Who Owns Array Technologies Company?

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Who Owns Array Technologies?

Understanding the ownership of a company like Array Technologies is key to grasping its direction and influence in the solar energy sector. A major shift occurred with its IPO in October 2020, moving from private equity control to public shareholding.

Array Technologies, founded in 1989, is a leading manufacturer of utility-scale solar tracking solutions, optimizing energy capture for large solar power plants. As of early 2025, the company is among the top two global solar tracker manufacturers by volume. Its financial performance is robust, with Q1 2024 revenues reaching $153.4 million and full-year guidance between $1.25 billion and $1.40 billion. The current Array Technologies stock ownership is diverse, featuring institutional, retail, and individual investors, with institutional investors holding the majority stake. This structure reflects a significant transition from its early days, including the founder's initial stake and the influence of private equity before its public offering. Exploring the Array Technologies shareholders and Array Technologies investors provides insight into its company structure and market position.

The journey of Array Technologies' ownership is marked by the founder's initial vision, the crucial role of private equity in its growth, and the subsequent transition to public ownership. This evolution has shaped its current Array Technologies company structure, with a significant portion of Array Technologies institutional ownership. Examining the Array Technologies public float ownership and who the major shareholders of Array Technologies are offers a clearer picture of its beneficial ownership and controlling interest. The Array Technologies board of directors ownership and Array Technologies executive ownership also play a role in its governance and strategic decisions.

Array Technologies was established in 1989 in Albuquerque, New Mexico. Its founder, Ron Corio, was a visionary in solar engineering and mechanical design. Corio's initial aim for the company was to promote resource conservation and facilitate large-scale renewable power generation, even during a time when solar energy was expensive and public awareness of climate change was limited.

The company likely began its operations through bootstrapping or initial private funding, though specific figures from its early days in 1989 are not publicly disclosed. A significant development occurred around 1999 when Array Technologies introduced the DuraTrack HZ single-axis tracker, a product that would become a cornerstone of its offerings. While detailed information regarding the precise equity distribution among founders or early angel investors during its privately held period is not readily available, the company maintained founder leadership until a notable transition in 2014.

Founding Vision

Founded in 1989, the company's inception was driven by a commitment to resource conservation and utility-scale renewable power generation.

Founder's Expertise

Ron Corio, a pioneer in solar engineering and mechanical design, was the driving force behind the company's establishment.

Early Operations

Initial operations were likely self-funded or supported by early private investments, with no specific early-stage funding figures publicly detailed.

Product Innovation

Around 1999, the company launched the DuraTrack HZ single-axis tracker, a key product that became central to its portfolio.

Founder-Led Era

The company remained under the leadership of its founders until a significant ownership change occurred in 2014.

Early Ownership Details

Specifics on early equity splits among founders or initial investors from the privately held period are not widely publicized.

The early ownership structure of Array Technologies, while not fully detailed publicly, was characterized by founder involvement and a focus on developing core technologies like the DuraTrack HZ single-axis tracker. This period laid the groundwork for the company's future growth and its Mission, Vision & Core Values of Array Technologies, emphasizing innovation in the renewable energy sector.

Key Aspects of Early Ownership

Understanding the initial ownership is crucial for tracing the company's trajectory and its eventual public offering.

• Founding Year: 1989
• Founder: Ron Corio
• Key Early Product: DuraTrack HZ single-axis tracker (introduced circa 1999)
• Ownership Status: Privately held until 2014
• Early Funding: Likely bootstrapped or through initial private funds; specific figures not public.

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Array Technologies' ownership structure underwent a significant transformation in 2014 when Oaktree Capital Management acquired a majority stake. This move shifted the company from founder-led management to private equity ownership, with a strategic aim to expand operations and market presence. Oaktree Capital's involvement was instrumental in reshaping the company's financial foundation, paving the way for its eventual public offering.

Array Technologies, Inc. (ARRY) made its debut on the Nasdaq Global Market on October 15, 2020, trading under the ticker symbol ARRY. The initial public offering was priced at $22.00 per share, exceeding initial expectations and valuing the company at approximately $2.8 billion. The offering included 7,000,000 shares sold by the company and 47,625,000 shares sold by a parent entity under Oaktree Capital's control, which also encompassed an overallotment option. It is important to note that the company itself did not receive any proceeds from the shares sold by Oaktree Capital.

As of July 16, 2025, Array Technologies has a diverse shareholder base, with 446 institutional owners and shareholders holding a total of 187,628,076 shares. Institutional investors collectively own a substantial approximately 83.09% of the company's stock. Insiders hold a smaller portion at 0.41%, while public companies and individual investors account for the remaining 16.50%. Key institutional shareholders include Vanguard Group Inc., BlackRock, Inc., Hill City Capital, LP, Grantham, Mayo, Van Otterloo & Co. LLC, Schroder Investment Management Group, Morgan Stanley, UBS Group AG, BNP Paribas Asset Management Holding S.A., Invesco Ltd., and VTSMX - Vanguard Total Stock Market Index Fund Investor Shares. For the year ended December 31, 2024, the company reported revenue of $915.8 million, a 42% decrease from the prior year, attributed to reduced revenue from both Array Legacy Operations and STI Operations. Despite the revenue decline, gross margin improved to 33% from 26%, a result of effective cost control measures. Understanding these ownership dynamics is crucial when analyzing the company's strategic direction and its position within the Competitors Landscape of Array Technologies.

Array Technologies Ownership Snapshot

Array Technologies' ownership is predominantly held by institutional investors, reflecting significant confidence in the company's market position.

• Institutional Ownership: Approximately 83.09%
• Insider Ownership: 0.41%
• Public/Individual Ownership: 16.50%
• Major institutional stakeholders include Vanguard Group and BlackRock.

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As of July 2025, Array Technologies' board of directors consists of 8 members, with an average tenure of 4.1 years. The current board members are Brad Forth (Chairman of the Board), Kevin Hostetler (Chief Executive Officer), Troy Alstead, Orlando D. Ashford, Jayanthi (Jay) Iyengar, Bilal Khan, Gerrard Schmid, and Tracy Jokinen. Bilal Khan's role as a Senior Managing Director in the Private Equity Group at Blackstone suggests a connection to significant institutional investors, while Chairman Brad Forth's background as a Senior Partner at Neos Partners and former managing director at Oaktree points to continued influence from private equity. This composition highlights a board with experience in both operational leadership and financial investment.

The voting power within Array Technologies generally adheres to the one-share-one-vote principle common for publicly traded entities, barring any specific dual-class share structures detailed in SEC filings. The company's staggered board structure, with directors serving varying terms until the 2025, 2026, and 2027 annual meetings, is designed to provide governance stability and can make rapid changes in control more challenging for activist investors. While specific details on recent activist campaigns were not prominently featured, investors seeking the most current information on Array Technologies shareholders and ownership dynamics should consult the company's investor relations resources and its latest SEC filings.

Understanding the board's composition and tenure is crucial for assessing the company's strategic direction and governance. The presence of individuals with deep ties to private equity, like Bilal Khan and Brad Forth, suggests a board that may prioritize financial performance and strategic capital allocation, aligning with the company's Growth Strategy of Array Technologies. The staggered board structure, a common governance practice, aims to ensure continuity and prevent abrupt shifts in leadership or strategy, which can be beneficial for long-term planning.

Key Governance Aspects

The board structure and director backgrounds offer insights into Array Technologies' governance framework and strategic influences.

• Board comprises 8 members with an average tenure of 4.1 years as of July 2025.
• Representation from private equity backgrounds is evident through key board members.
• A staggered board structure is in place, impacting director turnover and strategic continuity.
• Voting power typically follows a one-share-one-vote principle.

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Array Technologies has seen significant strategic moves impacting its ownership landscape over the last three to five years. A key development was the acquisition of STI Norland in 2021 for EUR 570 million, which expanded the company's global reach. More recently, in June 2025, an agreement was made to acquire APA Solar for approximately $179 million, a transaction anticipated to close in the third quarter of 2025. This acquisition is projected to be accretive to Array's adjusted earnings per share and will enable the company to offer integrated tracker and foundation systems, potentially influencing the distribution of Array Technologies stock ownership.

The company has also leveraged institutional capital through debt financing, evidenced by the upsized private offering of $345 million in 2.875% convertible senior notes due July 2031, closed on June 27, 2025, primarily to qualified institutional buyers. Leadership transitions have also occurred, with H. Keith Jennings appointed Chief Financial Officer effective January 6, 2025, and Gina Gunning becoming Chief Legal Officer effective January 27, 2025. These changes in financial and legal leadership can be important for understanding the company's strategic direction and, by extension, its ownership trends.

Institutional ownership of Array Technologies remains a significant factor, with 446 institutional owners holding 187,628,076 shares as of July 2025. While there were shifts in positions among institutional investors during the first half of 2025, with notable increases like Citadel Advisors LLC's 6873.3% portfolio boost in Q1 2025 by adding 3,945,869 shares, the overall institutional interest remains robust. The company's strategic focus on expanding its global footprint, particularly in emerging markets like Latin America and Africa, and enhancing its product offerings, suggests a commitment to long-term growth, which is often attractive to institutional investors and can influence the Target Market of Array Technologies.

Institutional Investor Activity

As of July 2025, 446 institutions held over 187 million shares. There was notable activity in Q1 2025, with Citadel Advisors LLC significantly increasing its stake. This indicates continued strong interest from institutional shareholders.

Strategic Acquisitions and Financing

Recent acquisitions, like APA Solar for $179 million, and the $345 million convertible senior notes offering in June 2025, demonstrate strategic growth initiatives. These moves aim to expand market presence and product integration, potentially impacting the company's overall structure.

Leadership and Operational Focus

The appointment of new CFO and Chief Legal Officer in early 2025 signals a focus on financial and legal oversight. The company reaffirmed its 2025 revenue guidance between $1.05 billion and $1.15 billion with a gross margin of 29% to 30%.

Global Expansion and Product Innovation

Array Technologies is actively expanding its global footprint, with a particular emphasis on Latin America and Africa. Innovations in product offerings, such as integrated tracker and foundation systems, are key to its strategy for market leadership.

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