Shoals Maintains Commitment to Protecting U.S. Solar Manufacturing and American Jobs

PORTLAND, Tenn., Jan. 09, 2025 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. ("Shoals") (Nasdaq: SHLS), a global leader in electrical balance of system ("EBOS") solutions for the energy transition market, announced today that it has filed a new patent infringement complaint with the U.S. International Trade Commission ("ITC") against Voltage, LLC and related foreign entity. This complaint cites two new patents ('375 and '376 Patents) that cover Shoals' Big Lead Assembly ("BLA") solutions.

After filing the pending '153 Patent infringement complaint in 2023, Shoals was issued the '375 and '376 Patents. These new patents relate to an improved trunk bus lead assembly for solar panel arrays and Shoals believes they provide protection against alternative designs that Voltage may create to bypass the original '153 Patent. The complaint aims to prevent the illegal importation of trunk bus lead assembly that infringes on Shoals' intellectual property, specifically the patented BLA solutions.

"We have always maintained the commitment to protecting our intellectual property and valuable product portfolio against infringement," Brandon Moss, CEO of Shoals Technologies Group asserted. "We will continue to invest in American jobs, domestic manufacturing, and support the increasing energy demands. To do that we need to remain vigilant against foreign entities to help accelerate the reshoring of domestic clean energy manufacturing."

In addition, Shoals remains optimistic that the final determination in the pending '153 Patent infringement complaint, expected from the ITC on January 15th, will uphold the positive initial determination by the Commission.

About Shoals Technologies Group

Shoals Technologies Group is a leading provider of electrical balance of systems ("EBOS") solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: .

Forward-looking Statements:

This press release contains certain forward-looking statements, that are based on the Company's management's beliefs and assumptions and on information currently available to the Company's management.

These forward-looking statements relate to, among other things, the outcome and timing of the new patent infringement case filed with the ITC, as well the Company's existing patent infringement case filed with the ITC, the Company's future growth, including growth of the Company's IP portfolio, and possible effects on the Company's business strategies and operations. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company's expectations include, among other things; we are subject to risks associated with the patent infringement complaints that we filed with the U.S. International Trade Commission and two District Courts; if we fail to, or incur significant costs in order to, obtain, maintain, protect, defend or enforce our intellectual property and other proprietary rights, including those that are subject to the patent infringement complaints we filed with the ITC and two District Courts, our business and results of operations could be materially harmed; changes in the U.S. trade environment, including the imposition of trade restrictions, import tariffs, anti-dumping and countervailing duties could adversely affect the amount or timing of our revenue, results of operations or cash flows; and the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share.

These and other important risk factors are described more fully in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company's management's beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company's actual future results may be materially different from what the Company expects. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

CONTACT: Media Relations
Lindsey Williams, VP of Marketing and External Communications
Lindsey.williams@shoals.com

Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com