FTC Solar, Inc. (FTCI) shares soared in after-hours trading on Tuesday, propelled by the announcement of a multi-year tracker supply agreement with Strata Clean Energy. This strategic partnership signifies a major win for FTC Solar, solidifying its position as a leading player in the rapidly growing solar industry.
Under the terms of the agreement, FTC Solar will supply approximately 500 megawatts of its innovative Voyager 2P solar tracker technology for multiple project sites across the United States. The agreement designates FTC Solar as the preferred 2P solar tracker supplier for Strata Clean Energy over an initial three-year period, with the potential to expand to over a gigawatt of volume.
Strata Clean Energy, a prominent solar development, engineering, procurement, and construction (EPC), and operations and maintenance (O&M) leader, will leverage a combination of FTC Solar’s cutting-edge tracker solutions and its powerful SunPath software to optimize project performance. The first project under this multi-year agreement is expected to commence in the fourth quarter of 2024.
“We are honored to be selected by Strata, a solar development, EPC, and O&M leader, to further strengthen our relationship with a multi-year agreement,” remarked Yann Brandt, FTC Solar’s President and CEO. “FTC has differentiated and value-enhancing trackers and will go above and beyond for customers, enabling solar projects to be installed safely and quickly. We look forward to demonstrating our full capabilities to help make each project a resounding success for Strata.”
This agreement represents a significant boost for FTC Solar, demonstrating its commitment to delivering high-quality solar tracker technology that contributes to the advancement of clean energy solutions.
The announcement sent FTCI shares skyrocketing, with Benzinga Pro reporting a remarkable 126.52% increase to 51 cents at the time of publication on Tuesday. This surge in share price reflects the market’s confidence in FTC Solar’s growth potential and the strategic importance of this multi-year agreement with Strata Clean Energy.
