net-zero initiatives aimed at cutting out fossil fuels.
"We want to scale with that, and having access to that capital will not only allow us to invest in the product, the portfolio, and people but also allows us to buy down debt and it will be a permanent source of capital where we can further enable utility-scale solar going forward."
Array manufactures ground-mounting systems for utility-scale solar projects, which for the company means solar fields that produce at least a megawatt of energy.
A solar project can use either a fixed mount system or a single-axis tracker system that tilts the solar panel throughout the day in line with the sun. Array manufactures parts for tracker systems, which Fusaro said capture 25 percent more energy.
"So that's significant for our customers," he said. "It's 25 percent more revenues."
Array also touts its software solutions that use machine learning algorithms to optimize production at a given solar project from 2 to 5 percent.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
Some of America’s biggest retailers are working to increase their shipping speeds to please shoppers expecting faster and faster deliveries.
A group representing several big tech companies is suing Utah over state laws about children's social media use.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
