Shoals Technologies Group and First Solar Continue Partnership

PORTLAND, Tenn., March 26, 2025 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. ("Shoals") (NASDAQ:SHLS), a global leader in electrical balance of systems ("EBOS") solutions for the energy transition market, announced its continued commitment to investment in domestic manufacturing in Alabama with First Solar, Inc. (NASDAQ:FSLR). This partnership enables the two companies to support the continued reshoring of domestic supply chains for the U.S. solar industry.

"Our longstanding partnership with First Solar is something we are really proud of at Shoals," Brandon Moss, CEO of Shoals stated. "We appreciate First Solar's confidence in our commitment to quality products to support the re-shoring of the solar supply chain. With this ongoing commitment, we are poised to support the growth in domestic electricity demand."

First Solar has demonstrated that the commitment to American solar manufacturing delivers economic benefits and middle-class jobs in communities in Alabama, as evidenced by their recent inauguration of a $1.1 billion Alabama facility, which created over 800 direct manufacturing jobs in the state. First Solar's additional 3.5 GW of solar manufacturing facility, combined with their existing U.S. manufacturing footprint, is supported in part by Shoals' custom junction boxes, manufactured in Alabama. First Solar's Alabama facility, together with three First Solar operating facilities in Ohio, help solidify First Solar's position as the largest solar manufacturer in the Western Hemisphere. In 2023, First Solar also announced a $1.1 billion investment in a fifth U.S. facility, located in Louisiana.

"I want to congratulate Shoals Technologies on their partnership with First Solar, marking another important step in reshoring America's solar supply chain," Muscle Shoals, Alabama Representative, Robert Aderholt stated. "It's great to see Alabama-made products, like the junction boxes being produced here, playing a key role in strengthening our domestic energy technology manufacturing sector. First Solar's $1.1 billion Alabama facility is a testament to the innovation and economic growth happening in our state. I look forward to continuing to support policies that bring jobs and industry back home."

The long-term growth alignment with First Solar enables Shoals to continue to invest in American jobs at its Alabama facility, while also supporting the expansion of attractive market segments.

"As America stands on the brink of major economic growth, it's more important than ever to quickly roll out all kinds of homegrown power generation technology to fuel this progress," Representative Dale Strong said. "I'm glad to see Shoals Technologies Group and First Solar teaming up to make sure Alabama-made technology is driving our energy future and contributing to our nation's success."

About Shoals Technologies Group

Shoals Technologies Group is a leading provider of electrical balance of systems ("EBOS") solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: https://www.shoals.com.

Forward-looking Statements:

This press release contains certain forward-looking statements, that are based on the Company's management's beliefs and assumptions and on information currently available to the Company's management.

These forward-looking statements relate to, among other things, the Company's extended partnership with First Solar, and the expected benefits thereof; expected growth in domestic electricity demand; and the Company's expansion into new market segments. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the key factors that could cause actual results to differ from the Company's expectations include, among other things: if demand for solar energy projects diminishes, we may not be able to grow, and our financial results, business and prospects could be materially adversely impacted; the interruption of the flow of raw materials from international vendors has disrupted our supply chain, including as a result of the imposition of additional duties, tariffs and other charges on imports and exports; the imposition of trade restrictions, import tariffs, anti-dumping and countervailing duties could adversely affect the amount or timing of our revenue, results of operations or cash flows; we have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business; modifying our business strategy could have an adverse effect on our business and financial results; amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment could harm our business and negatively impact revenue, results of operations, and cash flow; and our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks.

These and other important risk factors are described more fully in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company's management's beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company's actual future results may be materially different from what the Company expects. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Media Relations

Lindsey Williams, VP of Marketing and External Communications

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Investor Relations

Matt Tractenberg, VP of Finance and Investor Relations

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