Array Technologies Statement on U.S. Department of Commerce Antidumping and Countervailing Duties Inquiry
April 25 2022 - 4:02PM
Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”) is
disappointed by the U.S. Department of Commerce’s decision to
investigate an allegation of tariff circumvention on solar modules.
It is our belief that this request has no merit and does not meet
the criteria for such a petition, as defined by the Department of
Commerce. This action will undermine momentum with current solar
energy developments and the mere disclosure of this trade review
has galvanized industry-wide agreement on the negative impact to
current and future projects, long-term supply-chain disruptions,
and increased price volatility.
Furthermore, the petition seeks to protect a domestic supply
chain that cannot yet adequately deliver on the current growth
trajectory. US module suppliers do not have supply for the solar
industry’s growth rate – US-based panel providers are sold out
through 2024 and are not currently equipped to meet our customer’s
demand. As the largest American utility-scale tracker company,
Array Technologies is highly supportive of a more robust domestic
source of modules, however this supply chain does not exist today.
We seek a more practical solution for the short to mid-term for our
industry.
Apart from the one company that requested this review, the
industry is speaking with one voice against any further tariffs or
undue international trade limits that could arise from a prolonged
inquiry. The solar energy industry needs this inquiry to be
concluded quickly knowing it’s already stalling projects and
impacting supply chains for essential equipment. This inquiry
presents a distraction from the real business at hand: reducing
reliance on fossil fuels; increasing clean energy in the supply
mix; and making real and lasting progress in cutting greenhouse gas
emissions through renewable energy.
This setback threatens solar industry’s position as a key pillar
of the energy transition in the U.S. Domestic production of solar
panels cannot meet current demand and fully serve the growing
pipeline of projects over the next five years. Until domestic
module sources become more reliable and economical, we are reliant
on responsibly sourced overseas production to meet operational
demands in support of our country's energy transition and
environmental goals.
If the Biden administration is to maintain its commitment to
expanding clean energy, we then advocate for the Department of
Commerce inquiry to reach a favorable decision immediately and
reject this reckless tariff petition.
About Array Technologies, Inc.
Array Technologies (NASDAQ: ARRY) is a leading American company
and global provider of utility-scale solar tracker technology.
Engineered to withstand the harshest conditions on the planet,
Array’s high-quality solar trackers and sophisticated software
maximize energy production, accelerating the adoption of
cost-effective and sustainable energy. Founded and headquartered in
the United States, Array relies on its diversified global supply
chain and customer-centric approach to deliver, commission and
support solar energy developments around the world, lighting the
way to a brighter, smarter future for clean energy. For more news
and information on Array, please visit arraytechinc.com.
Forward Looking Statements
This press release contains forward looking statements. 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 thereto. 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. There may be additional risks that the Company does not
presently know or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views only as of the date
of this press release. The Company anticipates that subsequent
events and developments will cause its assessments to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Media Contact: Karen
Rand 505-314-6901 krand@arraytechinc.com
Investor Relations
Contact: 505-437-0010 investors@arraytechinc.com
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