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Shoals Technologies Group
Brandon Moss runs Shoals Technologies Group, the Tennessee manufacturer whose wiring systems underpin over 62 GW of installed U.S. solar capacity.
Shoals Technologies Group
Shoals Technologies Group started in 1996 as a manufacturer of wire and cable assemblies, eventually pivoting into the solar balance-of-system market. The company designs and produces plug-and-play wiring harnesses, combiner boxes, and junction boxes that connect hundreds of thousands of panels across utility-scale photovoltaic installations. Founded in Portland, Tennessee, the firm migrated from a private manufacturing shop to a public company through a SPAC merger in January 2021, listing on Nasdaq under the ticker SHLS. The firm's core business is providing electrical balance-of-system solutions that reduce installation labor and material costs for solar developers and engineering, procurement, and construction firms. Its components — primarily the Big Lead Assembly and in-line fuse wire harnesses — ship pre-configured to site specifications, eliminating field terminations on large-scale projects. Asset-class exposure is concentrated in utility-scale solar generation, with a smaller footprint in battery energy storage systems where its combiner boxes and cable management hardware connect racks to inverters. Confirmed deployment stretches across North America, with project sites documented in the U.S. Southwest and Southeast (per the firm's SEC filings, 2024). In addition to its Tennessee headquarters, Shoals maintains a manufacturing facility in Muscle Shoals, Alabama, and operates an engineering base in Portland that scales alongside U.S. solar build-out cycles. The company reported 1,143 full-time employees as of its 2023 annual report. September 2023: Shoals opened a new distribution center in Portland, Tennessee, expanding warehouse capacity to support rising order volumes for domestic content-compliant products (per the firm, September 2023). Shoals operates with a vertically integrated manufacturing architecture that keeps wire cutting, crimping, overmolding, and testing under one roof, a structural differentiator in a supply chain where competitors often outsource assembly. The company's project-specific engineering approach — sending application engineers to site kickoffs — separates it from commodity component distributors.
General information
Firm type
Asset Manager
Year founded
1996
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Portland
Corporate office
Portland, TN, United States
Principals
Brandon Moss
CEO
Sector focus
Frequently asked questions
What does Shoals Technologies Group actually manufacture?
Shoals produces electrical balance-of-system components for utility-scale solar projects. Its primary products are custom-configured wire harnesses, combiner boxes, junction boxes, and cable management systems that connect photovoltaic panels to inverters. The company's Big Lead Assembly and in-line fuse harnesses ship pre-assembled to project specifications, eliminating field wiring labor on site.
How does Shoals source its manufacturing materials and manage supply-chain risk?
Shoals manufactures the majority of its components domestically at facilities in Tennessee and Alabama. The company procures copper wire, connectors, enclosures, and overmold compounds from a mix of domestic and international suppliers. In 2023, Shoals emphasized domestic content compliance as a competitive advantage under the Inflation Reduction Act's prevailing wage and apprenticeship requirements (per the firm's SEC filings, 2024).
What is Shoals' relationship to the solar developers it serves?
Shoals supplies engineering, procurement, and construction firms and utility-scale solar developers directly. Its engineers typically engage at project kickoff to design site-specific harness layouts and combiner box configurations. The company's revenue is concentrated among a limited number of large customers, including Blattner Energy and other top-ten U.S. solar contractors.
How did Shoals Technologies Group become a public company?
Shoals went public through a merger with Oaktree Acquisition Corp II, a special-purpose acquisition company sponsored by Oaktree Capital Management, in January 2021. The transaction valued the combined company at approximately $1.9 billion and provided Shoals with capital to fund manufacturing expansion and pay down existing debt (per SEC filings, 2021).
What is Shoals' exposure to battery energy storage markets?
Shoals' core business remains utility-scale solar, but the company has expanded its product line to serve battery energy storage systems. Its combiner boxes and cable assemblies connect battery racks to inverters in co-located solar-plus-storage installations. The company reports its content per megawatt is higher in storage projects than in standalone solar due to the denser wiring requirements (per the firm's investor presentations, 2023).
Who are Shoals' primary competitors in the solar balance-of-system market?
Shoals competes with in-house engineering teams at large EPC firms that build their own wire harnesses, as well as regional electrical contractors offering field-terminated solutions. Competitors include Atkore, Panduit, and other electrical component manufacturers, though few offer the same pre-configured, project-specific assembly model Shoals uses.
Does Shoals hold any patents on its plug-and-play wiring technology?
Shoals holds multiple patents covering its Big Lead Assembly, in-line fuse connectors, and wire management routing systems. The company has defended its intellectual property in court, including a 2022 lawsuit against Voltage, LLC alleging patent infringement on in-line solar connectors (per court filings, 2022).
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