How the Reuse Market Can Solve Supply Chain Delays

ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, announced it has entered into a definitive agreement to acquire Affordable Wire Management, LLC ("AWM"), a leading provider of wire management, cable protection, and balance-of-system solutions for utility-scale solar and energy storage projects. The acquisition further expands ARRAY’s portfolio of solutions for utility-scale solar customers while creating new growth opportunities in battery energy storage and datacenter markets.

AWM’s products organize, secure, and protect electrical wiring to improve system reliability, safety, installation efficiency, and long-term performance. The company has developed proprietary designs that offer greater durability, enhanced thermal management, and lower resistive losses than conventional solutions. With nearly $60 million trailing twelve months revenue, AWM has built a track record of profitable growth, based on a capital-light operating model and a culture of innovation. The acquisition of AWM is expected to be high single digit accretive to ARRAY’s Adjusted EPS in year one before synergies.

"The acquisition of AWM will further broaden our balance-of-system portfolio and deepen our relevance to our customers as well as create new growth vectors for us in the BESS and datacenter markets," said Kevin G. Hostetler, Chief Executive Officer of ARRAY. “AWM brings a proven, innovative product line and a strong reputation for quality and customer service. Together, we will be able to offer a more complete, integrated solution to our customers across the solar, battery storage, and datacenter markets."

"Becoming part of ARRAY is a tremendous opportunity for our team and our customers," said Scott Rand, Chief Executive Officer and Co-Founder of AWM. "ARRAY’s scale, customer relationships, and global reach will make this the ideal home for our team and our products. We share a culture of innovation and a relentless focus on the customer, and that alignment will unlock real value for customers across solar, storage, and beyond.”

“Differentiating through engineering has always been at the core of how we design our products,” said Dan Smith, Chief Technology Officer and Co-Founder of AWM. “By bringing our wire management and balance-of-system products together with ARRAY’s tracking, fixed-tilt, and foundation platform, we can deliver various integrated solutions engineered to work together – simplifying design, improving installation, and reducing costs for our customers."

Following the closing of the acquisition, AWM’s financial results will be included in the ARRAY Legacy segment. AWM's senior management team is expected to remain with the business following the closing.

Transaction Terms

The total consideration of AWM is $203 million, together representing a multiple of approximately 8.8x AWM’s trailing twelve-month EBITDA. The total consideration consists of a base purchase price of AWM of $153 million and total additional consideration of up to $50 million. The final amount of upfront cash consideration will be determined at closing subject to customary purchase price adjustments. The additional consideration of up to $50 million is comprised of $10 million payable in two equal installments on the first and second anniversary of the closing, each conditioned on the continued employment of the sellers and a performance based earnout of up to $40 million payable in three installments of up to $8 million based on 2026 performance and up to $16 million for each 2027 and 2028 performance years based on AWM’s achievement of certain EBITDA targets during the applicable period. Both components of the earnout may be paid in cash or ARRAY common stock at ARRAY’s option.

Transaction Approvals and Closing Conditions

The transaction is expected to close in the third quarter of 2026, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions. Jefferies LLC acted as exclusive financial advisor and Jones Day acted as legal advisor to ARRAY. Edelman Smithfield acted as strategic communications advisor to ARRAY. First Liberties Financial acted as exclusive financial advisor and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisor to AWM.

Additional information regarding the transaction will be included in a Current Report on Form 8-K to be filed by ARRAY with the U.S. Securities and Exchange Commission (the "SEC").

Affordable Wire Management | https://affordablewm.com/

ARRAY Technologies | https://arraytechinc.com/

Hitachi Energy and Eve have formed a partnership ​to jointly develop the power infrastructure ‌needed for Eve's "flying car," or electric vertical takeoff and landing (eVTOL) vehicle.

• Under the memorandum of understanding, Eve ​and the energy unit of Japanese conglomerate ⁠Hitachi (6501.T), opens new tab will work together on the ​charging apparatus for the aircraft.

• This is the ​first partnership that Eve, which is controlled by Brazilian aircraft manufacturer Embraer (EMBJ3.SA), opens new tab, has signed for charging infrastructure ​for its aircraft.

• "The power has to ​be there from day one. Otherwise, we can't ‌fly; ⁠we can't take off," Luiz Mauad, Eve's vice president of customer services, told reporters at the event announcing the deal.

• Hitachi Energy ​will adapt ​its ⁠technology for electric vehicle fleet charging to meet the specific requirements ​of eVTOLs, said Glauco Freitas, ​the ⁠firm's Brazil head.

• Eve's aircraft are currently undergoing flight testing, with certification expected in 2028; ⁠the ​firm has already attracted 2,700 ​pre-orders worldwide.

Hitachi Energy | https://www.hitachienergy.com/us/en

Cadeler announces the successful delivery, within budget and on schedule, of Wind Ace, the company's eleventh wind installation vessel and second of three A-class newbuilds. Cadeler’s A-class vessels are industry leading in flexibility and scope, capable of conversion from the installation of XXL foundations to the installation of wind turbine generators within a short period of time.

Wind Ace has been under construction for the past two years at the COSCO Shipping Offshore shipyard in Qidong, China, and has been delivered on schedule, within budget, and with a strong safety record during construction, by reaching more than 3.5 million working hours without any lost time accidents.

Following mobilisation, Wind Ace will prepare for deployment on ScottishPower Renewables' East Anglia TWO offshore wind farm in the UK. Cadeler will provide the transportation and installation of both foundations and wind turbines for the project, further building on the company's experience as a full-scope offshore wind installation partner.

The vessel was officially named earlier this year by her godmother, Lisa Western of ScottishPower Renewables, recognising the close partnership between the two companies and Wind Ace's future role in the delivery of East Anglia TWO.

As the second vessel in Cadeler's A-class series, Wind Ace is purpose-built for the transportation and installation of both XXL monopile foundations and next-generation wind turbine generators. The vessel’s hybrid design provides the flexibility to efficiently perform both foundation and wind turbine installation scopes, supporting the increasing scale and complexity of offshore wind developments.

Preparing for East Anglia TWO

East Anglia TWO is a 960 MW offshore wind farm being developed by ScottishPower Renewables, part of the Iberdrola Group, in the North Sea off the south-east coast of England. Once operational, the wind farm will generate enough renewable electricity to power the equivalent of almost one million homes. Under firm contracts announced in 2024, Cadeler will provide the transportation and installation of all 64 wind turbine generators and their foundations. Offshore works are scheduled to commence in 2027, with Wind Ace supporting the project alongside one of Cadeler's O-class vessels.

Mikkel Gleerup, CEO of Cadeler, comments: "The delivery of Wind Ace marks another important step in our long-term strategy to build the industry's most capable and versatile fleet. Together with her sister vessel Wind Ally, Wind Ace strengthens our ability to support the next generation of offshore wind projects. As turbines and foundations grow larger and projects become more complex, our clients need full-scope installation partners with the capabilities to deliver safely and reliably. We look forward to seeing her begin work for ScottishPower Renewables, delivering another significant offshore wind farm in UK waters."

With the delivery of Wind Ace, Cadeler operates a fleet of eleven offshore wind installation vessels. The company's third A-class vessel, Wind Apex, is scheduled for delivery in the first half of 2027.

Cadeler | www.cadeler.com

Soluna Holdings, Inc. (“Soluna” or the “Company”) (Nasdaq: SLNH), a developer of green data centers for intensive computing applications, including AI and Bitcoin mining, announced it has appointed Ryan Carver as Chief Development Officer (CDO), effective immediately. Carver will be responsible for the full lifecycle of Soluna’s AI/HPC data center platform, from site origination and power procurement through design, construction, commissioning, and ongoing operations. He will report directly to CEO John Belizaire and sit on Soluna’s Senior Leadership Team.

As CDO, Carver will serve in a cross-functional role spanning development, construction, technology operations, and power — integrating each into a unified delivery engine as Soluna scales its behind-the-meter, renewable-powered AI infrastructure platform.

“Ryan has built and delivered some of the largest, most technologically sophisticated AI data center campuses in the world, and he brings exactly the kind of end-to-end operating discipline we need as we scale,” said John Belizaire, CEO of Soluna. “From site selection through power integration, construction, and live operations, Ryan has done it at a scale few executives in this industry can match. His leadership will be instrumental as we advance our next phase of growth.”

Carver joins Soluna from Microsoft, where he most recently served as Senior Director – AI Construction & Site Development, leading a construction P&L in the tens of billions of dollars across the company’s AI data center campus development. During his tenure, Carver led the construction program at Microsoft’s Fairwater campus in Mount Pleasant, Wisconsin.

“Soluna’s model — co-locating digital infrastructure directly with renewable generation — is one of the most compelling approaches I’ve seen to solving the power constraints facing this industry,” said Carver. “I’m excited to bring my experience building hyperscale AI infrastructure to a company that is turning surplus clean energy into real computing capacity, and to build the team and platform needed to deliver it at scale.”

Over more than a decade at Microsoft, Carver held senior leadership roles overseeing the company’s global data center construction portfolio, serving as a key decision-maker driving site selection, permitting, design, and project delivery across multiple geographies. Earlier in his career, he held engineering and project management roles at Turner Construction and Jacobs, contributing to major infrastructure projects including World Trade Center Tower 2 and Yankee Stadium. Carver holds a degree in International Business from The Ohio State University and is a Certified Construction Manager (CCM). He is based in Seattle, Washington.

Soluna Holdings | solunacomputing.com/resources

WAVE Charging, a leading provider of high-power wireless charging solutions for commercial electric vehicles, announced the deployment of a wireless charging system at the Port of Los Angeles in partnership with Ports America. The project features 12 high-power wireless charging pads supporting a fleet of 10 RIDE battery-electric yard tractors, helping accelerate the transition to zero-emission cargo handling operations.

The installation includes ten 125 kW wireless charging pads, enabling vehicles to charge automatically during normal work activities. An additional two 125 kW opportunity charging pads have been installed near the driver break area, allowing operators to maximize vehicle uptime by charging during naturally occurring dwell periods.

WAVE's wireless charging technology eliminates the need for plug-in charging, with hands-free energy transfer without cables, connectors, or operator intervention. By integrating charging into normal terminal operations, vehicles can operate for more hours without needing to worry about battery capacity or range.

"This deployment demonstrates how wireless charging can remove operational barriers to fleet electrification in one of the most demanding freight environments in the world," said Ben Auslander VP of Sales & Marketing at WAVE Charging. "By enabling charging during routine work cycles and driver breaks, Ports America can maximize vehicle utilization while advancing its sustainability goals and leveraging the safest charging solution."

Ports America operates one of the largest port and terminal networks in the United States and continues to invest in technologies that support efficient, sustainable cargo movement. The wireless charging deployment supports the Port of Los Angeles' broader efforts to reduce emissions and advance zero-emission freight operations.

The 10 RIDE electric yard tractors will utilize WAVE's inductive charging technology throughout daily operations, reducing reliance on traditional charging infrastructure while helping maintain continuous terminal activity. The 125-kW charging system is designed to support heavy-duty commercial vehicle applications, delivering reliable energy transfer in demanding port environments.

"This project showcases the future of commercial fleet charging," said Willy Won Director of Engineering with Ports America. "Wireless charging allows us to seamlessly integrate vehicle charging into existing operations, helping us improve efficiency while supporting our commitment to cleaner port operations."

WAVE's wireless charging systems are currently deployed across transit, port, warehouse, and logistics applications, providing commercial fleets with a safe, automated charging solution that reduces operational complexity and supports vehicle electrification.

WAVE Charging | https://www.wavecharging.com/

Lilac Solutions, a leading provider of direct lithium extraction (DLE) technology, announced it has selected JordProxa as the technology and equipment partner for the lithium downstream conversion process at its Phase 1 commercial lithium carbonate facility on Utah's Great Salt Lake.

JordProxa will supply the technology and equipment package for downstream conversion at the Phase 1 facility, including performance guarantees. The package will convert the lithium sulfate eluate produced by Lilac’s ion exchange (IX) process into battery-grade lithium carbonate through evaporation, purification, and crystallization.

The agreement follows a period of testing and basic engineering during the FEL-3 project phase, in which JordProxa processed eluate produced directly from Great Salt Lake brine and successfully produced battery-grade lithium carbonate.

"JordProxa brings deep experience in evaporation and crystallization technology, and their work during our FEL-3 phase gave us full confidence in their ability to deliver at commercial scale," said Raef Sully, Chief Executive Officer of Lilac. "This is a critical piece of the project, and we have the right partner in place."

"The Great Salt Lake is a remarkable resource, and this project demonstrates what becomes possible when innovative DLE technology is paired with proven downstream processing," said Paul Browne, Managing Director, JordProxa. "We've worked closely with the Lilac team through the FEL-3 phase and are confident in the path to producing battery-grade lithium carbonate from this resource at commercial scale."

The north arm of the Great Salt Lake holds an estimated 1.4 million tonnes of lithium carbonate equivalent, one of the largest identified lithium resources in the United States. The Phase 1 facility will occupy a 20-acre site on its shore in Box Elder County, Utah, designed to produce 5,000 tpa of battery-grade lithium carbonate with first lithium production planned for 2028. A Phase 2 expansion would bring total capacity to 20,000 tpa LCE.

Lilac's Gen 5 IX technology will extract lithium from brine pumped directly from the lake and return the lithium-depleted brine in equal volume, a non-consumptive process that does not lower lake water levels. The project will generate local tax revenues and royalties to support lake preservation and create jobs in Utah. The IX media, the active material at the core of the extraction process, will be produced at Lilac's manufacturing facility in Fernley, Nevada, supporting a fully domestic supply chain for the extraction process.

In 2025, Lilac completed a seven-month pilot plant on the lake, achieving 87% average lithium recovery on a high sulfate brine containing only 70 mg/L lithium and proving the technology's ability to economically extract lithium from ultra-low-grade brine. Independent third-party analysis confirmed both technology performance and compliance with Lilac's non-consumptive and non-contaminating process requirements.

Lilac recently selected Hatch as the EPCM partner for the Great Salt Lake project. Together with the JordProxa technology and equipment contract, Lilac has now secured the major contractors needed to advance the project toward construction. Lilac has also executed a binding 10-year take-or-pay offtake agreement with Traxys North America covering 100% of planned Phase 1 production. The project is on track to be among the first U.S. lithium brine projects to reach final investment decision.

JordProxa | www.jordproxa.com

Lilac Solutions | lilacsolutions.com

Magnolia Advanced Materials, Inc., a custom formulator of high-performance epoxy systems for aerospace, defense and industrial applications, announced they have formed a global Research & Development department to accelerate the engineering of high-performance epoxies for the electric vertical takeoff and landing (eVTOL) market. Magnolia has assembled some of the highest-caliber chemists in the world to focus on new products for this market.

Magnolia has decades of experience with the traditional vertical takeoff and landing (VTOL) segment, primarily with heavy duty commercial-industrial applications. These applications used petrol fuel turboshaft engines that are more forgiving for weight and distance. Modern eVTOL motors are more sensitive to weight and distance and demand a significantly higher strength-to-weight ratio consideration.

Already, Magnolia’s R&D chemists have formulated eVTOL epoxy products that deliver the high strength-to-weight ratios and fast cure times that eVTOL manufacturers need to achieve extended battery-powered range and faster production times. Magnolia chemists also are focused on refining a complete advanced materials portfolio that will include the full range of structural and non-structural bonded joint applications needed throughout composite-intensive airframes.

“Modern eVTOL aircraft must meet the same certification standards necessary for traditional aerospace applications,” said Magnolia President and CEO Wayne Tanner. “Magnolia has a 70-year history of collaborating with aerospace customers to address new challenges in an expeditious and value-oriented way. Establishing an R&D department focused on eVTOL solutions is another way we are carrying that tradition forward.”

Magnolia Advanced Materials | https://www.magnoliaadvanced.com/