FTC Solar Sells Stake in Dimension Energy for $22 Million
June 28 2021 - 04:02PM
FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider of
solar tracker systems, software and engineering services, today
announced that it has received a net payout of approximately $22
million in connection with the sale of its minority investment
position in Dimension Energy, LLC (“Dimension”), with the potential
to receive an additional payout of up to approximately $14 million
through an earn-out structure.
FTC Solar made an investment of $4 million in Dimension, a
community solar developer based in Atlanta, in 2018. Since the time
of that investment, and prior to the sale, FTC Solar has received
dividends of approximately $2.1 million. With the sale of its
original stake, which closed on June 24, 2021, FTC Solar has
received an additional net payout of approximately $22 million,
with the potential to receive an additional payout of up to
approximately $14 million through December 2024, based on Dimension
achieving certain performance milestones.
“We’re pleased to further strengthen our balance sheet through
this payout, while also achieving a substantial return on our
investment,” said Patrick Cook, FTC Solar’s Chief Financial
Officer. “The sale of our Dimension position simplifies our
financial reporting, further solidifies our debt-free balance
sheet, and positions us to drive additional shareholder value. We
are pleased to have been associated with the Dimension team through
their transition and look forward to seeing their future
endeavors.”
About FTC Solar Inc.Founded in 2017 by a group
of renewable energy industry veterans, FTC Solar is a fast-growing,
global provider of solar tracker systems, technology, software, and
engineering services. Solar trackers significantly increase energy
production at solar power installations by dynamically optimizing
solar panel orientation to the sun. FTC Solar’s innovative tracker
designs provide compelling performance and reliability, with an
industry-leading installation cost-per-watt advantage.
Forward-Looking StatementsThis press release
contains forward looking statements. These statements are not
historical facts but rather are based on our current expectations
and projections regarding our 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.
You should not rely on our forward-looking statements as
predictions of future events, as actual results may differ
materially from those in the forward-looking statements because of
several factors, including those described in more detail in our
filings with the U.S. Securities and Exchange Commission, including
the section entitled “Risk Factors” contained therein. FTC Solar
undertakes no duty or obligation to update any forward-looking
statements contained in this 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
FTC Solar Investor Contact:Bill
Michalek Vice President, Investor Relations FTC SolarT:
(737) 241-8618 E: IR@FTCSolar.com
FTC Solar Media Contact:Scott DeitzOn behalf of
FTC SolarT: (336) 908-7759
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