FTCI - FTC Solar sells Dimension Energy stake for $22M plus contingencies

FTC Solar (FTCI) says it received a $22M payout related to the sale of its minority stake in Dimension Energy, with the potential to receive an additional payout of as much as $14M through an earn-out structure.FTC Solar says it invested $4M Dimension, a community solar developer based in Atlanta, in 2018, and has since received $2.1M in dividends; with the sale of its original stake, which closed on June 24, FTC says it received the additional $22M net payout.The company says the sale further solidifies its balance sheet and positions it to drive additional shareholder value.FTC Solar recently reported a slightly larger than forecast Q1 loss as revenues doubled to $65.7M.

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FTC Solar sells Dimension Energy stake for $22M plus contingencies