FTC Solar, which provides advanced solar tracker systems, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
FTC is a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. Its tracker systems are currently marketed under the Voyager brand name, which is a next-generation two-panel in-portrait single-axis tracker. With its Voyager offering, FTC is one of the largest providers of two-panel in-portrait trackers in the US, with an estimated 11% share of the US tracker market.
The Austin, TX-based company was founded in 2017 and booked $187 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol FTCI. FTC Solar filed confidentially on January 25, 2021. Barclays, BofA Securities and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
