Array Technologies and Alupco® Announce Strategic Partnership to Fuel Growing Renewable Energy Market in the Middle East
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The strategic partnership between Array Technologies and ALUPCO® represents a significant development within the renewable energy sector, particularly within the Middle East. This collaboration is poised to capitalize on the region's high solar irradiation levels and the ambitious renewable energy targets set by Saudi Arabia, which aims to reach 130 gigawatts of renewable energy by 2030. The partnership aligns with the economic diversification efforts under Saudi Arabia's Vision 2030, which emphasizes innovation, technology and sustainable solutions.
From a market expansion perspective, Array Technologies' entry into the Middle East, facilitated by ALUPCO®, could lead to increased market share and revenue growth. The strategic location of ALUPCO® and its production capabilities may provide Array with a competitive advantage in terms of local supply chain optimization and reduced logistics costs. The anticipated growth of nearly 70 GW of PV capacity through 2030 in the Middle East suggests a robust market potential for Array's solar tracking technology.
The partnership between Array Technologies and ALUPCO® has implications for the energy sector's transition towards renewable sources. With Saudi Arabia's high solar potential and the ongoing development of 13 renewable energy projects boasting over 11 GW capacity, the demand for efficient solar tracking technology is expected to rise. Array's engineered solar tracking solutions can enhance the efficiency of solar installations, making them more attractive to investors and project developers in the region.
Furthermore, the collaboration is indicative of a broader trend where companies in traditional industries, such as aluminum production, are seeking to align with the green energy movement. ALUPCO®'s role in this partnership extends beyond mere production capabilities; it represents a strategic business pivot towards sustainability and may influence other companies in the region to follow suit, potentially accelerating the renewable energy transition in the Middle East.
Investors may view the partnership between Array Technologies and ALUPCO® as a positive signal for Array's future financial performance. The expansion into the Middle East could open up new revenue streams and diversify Array's geographical footprint, potentially mitigating risks associated with market concentration. The involvement in the Private Sector Forum also suggests that Array is actively engaging with key stakeholders, which can be critical for navigating the regulatory environments and securing large-scale projects.
It is important to monitor how this partnership will translate into financial metrics for Array Technologies. The market will be looking for indicators such as order backlogs, revenue growth from the region and margin improvements as a result of the partnership. The long-term success of this strategic initiative will hinge on the effective integration of Array's technology with ALUPCO®'s production capabilities and the ability to meet the escalating demand for renewable energy infrastructure in the Middle East.
Array Technologies and Aluminum Products Company (ALUPCO®) have formed a strategic partnership, combining Array’s industry-leading products with ALUPCO®’s leading production capabilities to expand the growth of renewable energy projects in the Middle East
ALBUQUERQUE, N.M., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading manufacturer of utility-scale solar tracking technology, announced a new strategic partnership with Aluminum Products Company (ALUPCO®), a leading aluminum extrusion company in the Middle East and North Africa, to support the growing market for renewable energy projects in the region.
Headquartered in Albuquerque, New Mexico, Array has been at the forefront of driving clean energy solutions both domestically and globally. The new partnership will bring leading solar technology to the fast-growing renewable energy market in the Middle East.
“Our alliance with ALUPCO® and expansion into the Middle East underscores our dedication to the global clean energy market. Our partners around the world share our commitment, and consistently rely on us for our differentiators – engineered simplicity, relentless reliability and a track record built on decades of experience, performance, and trust. We’re eager to bring this partnership to life with ALUPCO® and leverage the strengths and dedication of both organizations to transform the energy landscape,” states Array CEO, Kevin G. Hostetler.
Aluminum Products Company (ALUPCO®) CEO, Khaled Abdel-Moneim adds, “As the leading aluminum solutions provider in the Middle East and North African region, we are thrilled to partner with Array as a pioneer and innovator, uniquely positioned to pave the way in the renewables industry. With our shared commitment to excellence focusing on performance and sustainability, we’re eager to unlock new opportunities, continue driving innovation and contribute to the Saudi and global economic landscape.”
To signify this relationship, both organizations participated in the second Private Sector Forum earlier this month in Riyadh, the capital of the largest economy in the Middle East. This forum, hosted by Saudi Arabia’s Public Investment Fund featured discussions between top business leaders and policymakers on the private sector’s importance in economic development and opportunities in emerging markets.
Under its Vision 2030 blueprint, the Private Sector Forum is a strategic step in Saudi Arabia’s economic diversification, centered on innovation, technology, and sustainable solutions. Saudi Arabia has one of the highest solar irradiations in the world, estimated at approximately 2,200 thermal kWh of solar radiation per square meter. By the end of 2023, the country had 13 renewable energy projects under development with a collective capacity of over 11 GW. The Middle East is poised to add nearly 70 GW of PV capacity through 2030. According to Minister of Energy Prince Abdulaziz bin Salman, Saudi Arabia aims to add 20 gigawatts of renewable energy annually to reach 130 gigawatts of renewable energy before 2030.
The Private Sector Forum provides an environment for Array to expand its global footprint and establish strategic partnerships, solidifying its position as a driving force in the transition to a cleaner energy matrix. It serves as a catalyst for collaboration and awareness, playing a crucial role in helping promote a more sustainable and renewable future in the Middle East.
Contact:
Mary Lieb, Senior Manager
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