AUSTIN, Texas, June 28, 2021 (GLOBE NEWSWIRE) – FTC Solar, Inc. (Nasdaq: FTCI), a rapidly growing global provider of solar tracking systems, software and engineering services, announced today have received a net payment of approximately $ 22 million in connection with the sale of its minority interest in Dimension Energy, LLC (“Dimension”), with the possibility of receiving an additional payment of up to approximately $ 14 million by the through a price supplement structure.
FTC Solar invested $ 4 million in Dimension, an Atlanta-based community solar energy developer, in 2018. Since the time of that investment and prior to the sale, FTC Solar has received dividends of approximately $ 2.1 million. dollars. With the sale of its initial stake, which closed on June 24, 2021, FTC Solar received an additional net payment of approximately $ 22 million, with the potential to receive an additional payment of approximately $ 14 million up to in December 2024, based on Dimension achieve certain performance milestones.
“We are delighted to further strengthen our balance sheet with this payment, while realizing a substantial return on investment,” said Patrick Cook, CFO of FTC Solar. “Selling our position in Dimension simplifies our financial reporting, further strengthens our debt-free balance sheet and positions us to generate additional shareholder value. We are delighted to have been associated with the Dimension team throughout their transition and look forward to seeing their future projects. “
About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a rapidly growing global provider of solar tracking systems, technology, software and engineering services. Solar trackers dramatically increase energy production in solar power installations by dynamically optimizing the orientation of solar panels relative to the sun. FTC Solar’s innovative tracker designs deliver compelling performance and reliability, with an installation cost advantage per peak watt.
This press release contains forward-looking statements. These statements are not historical facts but are rather based on our current expectations and projections regarding our business, operations and other related factors. Words such as “may”, “will”, “could”, “should”, “should”, “anticipate”, “predict”, “possible”, “continue”, “” projects “,” belief “,” estimates ”and similar expressions are used to identify these forward-looking statements. These statements are only forecasts and, as such, do not guarantee future performance and involve risks, uncertainties and assumptions that are difficult to predict. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those of forward-looking statements due to several factors, including those described in more detail in our documents filed with us. the US Securities and Exchange. Commission, including the section entitled “Risk Factors” contained therein. FTC Solar assumes no obligation or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in its expectations, except as required by law.
Source: FTC Solar, Inc.
Category: Financial news
Contact for FTC solar investors:
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