Array Technologies, Inc. (ARRY)

Company website 2020 Financial Report Stock Analysis

Gigawatts

Array has supplied 22+ GW to solar projects worldwide since 1989

900

Utilit-Scale Projects Worldwide

are enabled with Array's solutions

25^%

More Energy Production

Array's tracker technology enables 25% more energy production than fixed tilt of solar panels

View Our Analysis

The Path to Drawdown: Solar PVs

Solving climate change and staying below 1.5ºC of global warming requires a wholesale shift away from fossil fuels and toward using zero-emission sources.

The dominant source of this clean energy is the sun. Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the predominant way of capturing the sun's energy and turning it into electricity. This industry has been growing quickly: as of 2020, solar panels are the cheapest source of electricity in most places on earth.

Solar produces ~2% of global electricity today. According to Project Drawdown, to be on a path to remain under 1.5ºC of warming, utility scale solar will need to be generating a combined ~26% of global electricity by 2050.

To get there, the PV solar industry needs to keep massively scaling over the few next decades:

<::marker> 720 TWh of solar electricity was generated in 2019
<::marker> 28,200 TWh is needed by 2050
<::marker> That’s a CAGR of 12.56% from 2019 - 2050

Analysis from the IEA also predicts that, to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 737 GW in 2020 to 4,956 GW in 2030 (p.198).

About

Array Technologies, Inc. (stock ticker: ARRY) manufactures and supplies solar tracking systems and related products for customers in the United States and internationally. Its products include DuraTrack HZ v3, a single-axis solar tracking system; and SmarTrack, a machine learning software that is used to identify the optimal position for a solar array in real time to increase energy production. The company was founded in 1989 and is based in Albuquerque, New Mexico.

ARRY's Role in Drawdown

Array sells solar tracking systems that use machine learning to identify the best positioning for a solar array to increase energy production. Their patented tracker technology allows solar PV systems to product 25% more energy than when a fixed tilt.

Making solar power more productive and efficient can help make solar energy a cheaper and more attractive alternative to fossil fuel-based energy.

ARRY: What We Like

We'll update this section once Array makes sustainability information available.

What We Want to See Improve

Enhance Transparency around Sustainability

Array's headquarters (p. 36) consists of 11,647 square feet of office space and 57,911 square feet of manufacturing, warehousing and shipping space. Because they don't publish any sustainability information, we don't know what the carbon footprint of their direct operations is. We urge Array's executives to begin disclosing key sustainability metrics like absolute greenhouse gas emissions and sources of energy use.

Cut Emissions

Once sustainability metrics are measured and disclosed, Array would need to work toward cutting whatever emissions come from their operations. They should set their sights on 2025, 2030, and even 2050 to work toward zero emissions for their manufacturing and R&D.

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0.76%	Sunrun (RUN)	Sunrun makes and installs residential solar energy systems. Solar is a crucial centerpiece of electrifying everything
0.36%	Daqo New Energy (DQ)	Daqo makes high-purity silicon that goes into solar panel. This is a critical ingredient in converting sunlight into electricity
0.36%	Sunpower (SPWR)	Sunpower offers residential and commercial solar power systems and solar storage. Rooftop solar PV is one of the keys to an emissions-free energy system
0.33%	Shoals Technologies Group, Inc. (SHLS)	Shoals makes all of the components necessary for solar PV systems to connect to the grid. They’re helping expand solar energy
0.31%	Sunnova (NOVA)	Sunnova provides residential solar and energy storage systems in the United States. Both are critical for electrifying the energy system
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0.16%	Canadian Solar (CSIQ)	Canadian Solar makes and ships solar panels all over the world. This is critical for electrifying everything
0.14%	Gibraltar Industries, Inc. (ROCK)	Gibraltar Industries makes the mounting racks for solar panels that are tailor-made for the buildings and fields where solar systems will be placed
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0.07%	Maxeon Solar Technologies, Ltd. (MAXN)	Maxeon Solar Technologies makes solar panels and related solar system components worldwide - a critical piece in a zero-emissions energy mix of the future
0.05%	FTC Solar, Inc. (FTCI)	FTC Solar offers solar tracker systems so that solar PV systems can produce more electricity. Expanding solar energy is key to a decarbonized world
0.03%	Renesola Power (SOL)	Renesola Power develops utility-scale solar projects in over 10 countries. This is the type of effort needed to scale solar power to electrify the grid
0.02%	iSun, Inc. (ISUN)	iSun is one of the biggest commercial solar developers in the US. They’re a valuable contributor to expanding solar power
0.02%	Orbital Energy Group, Inc. (OEG)	Orbital Energy offers engineering, construction, and maintenance for utility-scale solar systems. They help expand solar power
0.02%	SPI Energy Co., Ltd. (SPI)	SPI Energy develops solar PV solutions for businesses, residential, government and utility customers. Expanding solar is key to a clean energy system
0.02%	Sunworks (SUNW)	Sunworks makes solar power systems for a wide range of markets. Solar is a key zero-carbon energy source