ALBUQUERQUE - Array Technologies, a U.S.-based manufacturer of solar tracking systems, has entered a strategic partnership with Aluminum Products Company (ALUPCO), a prominent aluminum extrusion company in the Middle East and North Africa (MENA), to support renewable energy projects in the MENA region. This collaboration was announced today as a move to enhance the deployment of solar technology in one of the world's most solar-rich areas.
Array Technologies, headquartered in Albuquerque, New Mexico, is known for its utility-scale solar tracking technology. The company has been instrumental in advancing clean energy solutions globally. The partnership with ALUPCO aims to capitalize on the Middle East's growing renewable energy sector.
Kevin G. Hostetler, CEO of Array, emphasized the company's commitment to the global clean energy market and expressed confidence that the partnership would leverage the strengths of both organizations to transform the energy landscape.
ALUPCO's CEO, Khaled Abdel-Moneim, also expressed enthusiasm for the partnership, highlighting the shared focus on performance and sustainability. He noted the opportunity to drive innovation and contribute to both the Saudi and global economic landscape.
The alliance was showcased at the second Private Sector Forum in Riyadh earlier this month, an event highlighting the private sector's role in economic development and emerging markets. The forum aligns with Saudi Arabia's Vision 2030, which includes significant goals for renewable energy capacity. Saudi Arabia plans to add 20 gigawatts of renewable energy annually, aiming for 130 gigawatts before 2030.
Saudi Arabia's Public Investment Fund hosted the forum, which serves as a strategic step in the country's economic diversification efforts. It is centered on innovation, technology, and sustainable solutions. The Middle East is expected to add nearly 70 GW of photovoltaic (PV) capacity by 2030, with Saudi Arabia having one of the highest solar irradiations globally.
The partnership between Array Technologies and ALUPCO is positioned to support this growth by providing advanced solar tracking technology to the region. This move is part of Array's strategy to expand its global footprint and establish strategic partnerships that support the transition to cleaner energy sources.
This announcement is based on a press release statement from Array Technologies.
InvestingPro Insights
Array Technologies (ARRY) has recently made strategic moves to enhance its presence in the global renewable energy market through a partnership with ALUPCO. As they focus on the MENA region's growing solar energy sector, let's delve into some key data and tips from InvestingPro that might interest investors and stakeholders.
InvestingPro Data shows that Array Technologies has a market capitalization of approximately 1.99 billion USD. Despite recent market turbulence, the company's revenue growth over the last twelve months as of Q3 2023 stands at a solid 12.48%. This is indicative of the company's ability to increase sales in a competitive environment. Additionally, with a P/E Ratio (Adjusted) of 33.48, the company is trading at a high earnings multiple, which could signal investor confidence in its future earnings potential.
Among the notable InvestingPro Tips, it's highlighted that Array Technologies' stock has experienced significant volatility, taking a considerable hit over the last week with a price total return of -13.36%. Nevertheless, analysts predict profitability for the company this year, which aligns with the company's growth strategy and its recent expansion into the MENA region. Furthermore, with a PEG Ratio of 0.18, the stock is trading at a low price-to-earnings growth ratio relative to near-term earnings growth, suggesting that it may be undervalued based on its growth prospects.
Investors looking to delve deeper into Array Technologies' financials and future outlook can find additional insights on InvestingPro. With over 10 additional InvestingPro Tips available, including analysis on debt levels and liquidity, subscribers can form a well-rounded view of the company's financial health and market position. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for a more comprehensive investment analysis.
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