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.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
Google on Monday confronted the second major U.S. antitrust trial in two months to cast the internet powerhouse as a brazen bully that uses its immense wealth and people's dependence on one of its main products to stifle competition at consumers' expense.
Hilton Grand said it's in the process of purchasing Bluegreen Vacations in a $1.5 billion deal.
Walt Disney Co. named former PepsiCo veteran Hugh Johnston as its new chief financial officer.
The PlayStation 5 Slim will be reportedly released on Friday.
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Tesla is increasing wages for factory workers in Germany.
People are making travel plans and booking tickets as the holiday season nears. Johannes Thomas, CEO of Trivago, joined Cheddar News to provide tips on saving when booking lodging ahead of Thanksgiving and Christmas.
Elon Musk unveiled 'Grok,' his new A.I. chatbot over the weekend, adding that it will be more rebellious than its counterparts. Cheddar News breaks it down.
