FTC Solar, Inc. (FTCI) shares surged in after-hours trading on Tuesday, October 31, 2023, following the announcement of a multi-year tracker supply agreement with Strata Clean Energy.
The agreement designates FTC Solar as the preferred supplier of its Voyager 2P solar tracker technology for multiple project sites across the United States. The initial term of the agreement is three years, with the potential to expand to over a gigawatt of volume. Strata is expected to utilize a combination of FTC Solar's tracker solutions and SunPath software.
The first project under the agreement is anticipated to commence in the fourth quarter of 2024.
"We are honored to be selected by Strata, a solar development, EPC, and O&M leader, to further strengthen our relationship with a multi-year agreement," commented Yann Brandt, FTC Solar's President and CEO.
"FTC has differentiated and value-enhancing trackers and will go above and beyond for customers, enabling solar projects to be installed safely and quickly. We look forward to demonstrating our full capabilities to help make each project a resounding success for Strata."
At the time of publication, FTCI shares were trading at 51 cents, up 126.52% from their previous closing price.