Breiter Planet Properties President Andrew Breiter-Wu goes into detail about the recent IPO offering of Array Technologies. Array manufactures tracking and racking equipment for solar systems. This technology allows homeowners, property owners, and businesses to get the most production out of their investment into clean energy. Tracking systems allow the panels to track the direction of the sun so they are receiving the most direct sunlight throughout the day.

On the day of the IPO, shares shot up 65% from $22 to $36. As of now, the stock price is hovering around $40.

Array Technologies is the next big clean energy company to go public. They followed a traditional path of going public compared to other clean energy companies like Nikola, Fisker, and Canoo, which all went the route of a SPAC (Special Purpose Acquisition Company).

Array’s IPO is not only big news for the American solar industry — which has seen few flotations in recent years — but also for the state of New Mexico. According to the Albuquerque Journal, Array is the biggest IPO for a homegrown company in the state’s history. As of Thursday, its market capitalization exceeds that of PNM Resources, the utility group based in Albuquerque.

Schedule a call with us to learn more about solar energy, energy storage, and how we can help you integrate your home, business, or property into the clean energy economy.