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.
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.
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A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
