Today, Kevin G. Hostetler, chief executive officer of Array
Technologies (NASDAQ: ARRY), a leading provider of tracker
solutions and services for utility-scale solar energy projects,
testified before the Congressional Joint Economic Committee. The
hearing, “Made in America: The Boom in U.S. Manufacturing
Investment,” addressed the growth of the solar and manufacturing
industries following the passage of the Inflation Reduction Act.
Committee Chair, U.S. Senator Martin Heinrich
(D-NM), joined Hostetler in April for the groundbreaking of Array’s
new $50 million manufacturing facility in Albuquerque, NM, which
will employ 300 local residents in the near term to facilitate the
production, assembly, design, engineering, and customer service of
solar tracking technology. Array’s expansion was made possible by
the production tax credit in the Inflation Reduction Act (IRA),
which has spurred growth in renewable energy and created jobs in
manufacturing.
“The IRA has spurred a true manufacturing resurgence, and Array
is just one example of how this legislation is paying dividends,”
Hostetler said in his testimony. “With policies that supercharge
solar manufacturing and create new jobs, together we are paving the
way for a brighter, more sustainable future.”
Hostetler’s remarks, as prepared for
delivery are included below.
“Thank you, Mr. Chairman, Mr. Vice Chairman, and all members of
this committee. It’s an honor to be here today.
My name is Kevin Hostetler, and I am the CEO of Array
Technologies. Our U.S. footprint includes Albuquerque, New Mexico,
where we have our manufacturing facility, and our R&D hub in
Chandler, Arizona. Array is a leading American manufacturer and
global provider of tracker solutions for utility-scale solar energy
projects. Our solar trackers are an integral part of solar farms,
rotating panels to follow the sun, which increases energy
production by up to 25%.
Founded in 1989 in Albuquerque, New Mexico as one of the first
U.S. solar manufacturers, Array is a true American manufacturing
success story. We’re proud to be an American company, sourcing
low-carbon domestic steel, supporting local jobs, and using a
traceable U.S. supply chain with trusted partners.
I am grateful to be leading Array during this nation’s
manufacturing renaissance. In April, Array broke ground on a new
manufacturing campus in Albuquerque where we make our clamps,
center structures, drive system components, and electrical
controllers. The IRA and 45x credits are helping us to onshore
critical components and realize this $50+ million expansion.
To start, our new facility will employ more than 300 local
residents in the near term. This growth will enable us to further
develop more onshore capacity and make more solar technology here
at home.
Over the next decade, we anticipate significant growth in
industry employment, with solar manufacturing jobs expected to more
than triple. In the meantime, we need to create a skilled renewable
energy workforce. That’s why we partner with schools like Central
New Mexico Community College. In 2022, we donated 1.3 MW of solar
trackers that generate power for the campus and serve as a training
facility for Array to provide hands-on learning to students.
Collaborations like these are building a pipeline of talent,
ensuring that students and job seekers have the necessary skills
and knowledge to thrive as the industry creates jobs.
The IRA and other federal investments have helped to grow our
domestic production. As an example, the 45X tax credits allow us to
onshore clamps we were importing and double our manufacturing
capacity in Albuquerque. We’ve also invested in new capital
equipment to support the current and future growth of our facility.
Since the passage of the IRA, there has been a notable uptick in
announcements for new solar manufacturing facilities across the
supply chain, driven by the law’s provisions and the anticipated
rise in solar demand.
This has caused a ripple effect, as our business’s growth has
also spurred growth for our partners. Copper State Bolt and Nut Co.
has added an additional 30,000 square feet at its Goodyear, Arizona
facility to support its solar business. Our partner, Priefert Steel
in Mt. Pleasant, Texas, has invested $25 million in solar in the
last 24 months, employing over 200 people. Lock Joint Tube in
Temple, Texas invested $16 million in a dedicated tube line to
support solar tracker manufacturing. And finally, our partner Nucor
is investing $70 million in capital for a new steel plant in
Kentucky to support the growing solar demand.
The IRA has set the stage for long-term growth and stability for
our business and the U.S. solar industry. The law is expected to
facilitate nearly triple the current solar capacity by 2028,
fostering a strong, sustainable future for renewable energy in
America.
Array’s presence in New Mexico not only boosts the local
economy, but also positions the region as a hub for renewable
energy innovation and manufacturing. We’re proud to work with
companies like Enchanted Machine Works, Knockout Metalworks and
Precision Sharpening. This growth contributes to a more resilient
and diverse economic landscape, benefiting the broader community
and promoting long-term prosperity.
The IRA has spurred a true manufacturing resurgence, and Array
is just one example of how this legislation is paying dividends.
With policies that supercharge solar manufacturing and create new
jobs, together we are paving the way for a brighter, more
sustainable future.
Thank you.”
About ArrayArray 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 Array’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.
Media Contact: Karen
Rand505-314-6901karen.rand@arraytechinc.com
Investor Relations Contact: Array Technologies,
Inc. Investor Relations investors@arraytechinc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a631683a-ede9-45a0-8407-2589a4dd44a8
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