Shoals Tech (SHLS) Hits 2-Year High on Manufacturing Expansion

Shoals Technologies Group Inc. (NASDAQ:SHLS) is one of the 9 Stocks With Unbelievable Gains.

Shoals Technologies soared to a new two-year high on Wednesday following three straight days of gains, as investors took heart from its expansion program with the opening of a new $30 million mega facility in Portland, Tennessee.

In intra-day trading, Shoals Technologies Group Inc. (NASDAQ:SHLS) climbed to a record high of $12.50 before paring gains to end the session just up by 12.01 percent at $12.12 apiece.

The Gemini Solar + Storage Project in Las Vegas, Nevada. Photo from Shoals Technologies

Last week, the company announced that it officially opened the 638,000-square-foot facility in the said state, significantly expanding production capacity, increasing automation in production and packaging, and leveraging operational efficiencies to support increasing demand across the energy sector.

Shoals Technologies Group Inc. (NASDAQ:SHLS) said that it programmed as much as $80 million in capital expenditures for the facility in a bid to strengthen its ability to deliver safe, efficient and reliable power infrastructure solutions across solar power, battery energy storage systems (BESS), and mission-critical facilities, including data centers.

“As demand for energy infrastructure continues to accelerate, this new Mega Facility allows Shoals to scale alongside our customers and meet the needs of a rapidly evolving energy landscape,” Shoals Technologies Group Inc. (NASDAQ:SHLS) CEO Brandon Moss said.

“By expanding our domestic manufacturing footprint and bringing increased capacity, we are strengthening the American energy supply chain and enabling faster, more efficient energy deployment,” he noted.

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