Else Nutrition

Shoals Technologies Group Applauds President Biden’s Executive Action to Spur U.S. Solar Manufacturing

07 June 2022

Shoals Technologies Group, Inc. (“Shoals” or “the Company”) (Nasdaq: SHLS), a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle (EV) charging infrastructure, today issued the following statement from Jason Whitaker, President & Chief Executive Officer, applauding President Biden’s Executive Action to spur U.S. solar manufacturing and decision to declare a 24-month tariff exemption for imported solar panels.

“As the leading manufacturer of electrical balance of systems components (“EBOS”) in the United States for the solar industry, we applaud President Biden’s Executive Action invoking the Defense Production Act to spur domestic manufacturing, strengthen our power grids, and accelerate job creation while also granting a 24-month tariff exemption bridge.

Our partners rely upon the steady flow of solar panels and components to address the Administration’s climate change goals. This Executive Action provides near-term certainty for them to proceed forward, which will lead to tens of thousands of good-paying American jobs in construction and the US clean energy manufacturing field.

With over half of the solar projects in the United States utilizing our solutions, our clients depend upon Shoals to provide mission critical products that collect energy produced by solar panels in order to supply it to the electrical grid. While there is much left to do to boost the industry’s broader domestic manufacturing capabilities, yesterday’s decision will enable us to continue adding manufacturing jobs at our facilities in Tennessee, Alabama, and California to support the tremendous future of clean energy manufacturing in the United States.”

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 20 GW of solar systems globally. For additional information, please visit: https://www.shoals.com/.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the initial public offering. 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 registration statement filed with the Securities and Exchange Commission.

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