Here's Why Array Technologies Shares Are Rising

Array Technologies Inc ARRY shares are trading higher by 15.04% at $12.58 after the company announced it will supply advanced tracker technology for "the largest solar + storage project in the U.S."

Array Technologies says the project will store over 1.4 GWh of solar power and is estimated to be worth more than $1 billion. Kiewit Power Constructors is serving as the engineering, procurement and construction firm on the project.

"As solar energy accounts for an increasing portion of the world's electricity supply, energy storage will play a crucial role in optimizing renewables and ensuring power is available during periods of peak demand," said Travis Rose, Chief Revenue Officer at Array Technologies. "Project Gemini is historic for its size and scale, and we are well-positioned to optimize it for maximum energy generation while limiting installation time, LCOE and maintenance requirements."

See Also: Why Twitter Shares Are Soaring Today

Array Technologies is a manufacturer of ground-mounting systems used in solar energy projects.

According to data from Benzinga Pro, Array Technologies has a 52-week high of $31.00 and a 52-week low of $8.02.