ARRAY and Shoals Agree to Stock-for-Stock Solar Merger, Close Targeted for 2027

Shoals Technologies is the company being acquired. Its shareholders will own 65% of what comes out the other side. That deal with ARRAY landed on November 4, the same day US midterm results sent clean energy stocks higher worldwide. FTC Solar, meanwhile, grew revenue 25% while its own quarterly filing flags substantial doubt that it can continue as a going concern.

ARRAY Technologies and Shoals Agree to a Stock-for-Stock Merger

ARRAY Technologies (Nasdaq: ARRY) and Shoals Technologies Group (Nasdaq: SHLS) agreed on November 4 to combine in a stock-for-stock merger, with Shoals holders receiving 1.6931 ARRAY shares for each Shoals share. ARRAY is the legal acquirer. Shoals holders end up with about 65% of the combined company, and Shoals CEO Brandon Moss runs it. ARRAY CEO Kevin Hostetler becomes a special advisor.

InsideArbitrage valued the deal at $1.52 billion, or $7.86 per Shoals share, a 7.2% discount to Shoals’ prior close. The companies guide to $2.2 billion to $2.4 billion of pro forma 2027 revenue and more than $100 million of incremental annual Adjusted EBITDA within three years of closing. Net debt is estimated at $873.3 million at year-end 2026, or 2.6 times Adjusted EBITDA.

Nothing has closed. The deal needs approval from both sets of shareholders, regulatory sign-off, and Nasdaq listing authorization for the combined shares, with closing targeted for the first quarter of 2027. ARRAY has also committed to redeem $161.3 million of preferred stock at 93% of liquidation preference within 90 days of closing. The new name and ticker have not been announced.

The timing helped. Renewable stocks rallied worldwide after Democrats won control of both chambers of Congress, and First Solar was up 8.1% early on November 4. Not everyone reads the result as a policy windfall. FXStreet framed the new Congress as gridlock, and stocks have tended to rise after midterms regardless of who wins.

Nano One Starts Construction at Candiac, Pushes First LFP Deal to 2027

Nano One Materials (TSX: NANO; OTCQB: NNOMF) started construction on its Candiac, Quebec expansion, with completion expected in Q1 2027 and commissioning targeted for Q2 2027. Once finished, the plant should produce about 800 tonnes a year of lithium iron phosphate (LFP) cathode active material, the material that forms the positive electrode in LFP batteries.

The commercial side slipped. Nano One now expects its first LFP commercial agreement in Q1 2027, later than it previously guided, and no customer is named. The company points to qualification work with cell manufacturers and an automotive OEM, plus small-volume defense and energy storage offtakes supplied from its 200-tonne-a-year pilot line. The release gives no cash figure.

Revolve Closes Ontario Battery Deal, Lifting Storage to 20.2 MW

Revolve Renewable Power (CSE: REVV; OTCQB: REVVF) closed its purchase of Logan Energy Storage on November 3, four days after signing. Logan holds three Ontario battery projects totaling 6 MW / 11.7 MWh. The price was CA$1.5 million, paid from cash on the balance sheet.

That takes Revolve’s Ontario storage to about 20.2 MW / 36.0 MWh across nine projects, following the six-project Trillium portfolio it bought in August. Revolve calls the deal accretive to revenue but put no number on it. Its market cap sits near CA$15 million.

FTC Solar Grows Revenue 25% as Going Concern Doubt Remains

FTC Solar (Nasdaq: FTCI) reported third-quarter revenue of $32.8 million on November 4, up 25.4% from Q2 and 26.1% year over year. Fourth-quarter guidance is $44 million to $52 million, which management said would be its highest quarterly revenue in almost five years at the midpoint. Adjusted EBITDA was a $5.2 million loss.

Then the 10-Q. The company says substantial doubt exists about its ability to continue as a going concern. Unrestricted cash was $5.1 million at September 30, plus $11.6 million restricted. Lenders waived the financial covenants for the rest of 2026 and pushed a $5 million principal payment to March 31, 2027. From January 4, 2027, FTC must hold $15 million in unrestricted cash at all times, and first-quarter 2027 revenue must reach at least $60 million.

Dilution is the backstop. FTC can sell up to $20 million of stock to Lincoln Park under an equity line, and it sold 859,190 shares that way through September 30. Market cap was about $24 million on November 5. Management is targeting Adjusted EBITDA profitability in Q1 2027.

ARRY, SHLS, NANO, REVV, FTCI: Forward-Looking FAQ

Sources

• SEC EDGAR / ARRAY Technologies 8-K, Exhibit 99.1: ARRAY Technologies and Shoals Technologies Group Announce Transformative Merger, November 4, 2026
• InsideArbitrage: Array and Shoals to Merge in a $1.52 Billion Stock Deal, November 4, 2026
• Bloomberg via Energy Connects: Global Renewable Stocks Surge After Democrats Sweep Congress, November 4, 2026
• Solar Builder: Midterm results fuel renewed optimism in federal solar and storage policy, November 2026
• FXStreet: Democratic midterm rout sends stock futures higher, November 4, 2026
• AP via News 5 Cleveland: US stocks rally toward their best day in 3 months, November 4, 2026
• Business Wire via Green Stock News: Nano One Materials Commences Construction for Candiac Expansion, Provides Update on Commercial Activities, November 5, 2026
• Newswire.com: Revolve Enters into Definitive Agreement to Acquire Three Project, 6 MW Battery Storage Portfolio in Ontario, October 30, 2026
• Newswire.com: Revolve Completes Acquisition of Three Project, 6 MW Battery Storage Portfolio in Ontario, November 3, 2026
• GlobeNewswire via Green Stock News: FTC Solar Announces Third Quarter 2026 Financial Results, November 4, 2026
• SEC EDGAR: FTC Solar, Inc. Form 10-Q for the quarter ended September 30, 2026
• Earnings Whispers: FTC Solar Q3 2026 earnings call transcript, November 4, 2026

Editorial Disclosure

Securities discussed: ARRAY Technologies, Inc. (Nasdaq: ARRY), Shoals Technologies Group, Inc. (Nasdaq: SHLS), Nano One Materials Corp. (TSX: NANO; OTCQB: NNOMF), Revolve Renewable Power Corp. (CSE: REVV; OTCQB: REVVF), and FTC Solar, Inc. (Nasdaq: FTCI). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party, and no staff member or principal of aktiego.com holds a position in any security mentioned as of publication.

ARRY/SHLS: merger is pending and subject to shareholder approval at both companies, regulatory approvals, and Nasdaq listing authorization; expected close Q1 2027.

NANO: no LFP commercial agreement signed; first agreement now expected Q1 2027 after earlier timing was extended.

REVV: market cap approximately CA$15 million; no revenue contribution disclosed for the acquired portfolio.

FTCI: Form 10-Q states substantial doubt about ability to continue as a going concern; financial covenants waived through 2026 with new covenants from January 2027; equity line of credit is a source of shareholder dilution; market cap approximately $24 million.

Midterm election market reaction is cited from news reporting, not company disclosures; readers should verify current policy developments independently.

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