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Array reports revenue growth and looks to grow
Motor box assembly at Array Technologies’ factory in Albuquerque in July 2016. Array is building a new, $50 million facility in Albuquerque.
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Albuquerque-based Array Technologies reported significant revenue growth in 2023, and it is looking to carry that momentum in 2024.
The company last month reported nearly $1.6 billion in total revenue in 2023, which was nearly double 2021 revenue.
“I think it was an outstanding year, really on the back of a lot of the employees in Albuquerque,” said Kevin Hostetler, the CEO of the company.
The company, which manufactures solar tracker technology, reported about $840 million in revenue in 2021, which happened shortly after the company went public on NASDAQ under the symbol ARRY.
“The way we contracted for our commodities — steel and aluminum, primary — put the company at risk,” he said.
He said the company changed the way it contracted for metals at the time it receives orders.
Array in recent months has made several announcements about its plans to grow.
In November, Array announced a $50 million expansion project at its Albuquerque location, which will be four times larger than its existing facility.
“Albuquerque will remain our hub for domestic manufacturing in the U.S.,” Hostetler said. “The existing facility is not designed for today’s modern manufacturing practices.”
He said the building has one loading dock, so it brings goods in and ships them out from the same place, which causes logistical challenges. The new facility will allow for raw materials to enter the facility, flow through it, and the finished goods will be loaded at the other end of the compound.
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As it expands its Albuquerque location, Array will look to hire manufacturing line workers. Hostetler said the company will also be looking to hire support services, which include procurement and logistics professionals.
Array does business in Brazil and Europe, primarily Spain. The company is trying to build out in Latin America and it recently announced a partnership with a Saudi Arabian company.
Hostetler said Array has two key patents. A linked-row architecture concept that allows 30 to 35 rows of solar panels to use one high-quality motor. The company’s competitors put motors on each row of panels, he said.
It also has a patent related to how the panels are put in a stowed position — which is done when there is high wind.
