SHLS Shoals Technologies Group Inc

Shoals Technologies Group, Inc., a leading provider of electrical balance of systems (“EBOS”) solutions for solar, battery storage, and electric vehicle charging infrastructure, reaffirmed its commitment to protecting its intellectual property rights and announced it will continue to vigorously defend its patent complaint with the U.S. International Trade Commission (“ITC”) against Voltage, LLC, based in Chapel Hill, North Carolina.

In light of a recent ruling by an Administrative Law Judge at the ITC to remove one of two asserted patents, U.S. Patent 10,553,739 (the “‘739 patent”), from the scope of the upcoming evidentiary hearing, Shoals Technologies Group remains resolute in its stance to safeguard its unique products and pursue all available legal avenues.

Voltage is still accused of infringing U.S. Patent No. 11,689,153 (the “‘153 patent”) related to Shoals’ Big Lead Assembly (“BLA”) technology. The ‘153 patent is one of Shoals’ strongest patents as evidenced by the ITC’s claim construction ruling, and the ITC’s recent ruling related to the ‘739 patent does not affect Shoals’ case against Voltage related to the ‘153 patent. The evidentiary hearing is scheduled to begin with a pre-hearing conference on March 15, with the hearing beginning on March 18.

“Both the ‘739 and ‘153 patents remain active and valid,” said Brandon Moss, CEO of Shoals Technologies Group. “We plan to appeal the ruling related to the ‘739 patent while also pursuing our cases in district court. We will continue to take all necessary steps to protect our intellectual property rights.”

The ruling to remove the ‘739 patent from the ITC evidentiary hearing’s scope does not impact the pending district court cases filed by Shoals. These cases, filed against Voltage in the Middle District of North Carolina and against Hikam in the Southern District of California, will be litigated by Shoals Technologies Group irrespective of the outcome of the ITC case.

Shoals has also recently received Notices of Allowance for two patent applications, U.S. Patent Application Nos. 18/341,655 and 18/523,464, both of which pertain to Shoals’ groundbreaking BLA technology, which stands as a key differentiator in the market. Upon issuance, Shoals will carefully assess whether Voltage is infringing either of these newly granted patents.

Shoals will continue to assert its rights to pursue resolutions that uphold its position as an industry leader and safeguard its innovations and contributions.

“Shoals Technologies Group is committed to investing in US manufacturing, driving progress in the solar industry and delivering cutting edge solutions for our customers,” added Moss.

Links to Previous Announcements on this dispute:Shoals Technologies Group Files Patent Infringement Complaint with ITC Against Hikam and VoltageShoals Technologies Group Files Motion to Amend Patent Infringement Complaint with ITC, Adding Additional Claims Against Voltage with New Technology Patent

About Shoals Technologies Group, Inc.Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 62 GW of solar systems globally. For additional information, please visit: https://www.shoals.com.

Forward Looking Statement:This press release contains forward-looking statements, including statements regarding the Company’s future growth, financial performance, the patent infringement complaint and possible effects on the Company’s business strategies and operations, and expectations regarding the Company’s future intellectual property. 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 thereto. 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, including, among others, the outcome of the patent complaint; the risk of loss of revenue from a potential decision that the products subject to the complaint do not infringe the Company’s patents; the risk that the patents subject to the complaint are declared invalid; the Company’s product platform and resulting commercial opportunities; expectations about the cost, timing or likelihood of success of the Company’s patent complaint and validity challenges; the Company’s ability to fund the patent complaint and other necessary patent enforcement or defense actions; and other risks and uncertainties described in the section entitled “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, as well as any updates to those risk factors filed from time to time in our subsequent periodic and current reports filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.

For media inquiries, please contact:Sara Jo WalkerSenior Director of Communicationssarajo.walker@shoals.com615-500-4349