Array Technologies Strengthens Domestic Supply Chain Through Base Load Agreement with Steel Dynamics
September 12 2023 - 8:45AM
Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a
global leader in utility-scale solar tracking solutions, has signed
a long-term agreement with Steel Dynamics to provide a fixed supply
of coil for Array's U.S. projects.
Steel Dynamics, headquartered in Fort Wayne, Ind., will source
the coil from its flat roll steel mills located in Indiana,
Mississippi, and Texas. The agreement utilizes automation for
efficiency and fosters local job growth, reinforcing Array’s
commitment to strengthening U.S. manufacturing.
"Array’s collaboration with Steel Dynamics is a powerful
affirmation of our dedication to a robust and flexible domestic
supply chain," said Kevin Hostetler, CEO of Array. "Through this
agreement, we are not only continuing our ability to source in
excess of 85% of our tracker product content domestically—leading
the industry—but also reducing risks related to delivery delays and
quality issues for our customers.”
This strategic partnership allows Array to expand its domestic
content offerings, further reducing risks for its customers.
Array’s flexibility in its supply chain allows the Array tracker to
have in excess of 85% U.S. sourced material, making it easier for
customers to meet domestic content requirements in the Inflation
Reduction Act (IRA).
"Array has been at the forefront of utilizing domestic material
for U.S. projects long before it became an IRA mandate,” said Neil
Manning, chief operations officer at Array. “This agreement with
Steel Dynamics is another milestone in our commitment to
sustainable, reliable, and domestically sourced steel.”
Array’s cutting-edge solar tracker systems feature steel coil
for its unmatched versatility, robust strength, and enduring
durability. Not only does it serve as the backbone for the
tracker's structural frame, but it also goes into the crafting of
essential mechanical elements like gears and levers, as well as
brackets and mounts, among other key components.
Steel Dynamics’ exclusive use of electric arc furnace technology
produces lower-carbon emission, high-quality steel by using
recycled ferrous scrap as the primary raw material. Their circular
manufacturing model aligns perfectly with Array’s sustainability
goals, contributing to an environmentally responsible future while
strengthening the U.S. supply chain.
"We strive to build long-term customer relationships, through
providing high-quality steel products and innovative solutions that
meet and exceed expectations. Our alliance with Array is more than
just business; it's a commitment to providing domestic,
high-quality, sustainable steel products that are necessary for the
transition to a lower-carbon global economy,” said Jeff Hansen,
Vice President Environmental Sustainability, Steel Dynamics.
Through this collaboration, Array is reinforcing its
industry-leading position by enhancing supply chain reliability and
expanding its domestic material offerings. The alliance benefits
not just the companies involved, but also contributes to job
growth, environmental sustainability, and a more resilient U.S.
manufacturing sector.
Forward Looking StatementsThis press release
contains forward-looking statements and is based upon Array’s
current interpretation of the IRA. These statements are not
historical facts but rather are based on the Company’s current
expectations and projections regarding its business, operations and
other factors relating there to. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors.
Media Contact: Katharine FraserH+K
Strategies281-409-9351katharine.fraser@hkstrategies.com
Investor Relations Contact: Array Technologies,
Inc. Investor Relations 505-437-0010 investors@arraytechinc.com
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