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.
Seth Schachner, Managing Director at Strat Americas, talks Disney's taking control of Hulu, Warner Bros. and Discovery's split and how if affects the viewers.
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
