With the financial struggles of other solar companies making headlines, it’s good to hear about a company that is strong enough to earn investment from a company outside the industry.
Shoals Technologies Group, a balance-of-systems manufacturer, has announced an investment partnership with the Power Opportunities Group of Oaktree Capital Management that will help the company expand its international business on its current portfolio in addition to joining the energy-storage market. Terms of the investment were not disclosed.
“We are proud of the innovation, performance and reliability we have brought to the solar industry over the past two decades,” said Dean Solon, Founder and CEO of Shoals Technologies Group. “Partnering with Oaktree provides Shoals with the resources, expertise, and support to help drive further growth and success in the rapidly expanding international solar and energy storage markets.”
Oaktree’s Power Opportunities Group invests in energy-industry companies that provide equipment, services and software used in the generation, transmission, distribution, and consumption of electricity and other energy and utility resources.
“As the solar market matures, customers are demanding high-quality and long-lasting system solutions that deliver maximum value,” said Peter Jonna, Senior Vice President of Oaktree’s Power Opportunities group. “We have long admired Shoals as the leader in this market, and we are very excited to partner with Dean and his team to support their continued growth and success.”
Founded in 1996, Shoals designs and manufactures a diverse range of products for solar and energy storage projects, including combiner boxes, junction boxes, wiring, and monitoring solutions, among others. The company has deployed its products on more than 25 GW of solar projects in markets across North America, Europe, Asia and Africa.