ARRAY Technologies and Shoals Technologies Group have agreed to combine through an all-stock merger, bringing together their complementary solar infrastructure businesses to create an integrated platform serving utility-scale solar and battery energy storage projects. The combined company will offer solutions spanning foundations, solar trackers, fixed-tilt racking, electrical infrastructure, wire management and power delivery systems, with the aim of simplifying project execution, reducing installation costs and improving long-term system performance.

Under the terms of the agreement, Shoals shareholders will receive 1.6931 ARRAY shares for each share held. Following completion of the transaction, Shoals shareholders are expected to own approximately 65% of the combined company's basic shares outstanding, while ARRAY shareholders will hold the remaining 35%. ARRAY will act as the legal acquirer and corporate parent of the new entity.

The companies expect the merger to enable a more integrated approach to project design, procurement and warranty support. By combining structural balance-of-system (SBOS) solutions from ARRAY with Shoals' electrical balance-of-system (EBOS) products, the platform aims to reduce complexity between components that have traditionally been designed and sourced separately. The companies also expect the integration to support lower installation and maintenance costs, as well as improved project reliability.

Beyond their existing solar businesses, the merger is intended to strengthen the companies' position in battery storage and create opportunities in adjacent markets, including data centre infrastructure. According to the announcement, the companies served projects representing more than 250 GW of combined experience. They also identified cross-selling potential, noting that only around 20% of the projects served by both companies in 2025 and 2026 used products from both suppliers.

Brandon Moss, Shoals' current chief executive, will lead the combined company, while ARRAY CEO Kevin Hostetler will become a special advisor. Brad Forth, currently chairman of both companies, will continue as chairman of the combined entity. The company plans to announce a new corporate name and ticker symbol in the coming months.

Financially, the companies estimate that the combined business could generate preliminary pro forma revenue of between $2.2 billion and $2.4 billion in 2027, with adjusted EBITDA ranging from $410 million to $480 million, including expected first-year synergies. They also anticipate generating more than $100 million in annual adjusted EBITDA synergies within three years of closing, through cost efficiencies, procurement benefits, operational improvements and additional revenue.

The transaction has been unanimously approved by the voting members of both companies' boards of directors. Completion is expected in the first quarter of 2027, subject to shareholder approval, regulatory clearances, Nasdaq listing authorisation and other customary closing conditions.