Governor Lee, Commissioner McWhorter Announce Shoals Technologies Group to Expand Manufacturing and Distribution Operations in Sumner County

Rhea-AI Summary

Shoals Technologies Group to create 550 new jobs in Portland with an $80 million expansion, enhancing solar power capabilities.

Economist

The investment of $80 million by Shoals Technologies Group into expanding its operations in Portland, Tennessee, is a significant economic development. The creation of 550 jobs over the next five years is likely to have a multiplier effect on the local economy. As new employees spend their wages, there will be increased demand for goods and services, which can lead to further job creation in other sectors. Additionally, the company's decision to expand within Tennessee, rather than relocating to another state or country, demonstrates confidence in the local workforce and business environment.

However, for investors, the long-term impact on Shoals' financials will depend on how effectively the company can leverage its increased capacity to meet growing customer demand. If the expansion enables Shoals to scale operations and reduce per-unit costs, it could improve profit margins and shareholder value. Conversely, if the expansion leads to operational inefficiencies or if the market for solar power does not grow as anticipated, the investment could strain the company's finances.

Market Research Analyst

Shoals Technologies Group's expansion highlights the robust growth within the solar, energy storage and eMobility sectors. As a leading EBOS provider, Shoals is strategically positioning itself to capitalize on the increasing global shift towards renewable energy and electric vehicles. The choice of expanding manufacturing capabilities indicates a proactive approach to address supply chain challenges and meet rising demand.

For stakeholders, the key question is whether Shoals can translate this increased capacity into a competitive advantage. The ability to rapidly scale production and distribute products can be a critical factor in winning large contracts and establishing long-term customer relationships. Investors should monitor the company's operational efficiency metrics and customer acquisition rates post-expansion to gauge the success of this strategic move.

Environmental Policy Analyst

The expansion of Shoals Technologies Group aligns with broader environmental and policy trends promoting renewable energy and decarbonization. As governments and corporations commit to sustainability goals, the demand for solar and energy storage solutions is expected to grow. This expansion could position Shoals as a key player in supporting these initiatives.

From a policy perspective, the investment in renewable energy infrastructure can be seen as a response to incentives and regulatory frameworks designed to encourage clean energy development. It's also indicative of a favorable policy environment in Tennessee that supports green industry growth. The long-term implications of this expansion may include increased influence in policy discussions and potential for partnership on future clean energy initiatives.

• Leading EBOS provider for solar, energy storage and eMobility to create approximately 550 new jobs in Portland with multi-million dollar expansion
  

NASHVILLE, Tenn., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Shoals Technologies Group officials announced today the company will invest $80 million over the next five years to expand its existing manufacturing and distribution operations to a new, larger location in Portland, Tennessee.

Shoals will create approximately 550 new jobs over the next five years in Sumner County, bringing the company’s total headcount in the region to roughly 1,400.

As part of the expansion, Shoals will relocate its manufacturing operations to a 638,000-square-foot plant at 1500 Shoals Way. The additional staff and larger facility will enable Shoals to better meet its growing customer demand for solar power.

Headquartered in Portland, Tennessee, Shoals Technologies Group is a leading electrical balance of systems (EBOS) provider for solar, energy storage and eMobility. The company serves its customers worldwide from several locations in the U.S.

For those interested in a career at Shoals, please contact Recruiting@shoals.com or visit Careers at Shoals Technologies Group | Global EBoS Products.

Since 2020, TNECD has supported nearly 10 economic development projects in Sumner County, resulting in approximately 1,000 job commitments and $1 billion in capital investment.

QUOTES
“Tennessee’s strong business climate and unmatched quality of life are key reasons why companies like Shoals choose to expand in our state. I thank Shoals for creating hundreds of new jobs for Tennesseans and am confident Portland and Sumner County have the skilled workforce to support these new positions.” – Gov. Bill Lee

“Shoals is an innovative brand that we are proud to have headquartered in Tennessee. Companies always have a choice in where they choose to invest and do business, and we appreciate Shoals’ continued support in our state, specifically the Portland and Sumner County communities.” – TNECD Commissioner Stuart C. McWhorter

“Today’s announcement marks a pivotal moment for Shoals’ growth, allowing us to enhance efficiency, create jobs and contribute even more to the thriving economic landscape of Tennessee. I am immensely proud of our dedicated team for their commitment and success and am grateful to the State of Tennessee for their partnership in making this transformative move a reality." – Brandon Moss, CEO, Shoals Technologies Group

“Portland is excited to once again be a destination for investment and industry. Shoals has already been a vital community partner, and now, with $80 million of new capital and hundreds of jobs, they will be a top employer in the region as well.” – Portland Mayor Mike Callis

“Sumner County is excited to hear about Shoals’ continued investment in our community. The additional job opportunities and capital investment is indicative of their confidence in Sumner County. As the mayor of Sumner County, I want to personally thank Shoals and wish them success.” – Sumner County Mayor John C. Isbell

“TVA and Cumberland Electric Membership Cooperation congratulate Shoals on its decision to expand operations and create hundreds of new job opportunities in Portland. We are proud to partner with the City of Portland and the Tennessee Department of Economic and Community Development to support companies committed to continued growth in the region and we celebrate this announcement together.” – John Bradley, TVA senior vice president of economic development

“The expansion of Shoals is great news for Sumner County. The creation of approximately 550 new jobs and the substantial investment of $80 million demonstrates the company's commitment to our community and economy. Congratulations to Shoals on their success in Sumner County, and I look forward to the positive impact this expansion will have on our local workforce and economy.” – Sen. Ferrell Haile (R-Gallatin)

“I’m tremendously proud when companies who know us best choose to grow their business in our community. Tennessee has become a major player in the clean energy sector, and Shoals is helping to lead the way to a greener, more sustainable future. I thank Shoals for their continued investment in Portland, and I congratulate their employees on their remarkable success.” – House Majority Leader William Lamberth (R-Portland) 

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.

About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter, Instagram and LinkedIn. Like us on Facebook. Subscribe to our YouTube channel.

Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the Company’s future growth and expansion plans. 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 those in the Company’s Annual Report on Form 10-K. 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.

Media Contacts
Shoals
Sara Jo Walker
Senior Director of Communications
(615) 500-4349
Sarajo.walker@shoals.com

TNECD
Lindsey Tipton
Public Information Officer
(615) 339-6608
Lindsey.Tipton@tn.gov 

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/485df35a-21ef-4700-8422-49f5e06afcf5
https://www.globenewswire.com/NewsRoom/AttachmentNg/6fa4a88b-1973-4dec-b9f1-7515a3cbd907

How many new jobs will Shoals Technologies Group create in Portland?

Shoals Technologies Group will create approximately 550 new jobs in Portland.

What is the amount of investment Shoals Technologies Group will make for expansion?

Shoals Technologies Group will invest $80 million over the next five years for expansion.

What is Shoals Technologies Group known for providing?

Shoals Technologies Group is a leading EBOS provider for solar, energy storage, and eMobility.

Where is Shoals Technologies Group headquartered?

Shoals Technologies Group is headquartered in Portland, Tennessee.

How many job commitments and capital investment has TNECD supported in Sumner County since 2020?

TNECD has supported approximately 1,000 job commitments and $1 billion in capital investment in Sumner County since 2020.