Shoals and Array Merge to Form Integrated Solar and Storage Company

Shoals Technologies Group and ARRAY Technologies announced a merger on Wednesday to create an integrated solar and battery energy storage infrastructure platform. The all-stock deal will see Shoals shareholders receive a fixed exchange ratio of 1.6931 ARRAY shares for each Shoals share they own.

Upon closing, expected in the first quarter of 2027, Shoals' shareholders are projected to own approximately 65% of the combined company's basic shares outstanding. ARRAY shareholders will own the remainder. ARRAY will serve as the legal acquirer and corporate parent of the new entity.

Leadership and Integration

Brandon Moss, the current Chief Executive Officer of Shoals, will lead the combined company. Kevin Hostetler, CEO of ARRAY, will transition to a special advisor role. Brad Forth will serve as board chairman after the merger.

The union brings together complementary product lines. ARRAY provides structural balance-of-system solutions, including solar trackers and mounting systems. Shoals supplies electrical balance-of-system equipment like wiring and cable management for solar and battery storage projects.

Together, they aim to offer a unified design package. This integration promises enhanced flexibility and packaging choice across foundations, trackers, electrical infrastructure, and wire management solutions for customers.

Financial and Operational Benefits

The merger is projected to deliver significant financial and operational synergies. The combined company expects to realize approximately $20 million in run-rate incremental Adjusted EBITDA in the first year. Total first-year synergy benefits are estimated at $35 million.

These savings are intended to support the delivery of increasing levels of integration. The goal is to reduce installation costs, simplify project execution, and lower long-term maintenance requirements for utility-scale solar and storage developments. Shoals also brings approximately $1.6 billion of tax amortization benefits and $237 million of Net Operating Losses to the combined entity.

Market Context and Growth

The drive for integration comes amid rapid global expansion in solar capacity. Installations reached 664 gigawatts in 2025, a 12% increase from the previous year. Forecasts suggest total installed capacity will more than double to 6.6 terawatts by 2030.

This scaling-up is creating intense demand for simplified, cost-effective solutions. The merger positions the new company to meet rapidly growing demand for integrated solar and storage infrastructure as installations accelerate worldwide. Closing is expected in the first quarter of 2027.