Shoals Technologies signs MoU with Saudi-based power solutions firm; shares down

Shoals Technologies

04/09/2024 17:26

** Shares of U.S.-based solar components supplier Shoals
Technologies  SHLS.O  fall 2.81% to $6.06
    ** Company signs non-binding MoU with Saudi Arabia-based
power solutions firm United Utilities Environmental Services
(UUES) to work together for developing localized solar solutions
for the Kingdom of Saudi Arabia and the region
    ** Shoals and UUES will work to establish a business to
localize solar electrical balance of systems (EBOS)
manufacturing for the region - SHLS
    ** Saudi Arabia aims to develop up to 130 gigawatts of
renewable power generation within the next six years, with a
significant focus on solar power
    ** Including session's moves, stock is down 61.04% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))