Shoals Technologies Group Collaborates with EY for Electric Vehicle Charging Solutions
August 30 2021 - 8:00AM
Shoals Technologies Group, Inc. (Shoals or the Company) (Nasdaq:
SHLS), a leading provider of electrical balance of systems (EBOS)
solutions for solar, storage, and electric vehicle charging
infrastructure, will collaborate with Ernst & Young LLP (EY US)
for Shoals’ electric vehicle (EV) charging systems solutions.
Shoals launched four EV charging product offerings, which are
expected to reduce installation costs by 20%–30% compared with
conventional solutions.
Electrification in mobility is gathering pace, demanding the
reinvention of strategies, operating models and supply chains.
Spending on EV charging stations is forecasted to quadruple from
$300 million to $1.2 billion by 2023. For the EV charging market to
expand and meet customer demand, deployment must become more
efficient and less costly. EV BOS components and installation are
nearly half the cost of EV charging infrastructure deployment.
Shoals’ EV solutions deliver much-needed EV BOS innovation and
value by reducing installation cost, lowering material cost and
requiring significantly less time on-site during deployment.
The relationship leverages EY US teams’ experience in economic
modeling and operational plan development with Shoals’ innovative
EV solution offering for broad system deployments. The two
companies will collaborate on methods to optimize deployment time
and capital efficiency.
“As infrastructure is electrified and supply chains are
reimagined, the challenges are too big for one sector or one
company to solve alone. Only through collaboration can
organizations thrive in the emerging e-mobility ecosystem, win
customers, and drive returns while advancing sustainability in
transport. This joint effort provides value to the market by
leveraging the deep e-mobility and economical experience of EY US
teams with the innovative cost-reducing offerings from Shoals,”
said Jeff Tolnar, Senior Vice President of EV Solutions for Shoals
Technologies Group. “We are thrilled to work with a company of the
caliber of EY US in such an important market and expect that the
abilities of the two companies will make a powerful combination for
our customers.”
“EY US and Shoals both recognize the enormous opportunity within
the EV infrastructure market and that cost of deployment is a major
hurdle for the ROI of deployed charging stations,” said Steve
Patton, EY Americas Mobility Sector Leader. “Our client base is
expecting more cost-effective solutions to meet their EV
infrastructure needs. We feel that Shoals’ EV solutions are unique
and will improve the capital efficiency of our customers as they
deploy charging systems.”
The companies anticipate that through collaboration they can
optimize the EV-related investments that are part of the Federal
Government’s proposed infrastructure plan, which includes a
significant investment in EV charging infrastructure. “Together
with EY, Shoals will help charge point operators to improve their
ROI, increase capital efficiency and drive more pervasive
deployment of charging stations,” said Jason Whitaker, CEO of
Shoals Technologies Group. “In other words, leverage funding from
the infrastructure bill to deploy more charging stations, more
economically.”
About Shoals Technologies Group,
Inc.Shoals Technologies Group, Inc. is a leading provider
of electrical balance of systems (EBOS) solutions for solar,
storage, and electric vehicle charging infrastructure. 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 20 GW of solar systems
globally. For additional information, please visit:
https://www.shoals.com/.
Forward Looking Statements
This press release contains forward looking
statements, including statements regarding the initial public
offering. 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,”
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result of a number of factors, including those in the Company's
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Commission.
About EY
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the capital markets.
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countries provide trust through assurance and help clients grow,
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Contacts:
Investors:Email: investors@shoals.com Phone:
615-323-9836
Media: Email: media@shoals.com
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