Gov. Michelle Lujan Grisham and Array Technologies CEO Kevin
Hostetler announced today that Array Technologies (NASDAQ: ARRY)
(“Array” or “the Company”) has finalized plans for a major
expansion that will solidify the Company’s New Mexico future with a
new $50 million manufacturing campus in Bernalillo County that will
keep hundreds of jobs secure for New Mexicans.
Array, one of New Mexico’s few publicly traded companies, got
its start manufacturing solar tracker technology over 30 years ago
in Albuquerque. Today, Array is a global leader in utility-scale
solar tracking solutions that maximize the efficiency of solar
panels by moving them to optimize the sun’s angle. In 2020, the
Company went public under the symbol ARRY.
“We are excited to assist this home-grown business through $2.5
million in Local Economic Development Act funding as it reinvests
in New Mexico by building a skilled, high-paying workforce,”
Gov. Lujan Grisham said. “New Mexico has a long
history of being the home of innovation and cutting-edge
technology, and companies like Array embody that legacy.”
The Company chose a location on Albuquerque’s west side for a
new 216,000-square-foot campus and Array and its partners plan to
invest $50 million in the development. Construction is expected to
begin in early 2024. The 22-acre expansion will allow Array to hire
nearly 100 new employees over the next several years.
"Our foundation was laid in Albuquerque over 30 years ago, and
this expansion is a testament to our longstanding relationship with
this vibrant community," Kevin Hostetler, Array
CEO, said. "This move signifies more than just growth; it reaffirms
our commitment to New Mexico, its people, and the global renewable
energy mission we've passionately pursued since we opened. We're
excited to continue lighting the way to a brighter, cleaner energy
future from our home state."
“Together with our partners at the State and Bernalillo County,
we are working to safeguard jobs that support Albuquerque
families,” Albuquerque Mayor Tim Keller said.
“Retaining companies and supporting expansion is an essential part
of keeping good jobs local and protecting the future of our
economy.”
The state has awarded Array $2.5 million in economic assistance
from the Local Economic Development Act (LEDA) job-creation fund to
assist the Company with land, buildings, and infrastructure costs
for the property at 701 Atrisco Vista Blvd. SW. The funds will be
awarded as Array meets specific economic development
benchmarks.
The City of Albuquerque and Bernalillo County are assisting with
$250,000 each of additional LEDA funds, in addition to partial
property-tax abatement through an Industrial Revenue Bond with
Bernalillo County.
In addition to hundreds of existing jobs, the new campus will
aid in job creation including production, assembly, design,
engineering, and customer service with a salary range starting at
$35,000 to $127,000. Array offers entry-level employees benefits
and an opportunity for career advancement into higher paying
positions. With capital investments and job creation, the
expansion is expected to have an economic impact of more than $300
million over 10 years and generate 75 construction jobs, according
to a state analysis.
“We are pleased that Array, a global provider in renewable
energy solutions, has selected Bernalillo County as the location to
expand its operations. Together with the State of New Mexico
Economic Development Department and the City of Albuquerque
Economic Development Department, Bernalillo County recognizes that
regional support of our local companies means more jobs, more
growth, and more opportunities for Bernalillo County residents,”
County Commission Chair Barbara Baca said.
“New Mexico is a leader in renewable and alternative energies
and is building a robust ecosystem to support the manufacturers
that supply that industry. Array’s continued investment in New
Mexico is a welcome expansion of the renewable industries in our
state,” said Melinda Allen of the New Mexico
Partnership, the state’s nonprofit private economic development
partner that helped broker the deal.
The Albuquerque Regional Economic Alliance (AREA), a non-profit
economic development organization, is assisting Array with site
selection, labor-force, tax analysis, and strategic planning on its
expansion.
“Array has become a global manufacturer and supplier of solar
tracking systems and renewable energy products. Headquartered here
in greater Albuquerque, the long-term investments made by
Array continue to build our region’s identity as a location of
choice for high-quality production, technical, and engineering
talent.” Danielle Casey, President & CEO of
the Albuquerque Regional Economic Alliance, said. “Continuing to
build confidence amongst internal and external investors alike,
this $50-million expansion will generate millions in new economic
activity in the next 10 years and hundreds of other jobs from this
economic expansion. It further advances the presence of
high-quality job opportunities for the residents of the greater
Albuquerque region."
Economic Development Department (EDD) Deputy Secretary
Jon Clark said Array’s expansion is another
indication of New Mexico’s strong appeal for companies looking to
expand and build a clean energy workforce. “We not only have the
skilled workforce that Array and other global manufacturers are
looking for,” Clark said “but we also have the tuition-free
workforce training programs that will sustain these businesses as
they grow and expand.”
In addition to New Mexico and Arizona, Array has operations
around the globe, including Australia, Brazil, England, South
Africa, and Spain.
About Array TechnologiesArray Technologies
(NASDAQ: ARRY) is a leading global renewable energy company and
provider of utility-scale solar tracking technology. Engineered to
withstand the harshest conditions on the planet, Array’s
high-quality solar trackers and sophisticated software maximize
energy production, accelerating the adoption of cost-effective and
sustainable energy. Founded and headquartered in the United States,
Array relies on its diversified global supply chain and
customer-centric approach to deliver, commission and support solar
energy developments around the world, lighting the way to a
brighter, smarter future for clean energy. For more news and
information on Array, please visit arraytechinc.com
Forward Looking StatementsThis press release
contains forward-looking statements and is based upon Array’s
current interpretation of the IRA. These statements are not
historical facts but rather are based on the Company’s current
expectations and projections regarding its business, operations,
and other factors relating there to. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties, and assumptions that are difficult to
predict. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors.
Media Contact: Katharine FraserH+K
Strategies281-409-9351katharine.fraser@hkstrategies.com
Investor Relations Contact:Array Technologies,
Inc.Investor Relations505-437-0010investors@arraytechinc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4d0f2228-d27d-4f36-96bb-f69235596652
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