FTC Solar, Inc. completed the acquisition of HX Tracker Inc. for $17.17 million.
June 13, 2022
Share
FTC Solar, Inc. (NasdaqGM:FTCI) entered into an agreement to acquire HX New Energy Technology Co. Ltd. for $19.1 million on March 15, 2022. Overall, it is estimated that the transaction can generate $4 million of EBITDA accretion in 2023, and $7 million in 2024. The transaction is expected to close in the second quarter of 2022, subject to satisfaction of customary closing conditions and confirmatory due diligence.
FTC Solar, Inc. (NasdaqGM:FTCI) completed the acquisition of HX Tracker Inc. for $17.17 million on June 14, 2022. The purchase price included approximately $3.5 million of cash, paid in July 2022, and the issuance in June 2022 of 1,000,000 shares of the FTC Solar's common stock valued at approximately $4.4 million. In addition, as part of the purchase price, FTC Solar agreed to repay, in the third quarter of 2022, the existing debt of HX Tracker owed to the previous owners, totaling approximately $0.8 million.
FTC Solar, Inc. is a provider of solar tracker systems, technology, software, and engineering services. It offers trackers and software solutions targeting the utility-scale solar energy markets to customers in the United States, Asia, Europe, the Middle East, North Africa, South Africa and Australia. It is engaged in the sale of solar tracker systems and customized components for those systems, individual part sales for certain specific transactions and the sale of term-based software licenses. Its tracker system is marketed under the Voyager brand name (Voyager), which is built upon a self-powered, two-panel in- portrait (2P) single-axis tracker design utilizing a 60-meter independent row architecture. In addition, its Pioneer 1P solar tracker solution leverages the technological advantages of Voyager. It also offers shipping and handling services, engineering consulting and pile testing services, subscription-based enterprise licensing and maintenance and support services.
FTC SOLAR, INC. 
