Shoals Technologies Group, a leading US provider of electrical balance of system products for solar projects, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Backed by Oaktree Capital, the company's electrical balance of system (EBOS) solutions encompass all of the components that are necessary to carry the electric current produced by solar panels to an inverter and ultimately to the power grid, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes. Shoals primarily sells complete EBOS systems that include several of its products. Shoals has experienced relatively rapid growth in 2019 (+39% y/y) and the YTD period (+28%), similar to 2020 solar equipment IPO Array Technologies (ARRY).
The Portland, TN-based company was founded in 1996 and booked $175 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol SHLS. Shoals Technologies Group filed confidentially on November 12, 2020. Goldman Sachs, J.P. Morgan, Guggenheim Securities and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
