ARRAY Technologies Expands Product Portfolio with Acquisition of APA Solar for $179 Million

ARRAY Technologies to Acquire APA Solar

ARRAY Technologies is set to enhance its balance of systems strategy by acquiring APA Solar, a prominent provider of engineered foundation solutions and fixed-tilt mounting systems. This acquisition, announced on June 18, 2025, is expected to significantly expand ARRAY’s addressable market by nearly 40%.

The acquisition will allow ARRAY to offer an integrated tracker and foundation system, addressing challenging soil conditions without the need for specialized installation equipment. Additionally, ARRAY will bolster its U.S. manufacturing capabilities with a new facility in Ohio.

The enterprise value of the transaction is approximately $179 million, reflecting a multiple of 7.6 times APA’s trailing twelve months EBITDA, excluding 45X credits. The deal is projected to positively impact ARRAY’s Adjusted EPS in the first year prior to realizing synergies, with the closing anticipated in the third quarter of 2025, pending regulatory approval and customary closing conditions.

Founded in Ohio, APA Solar generated around $129 million in revenue and $25 million in EBITDA (excluding 45X credits) in 2024. This acquisition will allow ARRAY to offer an innovative integrated product that serves EPCs and developers seeking domestically manufactured solutions for increasingly challenging soil conditions often encountered in new solar projects.

Kevin G. Hostetler, Chief Executive Officer of ARRAY, expressed enthusiasm about the acquisition, emphasizing the growing demand for engineered foundations that make solar projects in difficult soil areas economically viable. He highlighted that APA’s proven foundation system outperforms competitors in challenging conditions and is more cost-effective to install.

Josh Von Deylen, Chief Executive Officer of APA, noted that the collaboration with ARRAY presents a significant opportunity for both teams and their customers. He emphasized their shared commitment to innovation and excellence in driving greater value for partners in the solar industry.

The deal values APA at approximately $179 million, which includes $168 million in upfront cash consideration and $42 million in deferred consideration, subject to customary purchase price adjustments. The deferred amount will be payable in two equal installments on the first and second anniversaries of the closing, contingent on the continued employment of Josh and Joe Von Deylen, and may be settled in cash or stock at ARRAY’s discretion.

The transaction also includes a performance-based earnout, with an initial value of $40 million in ARRAY common stock, contingent on APA achieving specific EBITDA targets over three years post-closing. Both Josh Von Deylen and Joe Von Deylen, along with their senior management team, will remain with APA to lead the new “Foundation Solutions Business” within ARRAY, with operations continuing in Ridgeville Corners, Ohio.

The completion of the transaction is subject to regulatory approvals and customary closing conditions. Jefferies LLC served as the exclusive financial advisor, while Kirkland & Ellis provided legal advice to ARRAY. Donelly Penman & Partners acted as the exclusive financial advisor to APA, with legal guidance from Rupp, Hagans & Bohmer, LLP and Eastman & Smith.

ARRAY will hold a conference call on the same day at 8:30 a.m. EDT to discuss the acquisition, with a live webcast available on the investor relations section of ARRAY’s website. A replay of the webcast will also be accessible to stakeholders afterward.

### About ARRAY Technologies, Inc.
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology for utility-scale and distributed generation customers. With robust solutions engineered to withstand severe weather, ARRAY’s high-quality solar trackers, software platforms, and field services maximize energy production throughout the project lifecycle. Founded and headquartered in the United States, ARRAY is committed to domestic manufacturing and a customer-centric approach in the solar energy sector.

For further updates and information on ARRAY, please visit [arraytechinc.com](http://www.arraytechinc.com).

### Media Contact:
Nicole Stewart
505.589.8257
nicole.stewart@arraytechinc.com

### Investor Relations Contact:
ARRAY Technologies, Inc.
investors@arraytechinc.com

### Forward-Looking Statements
This press release contains forward-looking statements based on management’s beliefs and assumptions, as well as information currently available. These statements include expectations regarding the acquisition of APA, anticipated benefits, and the expected impact on ARRAY’s business and financial results. Actual results may differ due to various risks and uncertainties. For a detailed discussion of such risks, please refer to ARRAY’s recent Annual Report on Form 10-K and other filings with the SEC, available on the company’s website.

### Non-GAAP Financial Information
This press release includes financial measures not in accordance with GAAP, such as EBITDA. This measure is provided for informational purposes and should not be considered a substitute for financial information presented in accordance with GAAP.