US Solar Tracker Supplier Eyeing $100 Million Through IPO

• FTC Solar has informed the SEC it plans to raise up to $100 million through IPO route
• Number of shares or pricing terms weren't disclosed, but the company plans to get listed on the Nasdaq under FTCI symbol
• It plans to use proceeds for share repurchase, general corporate purposes, or to even acquire or invest in businesses, products, services or technologies

After Array Technologies of the US and Soltec of Spain, another solar PV tracker provider and software solutions company FTC Solar has added its name to the list of solar tracker companies that seek to raise capital from the market, through the initial public offering (IPO) route.

In the last week of March 2021, US based FTC Solar filed its IPO papers with the US Securities and Exchange Commission (SEC) to raise up to $100 million, but did not mention the pricing terms. It aims to get listed on the Nasdaq under the symbol FTCI, according to IPO research consultant Renaissance Capital.

Having come up in 2017, FTC Solar plans to use part of the net proceeds from the IPO to fund its stock repurchase, and remaining for general corporate purposes, including working capital and operating expenses. In its SEC filing, FTC Solar hinted that it could use a portion to acquire or invest in businesses, products, services or technologies.

FTC Solar's trackers are available in the market under its flagship brand Voyager which it defines as a next-generation 2-panel in-portrait single-axis tracker solution. It claims this product with its patented panel connection features enables reduction of construction costs, optimize speed of installation and reduce assembly labor.

Till December 31, 2020, the company said it had sold over 1.9 GW of Voyager trackers and had $109 million of executed contracts and awarded orders for the same, which have a shipment date of 2021. The management touts this reflects 'greater than 100% increase over the same amount as of December 31, 2019'.

In January 2021, FTC Solar released its Voyager+ single-axis tracker to provide compatibility with new large format solar modules of 182 mm and 210 mm cells, with a power output of over 500W.

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