SHLS - Shoals Brookfield Renewables team up for new EV charging service

2023-04-27 10:18:31 ET

Shoals Technologies ( NASDAQ: SHLS ) +5% in Thursday's trading after announcing a partnership Thursday with Brookfield Renewable Partners ( NYSE: BEP ) to introduce a Charging-as-a-Service solution for electric vehicle charging infrastructure.

The companies said the new product offering eliminates large up-front payments and enables streamlined deployment of charging networks for fleets, retail, multi-unit dwellings, and other large commercial properties.

Building on previous collaborations between the two companies, the new partnership will combine Brookfield's ( BEP ) global scale as one of the largest fully integrated providers of distributed energy and renewable power solutions with Shoals' ( SHLS ) Fuel by Shoals product offering which reduces installation time and labor requirements while offering charger flexibility.

Shoals' ( SHLS ) stock price also may be enjoying a boost from strong guidance issued by Sunnova Energy .

More on Shoals Technologies:

• See financial and valuation comparisons to sector peers
• SA analysis: Shoals Technologies Ramps Up International Expansion Efforts
• Stock price return: 10.5% loss YTD, 118% gain in the past 12 months

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