Shoals Announces Partnership in the Kingdom of Saudi Arabia

PORTLAND, Tenn., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical balance of system (“EBOS”) solutions for the energy transition market, announced today that it has executed a non-binding memorandum of understanding (MoU) with UUES to work together in developing localized solar solutions for KSA and the region. As part of the MoU, Shoals and UUES will work to establish a business to localize solar EBOS manufacturing for the region.

The Kingdom of Saudi Arabia has planned to develop up to 130 GW of renewable power generation in the next six years, with solar power being a significant portion. In a market that lacks the trade skills required to execute on this ambitious target, Shoals believes its plug-and-play, prefabricated EBOS solutions will help to accelerate this development.

“I am delighted to be partnering with UUES, a highly capable and agile company that is well established in the region with the right relationships,” said Gary Uren, Senior Vice President and General Manager for International Business at Shoals. “We believe this new partnership demonstrates the vast potential to grow our business on a global scale.”

“After visiting its facilities in Tennessee, I was convinced that Shoals has what is needed to see the Kingdom deliver on its bold objectives for Solar,” stated Samer Mazloum, CEO of UUES. “Shoals’ approach of pre-designing and pre-fabricating the solar EBOS will greatly speed up installation time and avoid installation failures that have plagued the region.”

Shoals’ product localization will include solutions that have been successful in the United States at improving the reliability of utility scale projects, improving the IRR for developers, and eliminating the need for a skilled workforce to install EBOS on utility scale solar projects.

About Shoals Technologies Group, Inc.

Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 70 GW of solar systems globally. For additional information, please visit: www.shoals.com.

About United Utilities Environmental Services, Inc.

UUES is a regional leader involved in the water and power sectors. With offices in the three major regions of the Kingdom of Saudi Arabia and a headquarters in Riyadh, UUES serves its clients throughout the MENA region providing solutions such as desalination plants, wastewater treatment plants, as well as power generation solutions.

UUES investors including the Attar family have signaled their support for the partnership and will assist the business as it develops the necessary capabilities that will enable the Kingdom to succeed in its core Vision 2030. Mohammad Saddik Attar, UUES Board Member, is quoted saying; “this partnership continues our journey with globally recognized businesses and brands and will support the country’s objectives of introducing technological solutions and help deliver environmental sustainability for the Kingdom of Saudi Arabia”.

Forward Looking Statement:

This press release contains certain forward-looking statements that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These forward-looking statements relate to, among other things, the Company’s new product offerings and the Company’s international expansion and growth efforts. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things: our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks; a further increase in interest rates or a reduction in the availability of tax incentives or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a solar energy system and could reduce the demand for the Company’s products; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; developments in alternative technologies may have a material adverse effect on demand for the Company’s offerings; and if demand for solar energy projects does not continue to grow or grows at a slower rate than the Company anticipates, the Company may not be able to achieve the Company’s anticipated level of growth and the Company’s business will suffer.

These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission, and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this release. You should read this release with the understanding that the Company’s actual future results may be materially different from what the Company expects.

Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

For media inquiries, please contact:

Public Relations
Lindsey Williams, VP of Marketing
Lindsey.williams@shoals.com

Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com