ALBUQUERQUE - Array Technologies (NASDAQ: ARRY), a prominent player in the solar energy sector, has introduced its Hail Alert Response system, aimed at protecting solar trackers from damage caused by hail. The company announced today the availability of this new technology, which utilizes advanced weather prediction algorithms to preemptively adjust solar trackers before a hailstorm.
The Hail Alert Response system is designed to enhance the resilience and longevity of solar assets, particularly in areas frequently experiencing hail. This feature is now available across the United States and can be integrated with Array's existing DuraTrack or OmniTrack systems. It operates by stowing solar trackers approximately 30 minutes ahead of a predicted hail event, thereby minimizing potential damage.
Array's Chief Executive Officer, Kevin G. Hostetler, emphasized the company's commitment to innovation and customer value, stating that the Hail Alert Response provides an additional layer of protection against weather uncertainties while maintaining the productivity and security of solar projects.
The service requires a SmarTrack Controller and a subscription for effective deployment, with secure communication protocols ensuring encrypted data exchange between the SmarTrack Data Platform and the on-site controller.
Array Technologies is recognized for its utility-scale solar tracking solutions and sophisticated software that maximizes energy production. The company's products are engineered to endure extreme conditions, contributing to the adoption of cost-effective and sustainable energy.
This news is based on a press release statement from Array Technologies.
InvestingPro Insights
As Array Technologies (NASDAQ: ARRY) continues to innovate with its Hail Alert Response system for the solar energy sector, the company's financial health and market performance provide a broader context for investors. With a market capitalization of approximately $2.09 billion, Array Technologies is a significant player in the renewable energy industry. The company's P/E ratio, which stands at 24.18, suggests that investors have high expectations for its earnings growth relative to its current earnings.
InvestingPro Data indicates that ARRY has experienced a revenue decline of -3.72% over the last twelve months as of Q4 2023, which aligns with InvestingPro Tips highlighting analysts' anticipation of a sales decline in the current year. However, the company's ability to manage its debt is reflected in its moderate PEG ratio of 0.08 and a Price / Book ratio of 8.05, suggesting that it operates with a moderate level of debt and its assets are valued relatively high by the market.
Investors may also note that ARRY's stock has demonstrated volatility, with a significant return over the last week of approximately 11.83%, but a considerable decline over the last three and six months of -20.55% and -39.95%, respectively. This volatility is a critical factor to consider, especially for those looking for stable investment opportunities.
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