US solar equipment suppliers ARRAY Technologies and Shoals Technologies Group have agreed to combine in an all-stock merger, creating a business spanning structural and electrical balance-of-system (BOS) equipment for utility-scale solar and battery storage projects.
Under the agreement, ARRAY will be the legal acquirer and parent company. Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share held. Following completion, Shoals shareholders are expected to own approximately 65% of the combined company’s basic shares, with ARRAY shareholders holding the remaining 35%.
The combined business will bring together ARRAY’s foundations, solar trackers and fixed-tilt mounting systems with Shoals’ electrical infrastructure, wiring and cable management products. The companies plan to offer customers integrated design packages, coordinated purchasing and combined warranty support, with further product integration intended to simplify project installation and maintenance.
The companies expect to achieve annual run-rate cost synergies of approximately $20 million in the first year, alongside a further $15 million in run-rate adjusted EBITDA from cross-selling opportunities. They said only around 20% of projects served by the two businesses in 2025 used products from both suppliers.
Shoals chief executive Brandon Moss will lead the combined company. ARRAY chief executive Kevin Hostetler will become a special adviser, while Brad Forth, currently chairman of both companies, will chair the new board.
The combined company’s board is expected to comprise ten directors, including four independent directors from each existing board, alongside Moss and Forth.
The companies also expect the merger to strengthen their position in solar, energy storage and adjacent power infrastructure markets, including data centres. A new corporate name and ticker symbol are expected to be announced in the coming months.
The transaction remains subject to closing conditions and regulatory and shareholder approvals.
