Solar energy project ground-mounting systems manufacturer Array Technologies Inc. (ARRY:NASDAQ), which supplies tracker solutions and services for utility-scale solar energy projects, today announced "it has entered into an agreement to supply nearly 1GW of DuraTrack® HZ v3 single-axis solar trackers for the Gemini solar project, which will be the largest operational solar + storage site in the U.S., according to Oakland-based developer Primergy Solar."
The firm indicated that the total value of the project it expected to exceed $1 billion and is targeted for completion by year-end 2023. The company advised that Kiewit Kiewit Power Constructors Co. is leading the engineering, procurement, and construction efforts for the project which when completed will be capable of storing greater than 1.4 GWh of solar power. The company stated that it plans to commence delivery of its trackers in Q2/22.
Array Technologies' Chief Revenue Officer Travis Rose stated, "As solar energy accounts for an increasing portion of the world's electricity supply, energy storage will play a crucial role in optimizing renewables and ensuring power is available during periods of peak demand…Project Gemini is historic for its size and scale, and we are well-positioned to optimize it for maximum energy generation while limiting installation time, LCOE and maintenance requirements."
The company explained that the Gemini solar project is being built upon a stretch of land managed by the U.S. Bureau of Land Management (BLM) in Overton, Nev., which is located approximately 30 miles northeast of Las Vegas. The project when built will supply power to Nevada Energy for further transmission and distribution to its customers. The firm pointed out that the photovoltaic (PV) plant is being engineered to discharge energy mostly during high demand or low supply periods.
Kiewit Power Constructors Co.'s President Chris Turnbull remarked, "Kiewit is excited to bring our extensive EPC experience and capabilities to the Gemini solar project, which will feature Array's innovative solar tracking technology…Gemini is a landmark project that will have a lasting impact on the availability of renewable energy sources in Nevada."
Array Technologies, headquartered in Albuquerque, N.M., is a global manufacturer and provider of utility-scale solar tracker technology. The firm's single-axis trackers are engineered to withstand the planets most severe conditions. The company claimed that "its high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy."
Array Technologies started the day with a market cap of around $1.5 billion with approximately 135.0 million shares outstanding and a short interest of about 11.7%. ARRY shares opened about 1% higher today at $11.03 (+$0.09, +0.82%) over Friday's $10.94 closing price. The stock has traded today between $11.03 and $12.75 per share and is currently trading at $11.925 (+$0.985, +9.00%).
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