FTC Solar

General Information
Business:
We are a global provider of advanced two-panel solar tracker systems, supported by proprietary software and value-added engineering services – currently marketed under the Voyager brand. Our mission is to provide differentiated products, software and services that maximize energy generation and cost savings for our customers, and to help facilitate the continued growth and adoption of solar power globally. Trackers significantly increase the amount of solar energy produced at a solar installation by moving solar panels throughout the day to maintain an optimal orientation relative to the sun. The combination of integrated hardware tracking technology and advanced software algorithms in solar tracker systems yields, on average, 25% more energy and delivers a 17% lower levelized cost of energy compared to fixed-tilt mounting systems, according to 2020 BNEF reports. Our customers include leading project developers, solar asset owners and engineering, procurement and construction (“EPC”) contractors that design and build solar energy projects. Our estimated U.S. tracker market share is approximately 11%.
(Note: FTC Solar priced its IPO on April 27, 2021, at $13 – well below its $18-to-$20 range – on 19.84 million shares, up from 18.4 million shares, to raise $257.92 million – far less than its estimated volume of $349.98 million, based on mid-point pricing.)
Industry: Semiconductors & Related Devices
Employees: 178
Founded: 2017
Contact Information
Address 9020 N Capital of Texas Hwy, Suite I-260, Austin, Texas 78759
Phone Number (737) 787-7906
Web Address https://ftcsolar.com/
View Prospectus: FTC Solar
Financial Information
Market Cap $1561.04mil
Revenues $187.35 mil (last 12 months)
Net Income $-15.92 mil (last 12 months)
IPO Profile
Symbol FTCI
Exchange NASDAQ
Shares (millions): 19.8
Price range $13.00 - $13.00
Est. $ Volume $257.9 mil
Manager / Joint Managers Barclays/ BofA Securities/ Credit Suisse/ UBS Investment Bank/ HSBC
CO-Managers Cowen/ Simmons Energy (A Division of Piper Sandler)/ Raymond James/ Roth Capital Partners
Expected To Trade: 4/28/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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